LONDON, July 8 British housebuilder Bovis Homes
expects a material increase in first-half profit after
delivering a record number of legal completions, the company
said on Tuesday.
The 129-year-old housebuilder, which has focused on more
affluent regions in the south of England in recent years,
reported 1,487 legal completions in the six months to June 30,
up 54 percent on the same period last year.
The average sale price on legal completions was up 11
percent at 210,000 pounds ($357,300), while the operating margin
is expected to be at least 15 percent, against 11.1 percent last
The bullish update follows similarly upbeat statements from
rivals Taylor Wimpey and Persimmon as builders
benefit from improving sentiment around the housing market and
government measures to help people on to the property ladder.
"Bovis Homes has delivered its highest ever number of
first-half legal completions, driven by the high-quality
investments made during the past few years," Chief Executive
David Ritchie said. "This is expected to lead to excellent
first-half results with a material improvement on last year."
($1 = 0.5877 British Pounds)
(Reporting by Kate Holton; Editing by David Goodman)