9th Jul 2019 08:49
(Alliance News) - Bovis Group PLC said on Tuesday that it expects an improved financial performance for the full-year after a first half where the house builder said it made "significant progress".
In the period ended June 30, the company announced that completions rose to 1,647 from 1,580, a 4% hike. The group also benefited from an increase in its average private sales rate per site per week, it rose 15% to 0.6 from 0.52 at the end of the first half of 2018.
Bovis said that the total average selling price in the first period the year rose to GBP270,000 from GBP262,700 in the corresponding period of 2018. It also closed the period ended June 30 with a net cash balance of GBP103.0 million, more than double the GBP42.8 million from June 2018.
Chief Executive Greg Fitzgerald said: "I am very pleased to report an excellent first half performance across the group and in particular, a significant improvement in profitability, a strong cash position and a step up in our sales rate compared to the same period last year.
"We have had another controlled period, focused on delivering high quality homes and we are currently trending at a 5-star HBF customer satisfaction rating. We start the second half with a strong forward sales position and expect to deliver an improved performance in 2019."
Bovis expects to open 13 new sites after unveiling 10 new developments so far this year.
The full results for the first half of the year are due to be released on September 10.
Shares in Bovis rose 0.7% at 1,021.00 pence each in London on Tuesday.
Related Shares:
Bovis Homes