23rd Feb 2015 07:30
LONDON (Alliance News) - Bovis Homes Group PLC on Monday reported a jump in pretax profit and hiked its dividend significantly after its revenue rose in 2014 on the back of higher house sales.
The FTSE 250-listed housebuilder said its pretax profit for the year to the end of December was GBP133.5 million, up 69% on the GBP78.8 million reported a year earlier.
Revenue in the year rose to GBP809.4 million, up from GBP556 million last year, as its legal completions increased to 3,635 against 2,813 in 2013 and its average selling price increased to GBP216,600 from GBP195,100.
On the back of the profit rise, the group said its final dividend for the year will be 23 pence per share, bringing its total dividend for the year up to 35 pence, significantly higher than the 13.5 pence per share it paid last year.
"I am delighted to report excellent results for 2014. With a record number of homes delivered and stronger sales prices and profit margins, profit before tax has increased by 69%. We have also achieved our return on capital employed target for 2014 and are confident in our ability to deliver a further improvement in return on capital employed in 2015," said Bovis Chief Executive David Ritchie.
By Sam Unsted; [email protected]; @SamUAtAlliance
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