8th Nov 2013 08:26
LONDON (Alliance News) - Bovis Homes PLC Friday said it has achieved its target for private reservations for 2013 legal completions in September ahead of schedule, as net private reservations were 45% ahead in the same period in 2012.
In an interim management station for the period from July 1, the housebuilder said net private reservations achieved in the 44 weeks to November 1 stood at 2,390, up from the 1,650 it recorded in the same period in 2012.
Net reservations per site per week increased 30% during the period, Bovis said, averaging 0.60, compared with 0.46 in 2012, while the average number of active sales outlets rose 11%.
The Kent-based firm, which posted a 19% increase in pretax profit to GBP18.6 million in its interim results in August, said it had followed its plan to accelerate the building of its private forward order book for 2014. It said this is now "materially" greater than the private forward order book on January 1.
Bovis also said it had added to its land bank, with an additional 3,330 plots on 22 sites, and a further 1,200 plots on 13 sites in the pipeline. A number of these are expected to be added to the consented land bank before the year end, it said.
In addition to this, the firm said it has a large number of plots under negotiation with land owners for contract either in late 2013 or 2014, with a significant proportion already with planning consent.
The group said it had net debt of GBP125 million, as of November 7 and, "given the phasing of housing receipts and land payments, the group expects to end 2013 with a modest net debt position".
Looking ahead Bovis said, with improved overhead efficiency, its operating margin for 2013 is expected to approach 15%, ahead of the 13.4% it achieved in 2012.
Bovis Homes shares were up 2.2% at 778.50 pence early Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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