Housebuilder Bovis Homes today said profits more than doubled after it benefited from its focus on controlling costs and building more family homes.
The Kent-based group reported that pre-tax profits rose 131% to £8.1 million in the half year to June 30 as it put in a “strong performance” despite the slowdown in the housing market.
It has looked to sell more family homes, which are less exposed to first-time buyers struggling to get onto the property ladder, and has bought more land in the south of England, where the market has been more resilient.
The average price of its homes rose 3.2% to £163,400 compared to a year ago.
Its operating margins increased to 7.5% from 4.2% after it reduced construction costs and it started to benefit from snapping up land at cheaper prices following the recession.
