Bovis Homes has announced a 69 per cent surge in pre-tax profits as revenue jumps £60m and completions rise by 15 per cent.
Results for 2012 saw legal completions increase to 2,355 – up from 2,045 in 2011, and profit before tax jump from £32.1m to £54.1m.
The announcement will reinforce optimism about the Housing market, with Berkeley, Taylor Wimpey, Persimmon and Barratt all posting healthy results.
Average sales prices and operating profit margins increased, while 2,651 plots were added to the consented land bank during the year, bringing the total to 13,776 plots with a potential gross profit of £600m.
The group also had 19,318 potential plots of strategic land.
Bovis Homes chief executive David Ritchie said the group had delivered strong growth in “a challenging but stable market environment.”
“These improvements have been achieved through the compound positive effect of increased volumes, improved sales prices and stronger margins.
“The Group expects to deliver a strong increase in active sales outlets in 2013. Assuming a continuation of stable market conditions, this will further enhance volumes, sales prices and profit margins.”
“I would like to recognise the considerable effort, commitment and hard work of our employees during 2012 and to thank them all for their contribution to the Group’s success.”
Mr Ritchie also praised the contribution of Malcolm Harris, non-executive chairman, who is retiring in November.