Land investment and rising house prices contributed to the group’s 9% growth in both revenue and net profit.
The group managed a record number of legal completions at 1,525 homes against 1,487 homes the previous year with average sales prices 10% higher year-on-year.
Bovis added 15 new sites to its land bank in H1, with the group holding a total of 23,287 strategic plots across 86 sites at the end of last year.
The group also remains confident it will deliver targets this year with dividends of 40p per share projected in 2015, up 5p on the previous year.
David Ritchie, chief executive of Bovis Homes Group, said: “I am pleased to report that significant land opportunities continue to be available at higher returns meaning disciplined investment in consented land should underpin future growth in shareholder returns.”
The group has secured planning consent on six major sites at Bishops Stortford, North Wokingham, Witney, Edwalton, Gravesend and Tavistock, totalling around 3,000 plots which should deliver above average profit margins. The group confirmed 68% of its strategic plots are in southern England.
On the mortgage market, the group said the market is robust with a ‘solid level of mortgage availability’ and positive homebuyer confidence.
The results said: “The extension of the Government’s Help to Buy scheme has also assisted in maintaining a level of consumer confidence in the housing market and this shared equity product continues to have a positive effect on transactional activity in the [sector]. Mortgage lending is also supporting activity with monthly approvals reaching a level which supports over one million housing transactions per year.”
This is the latest in a succession of strong results from house builders.
Last week Office of National Statistics figures showed construction output increased by 2.4% in the second quarter against the previous year, with the output of new private housing up 3.9% overall.
