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Housing Bovis reports a 48% surge in profits to pounds 79m

February 25, 2014

Jennifer Rankin

One of the UK's biggest housebuilders, Bovis, has reported a 48% surge in profits in the latest sign of recovery in the housing market.

Bovis said pre-tax profits rose to pounds 79m for 2013, against pounds 53m in the previous year, and said it was on course for strong results in 2014. The company said it had built a fifth more homes in 2013 than the year before, completing more than 2,800, with the average sale price up 14% - partly owing to homes being bigger and partly to more of them being higher-value properties in the south of England.

The company plans to complete up to 3,600 homes in 2014 and is looking ahead to an even stronger order book in 2015. Bovis is the first of the top housebuilders to publish its results, with figures from Persimmon, Taylor Wimpey, Redrow and Barratt, due by the end of the week, also expected to confirm the revival in the housing market. Shares in Bovis rose 1.2% to 910.6p in early trading yesterday. Jennifer Rankin

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Source: Guardian (UK)

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