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Bovis profits jump after cost push

Housebuilder Bovis Homes has said underlying profits more than doubled after it sold more properties at higher average prices than last year.

Average selling prices rose 4% to £160,700 as the Kent-based group built more family homes to reduce its exposure to first-time buyers who are struggling to find mortgages.

Pre-tax profits rose 147% to £18.5M as profit margins increased after the group brought down the cost of building homes.

The number of homes sold increased 5% to 1,900, which helped to drive a 6% increase in revenues to £298.6M.

“The Group has delivered a strong improvement in profit in 2010, driven by increased volumes, stronger sales prices and delivery of cost savings,” said chief executive David Ritchie.

“The Group has also made significant progress with its growth strategy through substantial land investment, a strong pipeline of further land acquisition opportunities and a strong expected increase in active sales outlets.

Based on a continuation of current market conditions, this growth strategy gives the Group confidence in delivering greater volumes and increased profits.”

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