Bovis reports sales up

Published:  06 May, 2010

LONDON: House builder Bovis Homes expects trading to stabilise.

The company said, in a statement this morning ahead of its annual general meeting today that sales for the year to April 30 rose 11% year-on-year to 1,208, of which 643 sales were brought forward from 2009 and 565 sales were achieved in the first 17 weeks of the year.

Sales prices have also been modestly ahead of internal expectations.

Bovis said that focusing on the acquisition of land will support an increase in trading activity and improve its profit margins. It plans to entice vendors to sell land by offering more cash up front than other house builders can afford.

Bovis Homes shares closed Wednesday at 403 pence, giving the company market capitalization of £533m.

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