Despite increase in sales of only 6%, a focus on costs pushed the firm鈥檚 margins higher
Bovis Homes鈥� sales increased to 拢298.6m in 2010, a 6% increase on its 2009 sales of 拢281.5m.
Despite reporting only a marginal increase in sales, a focus on costs pushed margins higher and resulted in an increase in pre-tax profits of 146%, ending the year at 拢18.5m, compared with 拢7.5m during 2009.
Future profitability seems to be in the bag after Bovis added around 3,700 plots during the year. This took its total land bank to 13,766 plots, all with planning consents.
A statement accompanying its results said: 鈥淭hese plots have a potential gross profit of 拢461m.鈥�
Despite spending a net 拢137m on land, Bovis still has net cash in the bank of 拢52m but this is down from 拢112m at the end of 2009 because of its investment in land.
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