Bovis doubles divi after strong first half

House-builder Bovis Homes saw profits come in ahead of forecasts in the first half, helping the firm to double its interim dividend.

Pre-tax profits themselves actually doubled in the six months to June 30th, up 100% from £8.1m to £16.2m. Peel Hunt was expecting a figure closer to £14.6m.

Revenues gained 27% from £133.6m to £170.3m, as legal completions improved 18% from 801 homes to 944 homes with an average sales price of £164,400, up from £163,400 in the same period the year before.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The dividend per share for the first half was hiked from 1.5p to 3.0p.

"The Group has delivered a strong performance during the first half of 2012 with profit before tax doubling against the backdrop of stable, but challenging, market conditions. This increase has been delivered through the compound positive effect of increased volumes, improved average sales price and stronger profit margins," said Chief Executive David Ritchie.