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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

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.