Bovis sees spike in annual revenue

published 12 November 2012

Bovis, the FTSE 250 construction, project management, and consulting provider, said it remains on track to deliver a strong increase in revenue in 2012.

The group saw a significant increase in private average sales prices due to an improving mix and expects to legally complete around 2,350 homes during 2012 to date.

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Gross profit margin for 2012 is expected to increase to roughly 22%, reflecting the increasing proportion of homes sold on post-downturn sites, Bovis explained.

The significant increase in operating margin combined with improved capital turn will provide an increase in ROCE to nearly 7.5% for 2012 from 5% in 2011.

"Subject to stable market conditions continuing, the group is confident that it can deliver further growth in revenue with strong increases in profit margins. This profit growth combined with a stable capital base will deliver further strong improvements in ROCE in 2013 and beyond," the group said in a statement.

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