UK housebuilder reports profits

11/09/2006 - 14:07:25
Bovis Homes posted an 18% rise in profits today after the strengthening UK housing market boosted business.

The Kent-based housebuilder said pre-tax profits for the first six months of the year were up from £45.1m (€66.2m) to £53m (€78m).

It also added that last month’s shock hike in interest rates – the first for two years – had not dented the housing market.

Bovis chief executive Malcolm Harris said: “The steady housing market experienced during the first six months has continued through July and August with sales reservation levels ahead of the corresponding period in 2005.

“Looking forward, based upon the group’s trading experience to date, the board’s expectations remain unchanged in respect of profits for the full year.”