Bovis Homes Group has achieved sales prices above its target levels, it has revealed in a statement to the City today (November 8).
Reporting on the period from July 1 to November 5 2010, the housebuilder said that it expected its average sales price of legal completions in 2010 to be approximately £160,000, 3% up from 2009’s average sales price of £154,600.
“This, when combined with the initial benefits of construction cost savings, has generated improvement in both gross profit margin and operating profit margin,” Bovis’ statement read. The company expects that its 2010 operating margin will exceed last year’s 6.2%.
Bovis achieved 1,900 home sales, 1,600 of which were private sales from July 1 to November 5.
The company said it expected market conditions to remain challenging but took an upbeat tone: “The Group is confident that with an increase in active sales outlets it can increase its output capacity and sell a greater number of new homes in 2011.”
Source: Housebuilder
See Also: Property News (6701), Bovis Homes (15), Housebuilder (84)
Date Published: 08 November 2010
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