Bovis builds up earnings amid strong home sales

Bovis Homes has played down uncertainty in the property market by posting a sharp rise in interim profits.

The firm booked a 41 per cent hike in pre-tax profit to £60.2 million for the six months to the end of June, ahead of expectations.

Revenue rose 1 per cent to £432.2m and the firm now expects full-year profit to come in at the top end of expectations. It pointed to strong customer demand, attractive mortgage rates and initiatives such as Help to Buy.

Nicholas Hyett of Hargreaves Lansdown said: “Conditions in the wider housing market aren’t all rosy, with rising interest rates, flagging real wages and Brexit uncertainty all potential headwinds.”