For the year to 31 December 2011, Bovis Homes has reported revenue up 22% to 拢364.8m (2010: 拢298.6m).
Legal completions, at 2,045 homes, were 8% up on 2010鈥檚 1,901 completions.聽 The average private sales price of 拢180,100 was up 5% on 2010鈥檚 拢172,300.
The result was operating profits up 69% to 拢36.4m (2010 拢21.6m) and pre-tax profits up 74% to 拢32.1m (2010: 拢18.5m).
The return on capital employed improved from 3% to 5% in 2011, and a further improvement to 7% on ROCE is anticipated in 2012.
Chief executive David Ritchie said: "The group has delivered a strong improvement in profit in 2011 against a challenging but stable market environment. This profit improvement has been delivered through the compound positive effect of increased volumes, improved sales prices and stronger margins.
"Significant progress has also been made in positioning the group for continued improving returns. The substantial land investment in recent years will deliver a strong increase in active sales outlets in 2012. Based on a continuation of current market conditions, this will further enhance volumes, sales prices and profit margins.
"As well as driving profitability, the group is focused on enhancing shareholder returns through improving the efficiency of its capital employed, through land bank management, including the sale of consented plots on selected sites, and by managing working capital tightly.
"Looking forward, based on current market conditions continuing, increasing profits combined with further improvements in the use of capital will deliver a strongly increasing return on capital employed in 2012 and beyond.鈥�
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