LONDON, July 8 (Reuters) - British housebuilder Bovis Homes expects a material increase in first-half profit afterdelivering a record number of legal completions, the companysaid on Tuesday.
The 129-year-old housebuilder, which has focused on moreaffluent regions in the south of England in recent years,reported 1,487 legal completions in the six months to June 30,up 54 percent on the same period last year.
The average sale price on legal completions was up 11percent at 210,000 pounds ($357,300), while the operating marginis expected to be at least 15 percent, against 11.1 percent lastyear.
The bullish update follows similarly upbeat statements fromrivals Taylor Wimpey and Persimmon as buildersbenefit from improving sentiment around the housing market andgovernment measures to help people on to the property ladder.
"Bovis Homes has delivered its highest ever number offirst-half legal completions, driven by the high-qualityinvestments made during the past few years," Chief ExecutiveDavid Ritchie said. "This is expected to lead to excellentfirst-half results with a material improvement on last year."($1 = 0.5877 British Pounds)
(Reporting by Kate Holton; Editing by David Goodman)
Persimmon (PSN)
Taylor Wimpey (TW.)
