It is a long way from the 拢1.1bn pre-tax profit posted by Persimmon earlier this week, or even Taylor Wimpey鈥檚 拢811m. But for Bovis, after recent crises, it represents a solid bounce-back under Greg Fitzgerald, the former Galliford Try chief.
Greg Fitzgerald was recruited in 2017 to rescue Bovis Homes鈥� sullied reputation after the company was revealed to have been paying residents to move into unfinished homes so that completion targets could claim to have been met.
As a result of costly actions taken to put some discipline back into the business, pre-tax profit dipped 26% in 2017 to 拢114.0m, from a previous record 拢154.7m in 2016. In 2018, however, they were back up higher than ever.
Total completions in 2018 reached 3,759 units (2017: 3,654) at an average selling price of 拢273,200 (2017: 拢272,400).
Chief executive Greg Fitzgerald said: 鈥淭he group has made substantial progress operationally over the past 18 months delivering record profits and a step change in our operating margin. We have transformed the quality of our product and customer service and are delighted this is reflected in our 4-star housebuilder status for 2018.鈥�
In 2017 Bovis Homes only had a 2-star rating.
Mr Fitzgerald continued: 鈥淟ooking ahead, we are implementing many initiatives which will continue to build a better Bovis Homes including our new Phoenix housing range with its first completions this spring, and the development of our new Partnership Housing division. We have a strong sales position and excellent land visibility and expect to make further operational and financial progress in 2019.鈥�
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