Homebuilder Bovis eyes profit boost

Sold signs on housing estate
Image caption Bovis is also expecting to see profits rise in 2012

UK housebuilder Bovis says it expects a significant increase in profit for 2011, following strong earnings growth.

The Kent-based group expects to record profits of about £31m for last year, up 68% on 2010.

The firm also expects to report an 8% increase in overall home completions for 2011, to 2,045 units.

It also said forward sales at the start of 2012 were up 35% year-on-year, at 568 homes, thanks to a rise in private and social housing reservations.

"The group can deliver significantly increased profit and, coupled with improving efficiency of capital employed, a stronger return on capital employed in 2012 and beyond," said chief executive David Ritchie in a statement.

Bovis said the average sales price rose 4.5% to £180,100 pounds in 2011.

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