Bovis Homes posts 18% increase in revenue to £412m as UK market remains solid despite Brexit vote

British housebuilder Bovis Homes posted an increase in revenue in the first half of its financial year and said it was too early to determine the impact Britain's vote to leave the European Union would have on the sector. In the six months to 30 June, the FTSE 250-listed group reported an 18% year-on-year increase in revenue to £412.8m, while operating profit rose by the same margin to £63.9m and pre-tax profit climbed 15% from the corresponding period in 2015 to £61.7m.

The company, which lifted its interim dividend by 9% to 15p per share, added it completed 5% more houses than in 2015 and sold them at an average price of £254,500, which represented a 14% increase on the average price recorded the year before.

"We have delivered a record number of homes in the first half of 2016 which has driven strong profit growth, improved returns and a 9% increase in the interim dividend," said group chief executive David Ritchie.

"Our forward sales position means we are well placed to continue this strong performance through the remainder of the year."

Ritchie added it was too early to judge the impact of the EU referendum and of the Bank of England's decision to cut interest rates, but the situation in the UK housing sector remained positive.

"We have been pleased with the resilient level of interest shown by potential home buyers contacting us," he said.

"Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns."