Bovis Homes – 668.25p

25 February 2013 – final results

Bovis  announced a strong set of results for the year to 31 December 2012. Profit before tax rose 69% to £54.1m (2011: £32.1m) on revenue up 17% to £425.5m (2011: £364.8m) with operating margin increasing from 10% to 13.4%. The company continues to make good progress and further purchases of cheap land should enable further progress to be made even in this benign but stable market. The shares have had a good run and we maintain our HOLD recommendation to reflect this.

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