Bovis Homes reported that the housebuilder built 3% more homes than last year, in line with expectations.
The group said on Wednesday there were “encouraging” early signs of trading this year and expected record profits.
Bovis Homes built 3,759 homes last year, selling for an average price of £273,000.
The group’s share price rose 5% following strong trading this morning.
This year’s “significant” increase in operating margins comes amid caution in the property market amid continued Brexit uncertainty.
Chief Executive Officer Greg Fitzgerald said: “We expect this to be a record profit for the group, driven by significantly improved performance across all areas of the business.”
“We delivered the first home in our new home series in 2019 and look forward to continuing to make further operational and financial progress,” he added.
“Industry fundamentals remain strong, with customer demand for new homes supported by attractive mortgage financing and government initiatives, particularly the Help to Buy scheme.”
Bovis Homes (LON: BVS) stock is trading +4.77% (1148GMT).
