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Bovis pre-tax profits hit £79m

HOUSEBUILDER Bovis has said pre-tax profits increased 48% to £78.8 million last year after it achieved a 19% rise in legal completions to 2813 homes.

Its average sales price rose 14% to £195,100 as a result of it selling more larger homes and it had a greater proportion of higher value sites in the south of England.

Group revenue was up 31% from £425.5m to £556m while margins also improved. David Ritchie, chief executive, said: "The housing market is recovering."

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