Bovis Home Group excellent progress made across all business areas

Bovis Home Group (LON:BVS), today announced half year results for the six months ended 30 June 2018.

H1 Highlights

· Strong H1 performance with a 41% increase in profit before tax, ahead of our expectations

· Controlled volume growth resulting in another disciplined and orderly period end

· HBF Customer Satisfaction score continues to trend at well above 80% (1 Oct 2017 to date) as Group consistently delivers high levels of customer service

· Launch of market leading Phoenix housing range giving customers greater value and driving profitability

· Progress with balance sheet initiatives including contracts exchanged for the formation of 50:50 joint venture at Sherford, Plymouth with Clarion Housing Group

· Further strengthened balance sheet with a move to an average net cash position in the period of £6m (2017: average net debt £96m) and a period end net cash position of £42.8m (2017: net debt £32.4m)

· Interim dividend increased by 27% to 19 pence per share and first special dividend of 45 pence per share to be paid with the interim in November

Note: (1) Profit before tax and earnings per share for H1 2017 after one-off costs totalling £6.3m including £3.5m customer care provision and £2.8m exceptional advisory costs related to bid approaches

Current trading and FY18 outlook

· Group focused on price optimisation, controlled volume growth and margin enhancement

· Strong sales position with 96% of 2018 sales secured

· Underlying pricing remains firm with some positive momentum driven by price optimisation initiatives

· Following robust summer trading and with increased visibility on margin improvement, the Group now expects profits for FY18 to be at the top end of the Board’s expectations

· On track to deliver minimum of £180m total cash proceeds from balance sheet optimisation initiatives by end of 2018

Bovis Home Group, Greg Fitzgerald, Chief Executive commented,

“We delivered a strong performance in the half with a more than 40% increase in profits. This reflects the excellent progress made across all business areas over the past 18 months and a step change in the quality of the homes we are building and level of service we are providing our customers. We are confident in the outlook for the business and are targeting a record year of profits in 2018, at the top end of the Board’s expectations.”

There will be a meeting for analysts and investors at 9:00am today at Numis, The London Stock Exchange Building, 10 Paternoster Square, London, EC4M 7LT. The presentation will be audiocast live on the Bovis Homes corporate website, www.bovishomesgroup.co.uk from 9:00am. A playback facility will be available shortly after the presentation has finished.