UK-based property group Bovis Homes increased its annual sales by 46% to £809 million (€1.1 billion) in 2014.

Its pre-tax profits were up 69% for the year, to £133.5 million (€182.6 million), against £78.8 million (€107.8 million) in 2013.

In 2014, the company made a record level of investment in UK land totalling £340 million (€465 million), adding 7,300 plots on 42 sites to its land bank.

It said it had made a “robust start” to 2015, with forward sales of 1,752 homes, which was up 27% against the start of 2014.

However, the company said the industry had faced challenges during the past year. These included increased construction costs – which had risen by an average of 12% in 2014, compared to 2013 prices.

David Ritchie, chief executive of Bovis Homes Group, said, “We laid out our strategic ambitions for the group at the time of our half year results. This plan envisages the business, in a stable housing market, delivering sustainable growth over the next few years to annual volumes of between 5,000 and 6,000 new homes.

“We are on track to deliver this strategic plan, supported by record land investment in 2014 at the right point in the cycle.”

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