Interim Results

BOVIS HOMES GROUP PLC
13 September 1999


                             BOVIS HOMES GROUP PLC
                                INTERIM RESULTS
                                       
            Unaudited results for the six months ended 30 June 1999
                           Issued 13 September 1999
                                       
The Board of Bovis Homes Group PLC today announced its interim results for
1999.

*  Operating profit increased 27% to £21.2 million (1998: £16.7 million)
   
*  Pre tax profit increased 20% to £20.3 million (1998: £16.9 million)
   
*  Earnings per share increased by 21% to 12.5p (1998: 10.3p)
   
*  Operating margin increased by 9% to 18.7% (1998: 17.1%)
   
*  Interim dividend increased 8% to 3.6 pence net per ordinary share (1998:
   3.33 pence)
   
*  Plots with planning consent increased to 9,195 plots (1998: 8,550 plots)
   
*  Strategic land holdings of 16,758 potential plots (1998: 14,211 potential
   plots)
*  Period end net borrowings of £19.4 million (8% gearing)

Commenting on the results, Malcolm Harris, the Chief Executive of Bovis Homes
Group PLC said:

'The Group has continued to concentrate upon improving shareholder value
through continuous product design, specification changes and skilful
management of the Group's land holdings.  There is an increased focus on
research and development of production techniques to facilitate enhanced build
efficiency.

All sections of the business improved their profits and operating margins
compared with the corresponding period in 1998 and future profit growth has
been facilitated through additional investment in prime sites.

Current trading conditions are good with reservations over 10% ahead of the
comparative period in 1998.  We are, therefore, confident of our prospects for
the full year and are well placed for the future.'


Chairman's interim statement

Bovis Homes has continued its encouraging progress during the first half of
1999 with improved profits and margins over the comparable period in 1998, and
has underpinned further profit growth through the strengthening of both the
consented and strategic land holdings compared to this time last year.

Results

For the six months ended 30 June 1999 the Group's unaudited operating profit
increased by 27% to £21.2m (1998 : £16.7m). Interest payable less receivable
absorbed £0.9m (1998: net receivable of £0.2m) to leave pre tax profit 20%
higher at £20.3m (1998 : £16.9m).  Earnings per share of 12.5 pence showed an
increase of 21% over 10.3 pence in 1998.

The operating margin increased to 18.7% from 17.1% for the same period last
year, enhanced by new products and improved specification, in good market
conditions. The focus remained on adding shareholder value by maximising
profits through continued product innovation, process research and
development, and skilful land investment and management.  The Group achieved
975 unit completions at an average selling price of £106,600 compared with 952
unit completions at an average selling price of £99,800 in the first six
months of 1998.

Dividends

The interim dividend of the Company will amount to 3.6 pence net per share, an
increase in excess of 8% over 1998's interim dividend. This dividend will be
paid on 26 November 1999 to holders of ordinary shares on the register at the
close of business on 8 October 1999.

Land

Bovis Homes has continued its progressive investment policy in pursuit of
prime land and at 30 June 1999 held 9,195 plots of consented land compared
with 8,550 plots at 30 June 1998. In addition it has strengthened its
strategic land bank from 14,211 potential plots at 30 June 1998 to 16,758
potential plots at 30 June 1999, after transferring 502 plots from the
strategic land bank into the consented land bank during the first half year.

Market conditions

The Company has benefited from improved consumer confidence during the first
six months of the year but has not experienced unsustainable conditions in any
area in which it operates.  There is evidence of a shortage of high value
properties in both London and in the provinces.  The strength of this
specialist sector is not, however, indicative of the overall market.  We do
not believe that the recent increase in interest rates is justifiable as far
as the housing market is concerned.
Prospects

The Group will continue to focus on profitability with the view to maximising
shareholder returns. Ongoing product improvement, promotion of strategic land
holdings and identification of opportunities to purchase land through
negotiation will continue to ensure that shareholders' funds are invested
effectively.

The results for the half year are encouraging and in light of our consistent
policies and current trading conditions in the housing market, we are
confident of the prospects of the Group for the full year.

Sir Nigel Mobbs
Chairman
13 September 1999


Group profit and loss account

For the six months ended 30 June 1999       Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Turnover - continuing operations               113,121       97,457    234,285
Cost of sales                                 (80,297)     (70,114)  (167,818)
                                             ---------    ---------  ---------
Gross profit                                    32,824       27,343     66,467
Administrative expenses                       (11,626)     (10,681)   (21,339)
                                             ---------    ---------  ---------
Operating profit - continuing operations        21,198       16,662     45,128
Interest receivable and similar income              31          395        555
Interest payable and similar charges             (886)        (116)      (661)
                                             ---------    ---------  ---------
Profit on ordinary activities before            20,343       16,941     45,022
taxation
Taxation on profit on ordinary activities      (6,200)      (5,300)   (13,900)
                                             ---------    ---------  ---------
Profit on ordinary activities after             14,143       11,641     31,122
taxation
Dividends proposed/paid                        (4,061)      (3,760)   (11,280)
                                             ---------    ---------  ---------
Retained profit for the financial period        10,082        7,881     19,842
                                             =========    =========  =========
Basic earnings per ordinary share                12.5p        10.3p      27.6p
                                             ---------    ---------  ---------
Diluted earnings per ordinary share              12.4p        10.3p      27.5p
                                             ---------    ---------  ---------


In  both  the  current and preceding financial periods there was  no  material
difference  between the historical cost profits and losses and those  reported
in the profit and loss account.



Group statement of total recognised gains and losses

For the six months ended 30 June 1999       Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Profit for financial period                     14,143       11,641     31,122
Impairment loss on revalued asset                    -         (67)       (67)
Total recognised gains relating to the          14,143       11,574     31,055
period                                      ==========   ==========  =========


Group balance sheet

At 30 June 1999                                30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Fixed assets                                                                  
Tangible assets                                  8,387        9,460      7,121
Investments                                         24           24         24
                                             ---------    ---------  ---------
                                                 8,411        9,484      7,145
                                            ----------    ---------  ---------
Current assets                                                                
Stocks and work in progress                    325,082      265,890    320,201
Debtors due within one year                     11,748        6,320     10,981
Debtors due after more than one year             4,392        4,582      3,957
Cash and short term deposits                     6,434       24,986        370
                                             ---------    ---------  ---------
                                               347,656      301,778    335,509
                                             ---------    ---------  ---------
Creditors: amounts falling due within one    (101,436)     (82,705)   (96,533)
year                                         ---------   ----------  ---------
Net current assets                             246,220      219,073    238,976
                                             ---------    ---------  ---------
Total assets less current liabilities          254,631      228,557    246,121
Creditors: amounts falling due after more     (16,032)     (12,001)   (17,604)
than one year                                ---------   ----------  ---------
Net assets                                     238,599      216,556    228,517
                                             =========    =========  =========
Capital and reserves                                                          
Called up share capital                         56,399       56,399     56,399
Share premium                                  132,103      132,103    132,103
Revaluation reserve                                817          817        817
Profit and loss account                         49,280       27,237     39,198
                                             ---------   ----------  ---------
Equity shareholders' funds                     238,599      216,556    228,517
                                             =========    =========  =========

Group cash flow statement

For the six months ended 30 June 1999       Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Net cash outflow from operating                (1,318)      (3,763)   (20,285)
activities                                                                    
Returns on investments and servicing of                                       
finance
Interest received                                   31          395        555
Interest paid                                    (882)        (134)    (1,002)
                                            ----------    ---------  ---------
                                                 (851)          261      (447)
                                             ---------    ---------  ---------
Taxation paid                                    (939)      (3,250)   (11,288)
                                             ---------    ---------  ---------
Capital expenditure and financial                                             
investment
Sale of tangible fixed assets                      176           90      3,324
Purchase of tangible fixed assets              (2,110)        (788)    (2,288)
                                            ----------    ---------  ---------
                                               (1,934)        (698)      1,036
                                             ---------    ---------  ---------
Equity dividend paid                           (7,524)            -    (3,756)
                                             ---------    ---------  ---------
Cash outflow before management                                                
of liquid resources and financing             (12,566)      (7,450)   (34,740)
Management of liquid resources                                                
Movement in short term deposits                (1,630)        5,004     29,618
Movement in short term borrowings               15,733            -      5,000
Increase/(decrease) in cash                      1,537      (2,446)      (122)
                                             ---------    ---------  ---------

Group reconciliation of movements in shareholders' funds

                                            Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Opening shareholders' funds                    228,517      208,742    208,742
Total recognised gains and losses for the       14,143       11,574     31,055
period
Dividends proposed/paid                        (4,061)      (3,760)   (11,280)
                                             ---------    ---------  ---------
Closing shareholders' funds                    238,599      216,556    228,517
                                             =========    =========  =========

Group reconciliation of operating profit to operating cash flows

                                            Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Operating profit                                21,198       16,662     45,128
Depreciation                                       706          639      1,290
(Profit)/loss on disposal of tangible             (38)            -         74
fixed assets
Increase in stocks                             (4,881)     (22,194)   (76,505)
(Increase)/decrease in debtors                 (1,203)        1,727    (2,819)
(Decrease)/increase in creditors              (17,100)        (597)     12,547
                                             ---------   ----------  ---------
Net cash outflow from operating                (1,318)      (3,763)   (20,285)
activities                                   =========    =========  =========


Group reconciliation and analysis of net debt

                                            Six months   Six months       Year
                                                 ended        ended      ended
                                               30 June      30 June     31 Dec
                                                  1999         1998       1998
                                           (unaudited)  (unaudited)  (audited)
                                                  £000         £000       £000
                                            ----------   ----------  ---------
Increase/(decrease) in cash                      1,537      (2,446)      (122)
Movement in short term deposits                  1,630      (5,004)   (29,618)
Movement in short term borrowings             (15,733)            -    (5,000)
                                             ---------    ---------  ---------
Change in net funds                           (12,566)      (7,450)   (34,740)
Opening net (debt)/funds                       (6,841)       27,899     27,899
                                             ---------    ---------  ---------
Closing net (debt)/funds                      (19,407)       20,449    (6,841)
                                             =========    =========  =========
Split:                                                                        
Cash and short term deposits                     6,434       24,986        370
Bank overdraft                                 (5,108)      (4,537)    (2,211)
Short term borrowings                         (20,733)            -    (5,000)
                                             ---------    ---------   --------

Notes to the accounts

1. Earnings per share
Basic earnings per ordinary share for each period is calculated on the
weighted average of 112.8 million ordinary shares in issue throughout each
period. Diluted earnings per ordinary share is calculated on a weighted
average of 113.9 million ordinary shares (6 months to 30 June 1998: 113.4
million ordinary shares; 12 months to 31 December 1998: 113.2 million ordinary
shares) after adjusting the weighted average number of ordinary shares to
assume conversion of potentially dilutive ordinary shares, being unexercised
share options.

2. Dividends
The interim dividend of 3.6 pence net per ordinary share will be paid on 26
November 1999 to holders of ordinary shares on the register at the close of
business on 8 October 1999.

3. Taxation
Corporation tax has been estimated based upon the weighted average standard
rate of 30.25% for 1999.

4. Basis of preparation
The interim accounts have been prepared on a basis consistent with the
accounting policies adopted for the year ended 31 December 1998. These
policies are set out in the Group's Annual Report and Accounts. In addition,
the Group has adopted Financial Reporting Standards 12 and 13.  The adoption
of these new standards has not impacted upon these interim accounts.  The
interim accounts do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.

The interim accounts for the six months ended 30 June 1998 and 30 June 1999
have not been audited. The abridged information in these interim accounts
relating to the year ended 31 December 1998 is derived from the full accounts
upon which the auditors issued an unqualified opinion and which have been
delivered to the Registrar of Companies.

5. Year 2000
The issue primarily concerns the inability of some electronic systems to
recognise and process accurately date sensitive information prior to, during
and after the year 2000. In 1997 the Millennium Committee was formed under the
chairmanship of a main board director to assess, recommend and implement any
changes to ensure continuation of operations through the millennium. The
committee has met regularly and reports to the main board at each board
meeting on progress to date.
An audit of suppliers' readiness is progressing satisfactorily and will
continue through to the year end. Internal systems of any significance will
have been modified or changed before the year end. It is not anticipated
material costs will be incurred.  This is, however, a complex issue and there
is no absolute guarantee that problems will not be encountered.

For further information:

Malcolm Harris, Chief Executive        Tel: [phone]
Bovis Homes Group PLC

Andrew Best / Emily Bruning            
Shandwick International                Tel: [phone]