Interim Results 2001

Bovis Homes Group PLC
10 September 2001

                             BOVIS HOMES GROUP PLC
                                INTERIM RESULTS

            Unaudited results for the six months ended 30 June 2001
                                                                              
                                       
The Board of Bovis Homes Group PLC today announced its interim results for
2001.

*   Operating profit increased 14% to £31.7 million (2000: £27.7 million)
    
*   Pre tax profit increased 8% to £28.6 million (2000: £26.5 million)
    
*   Earnings per share increased by 8% to 17.6p (2000: 16.3p)
    
*   Operating margin increased to 21.8% (2000: 21.4%)
    
*   Plots with planning consent increased to 11,005 plots (Dec 2000: 10,133
    plots)
    
*   Strategic land holdings increased to 20,016 potential plots (Dec 2000:
    18,016 potential plots)
    
*   Interim dividend increased 8% to 4.2 pence net per ordinary share (2000:
    3.9 pence)
    
*   Period end net borrowings of £105.5 million (34.3% gearing)
    


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

'The first six months results were in line with our expectations, reflecting
the poor weather conditions endured during 2000 and the first quarter of 2001.
Build production has increased and is now running at a level to meet year end
requirements.

Land investments made during the first six months have been particularly
successful including a major site at Hatfield where we intend building a high
quality new village.

In addition to increasing the size and quality of our consented land bank, we
have further strengthened our strategic land holdings, adding 2,000 potential
plots.  This clearly demonstrates our long term investment strategy to grow
the business and deliver superior returns to our shareholders.

Reservations are running ahead of the comparable period in 2000 and based upon
current market conditions we are confident of the prospects of the Group for
the full year and are in a good position for 2002.'

Enquiries:

Malcolm Harris, Chief Executive        Andrew Best / Emily Bruning
Bovis Homes Group PLC                  Shared Value Limited
Tel: [phone]                     Tel: [phone]
on Monday 10 September                 on Monday 10 September
Tel: [phone]                      Tel: [phone]
thereafter                             thereafter

Chairman's interim statement

Bovis Homes has strengthened its position during the first half of 2001 with a
solid improvement in profit, an increase in operating margin and a further
enhancement of its asset base.  The Group has maintained its focus on
maximising shareholder returns and has accelerated its investment in prime
locations to underpin the future growth of the Group.

Results
For the six months ended 30 June 2001 the Group achieved a pre tax profit of
£28.6 million representing an increase of 8% over the pre tax profit of £26.5
million for the same period in 2000.  Earnings per share improved by 8% to
17.6 pence.

The Group's operating margin increased to 21.8% compared with 21.4% for the
first six months of 2000.  The Group's average sales price rose to £138,000
for the current year compared to £121,200 for the comparable six months of
2000.  An increase in the proportion of 'room in the roof' and three storey
properties, with a 11% contribution at the half year, increased the average
size of property legally completed thus underpinning the 14% rise in average
sales price.  Average sales price per square foot increased by 8%.

As previously advised at the time of the announcement of the 2000 preliminary
results on 12 March 2001 and re-affirmed at the annual general meeting on 1
May 2001 the Group anticipated that the split of profits between the first and
second half of the year would be more weighted towards the latter six months
due to poor weather conditions experienced in late 2000 and early 2001 which
delayed building work on a number of sites.  In consequence, the Group legally
completed 979 homes in the first six months of 2001 compared with 1,056 legal
completions in the same period last year.

Dividends
The interim dividend of the Company will amount to 4.2 pence net per share, an
increase of 8% over 2000's interim dividend. This dividend will be paid on 23
November 2001 to holders of ordinary shares on the register at the close of
business on 26 October 2001.

Land
The Group's land buying expertise and resulting high quality land bank
continue to be key factors in the success of the Group.  Efforts to secure
sites in prime locations have been successful, including the Group's
acquisition of land in Hatfield to build a new village, providing a strong
asset base for present and future development.  At 30 June 2001 the Group held
11,005 plots of consented land compared with 10,133 plots at the start of the
year.  The strategic land bank stood at 20,016 potential plots at 30 June
2001, an increase of 2,000 potential plots over the 18,016 potential plots
held at the start of the year.

Market conditions
Affordability in the housing market remains strong even though prices have
been reported by the Halifax in recent months as increasing ahead of earnings
growth.  Recent decreases in interest rates and steady consumer confidence
have maintained demand for new housing through 2001 to date.  With stable
fundamentals in the economy, including low inflation, low interest rates, and
low unemployment relative to the last decade, consumer confidence remains
reasonably strong.

Prospects
The plans announced in the 2000 Annual Report and Accounts to grow the Group
in structure and levels of activity remain a commitment of the Group.  Within
this plan the strategies aimed at maximising shareholder return through
optimising the utilisation of our land and designing added value products will
continue to be applied consistently.

The half year results along with a reservations order book ahead of this time
last year provide a good platform for the second half of 2001 and given
current market conditions we are confident of the prospects of the Group for
the full year.


Sir Nigel Mobbs
Chairman
10 September 2001



Group profit and loss account

For the six months ended 30 June 2001      Six months  Six months   Year ended
                                                ended       ended
                                         30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Turnover - continuing operations              145,231     129,687      304,996
Cost of sales                                (99,416)    (88,566)    (207,170)
                                             --------    --------     --------
Gross profit                                   45,815      41,121       97,826
Administrative expenses                       (14,091)    (13,389)     (27,135)
                                             --------    --------     --------
Operating profit - continuing                                                 
operations                                     31,724      27,732       70,691
Interest receivable and similar income            119          52           88
Interest payable and similar charges           (3,258)     (1,312)      (3,710)
                                             --------    --------     --------
Profit on ordinary activities before                                          
taxation                                       28,585      26,472       67,069
Taxation on profit on ordinary                                                
activities                                     (8,600)     (8,000)     (19,700)
                                             --------    --------     --------
Profit on ordinary activities after                                           
taxation                                       19,985      18,472       47,369
Dividends proposed/paid                        (4,817)     (4,410)     (13,252)
                                             --------    --------      -------
Retained profit for the financial                                             
period                                         15,168      14,062       34,117
                                             --------    --------     --------
Basic earnings per ordinary share               17.6p       16.3p        42.0p
                                             --------   ---------     --------
Diluted earnings per ordinary share             17.4p       16.2p        41.5p
                                             --------    --------     --------

In both the current and preceding financial periods there were no other
recognised gains or losses.

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 balance sheet

At 30 June 2001                          30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Fixed assets                                                                  
Tangible assets                                 9,913       8,502        8,584
Investments                                     1,514       1,259        1,051
                                            ---------    --------     --------
                                               11,427       9,761        9,635
                                             --------    --------     --------
Current assets                                                                
Stocks and work in progress                   552,764     402,712      458,585
Debtors due within one year                     6,041       6,701        8,671
Debtors due after more than one year            8,023       5,214        4,884
Cash                                                2         290        1,039
                                             --------    --------     --------
                                              566,830     414,917      473,179
                                             --------    --------     --------
Creditors: amounts falling due within                                         
one year                                    (108,993)   (105,116)    (113,428)
                                            ---------    --------     --------
Net current assets                            457,837     309,801      359,751
                                             --------    --------     --------
Total assets less current liabilities         469,264     319,562      369,386
                                             --------    --------     --------
Creditors: amounts falling due after                                          
more than one year                          (160,075)    (48,946)     (77,861)
Provisions for liabilities and charges        (1,326)     (1,602)      (1,473)
                                             --------    --------     --------
Net assets                                   307,863     269,014      290,052
                                             --------    --------     --------
Capital and reserves                                                          
Called up share capital                        57,411      56,539       56,785
Share premium                                 135,452     132,698      133,435
Revaluation reserve                               817         817          817
Profit and loss account                       114,183      78,960       99,015
                                             --------    --------     --------
Equity shareholders' funds                    307,863     269,014      290,052
                                            ---------    --------     --------

Group cash flow statement

For the six months ended 30 June 2001      Six months  Six months   Year ended
                                                ended       ended
                                         30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Net cash outflow from operating                                               
activities                                   (24,644)    (20,807)     (23,395)
Returns on investments and servicing of                                       
finance
Interest received                                119          52           88
Interest paid                                 (3,263)     (1,249)      (3,424)
                                             --------    --------     --------
                                              (3,144)     (1,197)      (3,336)
                                             --------    --------     --------
Taxation paid                                 (7,600)     (5,100)     (18,096)
                                              -------    --------     --------
Capital expenditure and financial                                             
investment
Purchase of tangible fixed assets             (2,282)     (1,073)      (2,040)
Sale of tangible fixed assets                    125         193          234
Purchase of investments                         (665)       (586)        (581)
                                             --------    --------     --------
                                              (2,822)     (1,466)      (2,387)
                                             --------    --------     --------
Equity dividend paid                          (8,878)     (8,124)     (12,518)
                                             --------    --------     --------
Cash outflow before management of                                             
liquid resources and financing               (47,088)    (36,694)     (59,732)
Management of liquid resources and                                            
financing
Increase in borrowings                        42,151      30,862       61,000
Issue of ordinary share capital                2,643          17        1,000
                                             --------    --------     --------
                                              44,794      30,879       62,000
                                             --------   ---------     --------
(Decrease)/increase in cash                   (2,294)     (5,815)        2,268
                                             ========    ========     ========

Group reconciliation of movements in shareholders' funds

For the six months ended 30 June 2001      Six months  Six months   Year ended
                                                ended       ended
                                         30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Opening shareholders' funds                   290,052     254,935      254,935
Issue of ordinary shares                        2,643          17        1,000
Total recognised gains and losses for                                         
the period                                     19,985      18,472       47,369
Dividends paid and proposed                   (4,817)     (4,410)     (13,252)
                                             --------    --------     --------
Closing shareholders' funds                   307,863     269,014      290,052
                                             ========    ========     ========

Group reconciliation of operating profit to operating cash flows

For the six months ended 30 June 2001      Six months  Six months   Year ended
                                                ended       ended
                                         30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Operating profit                               31,724      27,732       70,691
Depreciation and amortisation                   1,044         784        1,831
Profit on disposal of tangible fixed                                          
assets                                           (16)        (11)         (13)
Increase in stocks                           (94,179)    (42,437)     (98,310)
(Increase)/decrease in debtors                  (509)       1,254        (374)
Increase/(decrease) in creditors               37,292     (8,129)        2,780
                                             --------    --------     --------
Net cash outflow from operating                                               
activities                                   (24,644)    (20,807)     (23,395)
                                             ========    ========     ========

Group reconciliation and analysis of net debt

For the six months ended 30 June 2001      Six months  Six months   Year ended
                                                ended       ended
                                         30 June 2001     30 June  31 Dec 2000
                                                             2000
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
(Decrease)/increase in cash                   (2,294)     (5,815)        2,268
Cash outflow from change in debt             (42,151)    (30,862)     (61,000)
                                             --------    --------     --------
Change in net debt                           (44,445)    (36,677)     (58,732)
Opening net debt                             (61,011)     (2,279)      (2,279)
                                             --------    --------     --------
Closing net debt                            (105,456)    (38,956)     (61,011)
                                             ========    ========     ========
Analysis of net debt:                                                         
Cash                                               2         290        1,039
Bank overdraft                                (2,307)     (8,384)      (1,050)
Borrowings                                  (103,151)    (30,862)     (61,000)
                                             --------    --------     --------
                                            (105,456)    (38,956)     (61,011)
                                             ========    ========     ========


Notes

1. Basis of preparation

The interim accounts have been prepared on a basis consistent with the
accounting policies adopted for the year ended 31 December 2000 including the
classification of borrowings under bilateral committed revolving loan
facilities as long term. These policies are set out in the Group's Annual
Report and Accounts.  The Group has adopted the new accounting standard FRS18:
'Accounting Policies' during the first half of 2001.  There has been no effect
on the Group's results in the first half of 2001 arising from the
implementation of this standard.  The interim accounts do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985.

In line with the Urgent Issues Task Force Information Sheet No 48 dated 5 July
2001, assets related to long term incentive plans have been classified in
investments for the current and prior year results.

The interim accounts for the six months ended 30 June 2000 and 30 June 2001
have not been audited. The abridged information in these interim accounts
relating to the year ended 31 December 2000 is derived from the full accounts
upon which the auditors issued an unqualified opinion and which have been
delivered to the Registrar of Companies.

2. Earnings per share

Basic earnings per ordinary share for the six months ended 30 June 2001 is
calculated on profit after tax of £19,985,000 (six months ended 30 June 2000:
£18,472,000; year ended 31 December 2000: £47,369,000) over the weighted
average of 113,693,156 (six months ended 30 June 2000: 113,070,189; year ended
31 December 2000: 112,735,747) ordinary shares in issue during the period.

Diluted earnings per ordinary share is calculated on profit after tax of
£19,985,000 (six months ended 30 June 2000: £18,472,000; year ended 31
December 2000: £47,369,000) over the diluted weighted average of 114,765,827
(six months ended 30 June 2000: 114,408,855; year ended 31 December 2000:
114,184,319) ordinary shares potentially in issue during the year.  The
diluted average number of shares is calculated in accordance with FRS 14
'Earnings Per Share'.  The dilutive effect relates to the average number of
potential ordinary shares held under option during the year.  This dilutive
effect amounts to the number of ordinary shares which would be purchased using
the aggregate difference in value between the market value of shares and the
share option exercise price.  The market value of shares has been calculated
using the average ordinary share price during the year.  Only share options
which have met their cumulative performance criteria have been included in the
dilution calculation.  There is no dilutive effect on the profit after tax
used in the diluted earnings per share calculation.

3. Dividends

The interim dividend of 4.2 pence net per ordinary share will be paid on 23
November 2001 to holders of ordinary shares on the register at the close of
business on 26 October 2001.

4. Taxation

The rate of corporation tax applied was 30% for the six months to 30 June 2001
and for the six months ended 30 June 2000.