Interim Results

Bovis Homes Group PLC
11 September 2000

                                        
                              BOVIS HOMES GROUP PLC
                                        
                                 INTERIM RESULTS
                                        
             Unaudited results for the six months ended 30 June 2000

                            Issued 11 September 2000


The Board of Bovis Homes Group PLC today announced its interim results for
2000.

*   Operating profit increased 31% to £27.7 million (1999: £21.2 million)
*   Pre tax profit increased 30% to £26.5 million (1999: £20.3 million)
*   Earnings per share increased by 30% to 16.3 pence (1999: 12.5 pence)
*   Operating margin increased to 21.4% (1999: 18.7%)
*   Plots with planning consent increased to 10,007 plots (1999: 9,195 plots)
*   Strategic land holdings increased to 17,740 potential plots (1999: 16,758
    potential plots)
*   Interim dividend increased 8.3% to 3.9 pence net per ordinary share
    (1999: 3.6 pence)
*   Period end net borrowings of £39.0 million (14.5% gearing)

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

'The Group's emphasis upon continuous improvement to all of its activities,
with particular attention to design and land management, is delivering ongoing
positive results.

Our trading experience to date this year has been varied, an excellent start
to the year reverted to a more normal seasonal selling pattern during the
summer.

The fundamentals of the housing market remain sound and we are well placed to
deliver good results for the full year and in a strong position for 2001 and
beyond.'

Enquiries:     Malcolm Harris, Chief Executive
               Bovis Homes Group PLC
               Tel: [phone]
               on Monday 11 September
               Tel: [phone]
               thereafter
               
               Andrew Best / Emily Bruning
               Shared Value Limited
               Tel: [phone]
               on Monday 11 September
               Tel: [phone]
               thereafter

Chairman's interim statement

Bovis Homes has built upon its success in 1999 with further improvements in
profitability and asset base during 2000.  This progress has arisen from the
Group's consistent focus on maximising shareholder returns.

Results
For the six months ended 30 June 2000 the Group achieved a pre tax profit of
£26.5 million representing an increase of 30% over the pre tax profit of £20.3
million for the same period in 1999.  Earnings per share of 16.3 pence was
also 30% improved over 1999's 12.5 pence.

The Group legally completed 1,056 homes at an average sales price of £121,200
compared with 975 legal completions in the same period last year at an average
sales price of £106,600.  The operating margin increased to 21.4% compared
with 18.7% for the first six months of 1999.  The increase in unit completions
with a further improvement in operating margin over 1999 demonstrates the
Group's ongoing aim to re-balance the profit contribution between the first and
second halves of the year whilst at the same time maintaining focus on
maximising profit margins and return on capital employed.

Dividends
The interim dividend of the Company will amount to 3.9 pence net per share, an
increase in excess of 8% over 1999's interim dividend.  This dividend will be
paid on 24 November 2000 to holders of ordinary shares on the register at the
close of business on 6 October 2000.

Land
A key factor in the Group's ongoing ability to deliver strong profit margins
is the strength of the land bank.  At 30 June 2000 the Group held 10,007 plots
of consented land compared with 9,195 plots at the same time last year.  The
strategic land bank stood at 17,740 potential plots at 30 June 2000, an
increase on the 16,758 potential plots held at 30 June 1999.

Market conditions
After a strong start to 2000, the housing market has now steadied.   In recent
months house prices have remained stable with the fundamentals of the housing
market sound, the cost of borrowing being affordable aided by a competitive
mortgage market.   This has been supported by recent statistics published by
the Halifax indicating a slow down in the annual rate of selling price increases
and a forecast that they will now rise at a more sustainable rate for the
foreseeable future.

Prospects
The strategies aimed at maximising shareholder return continue to be applied
consistently and, in a more constrained market, the Group's ability to
effectively utilise its land bank and maximise profit potential will be the
key to success.  Our ongoing review and improvement programme along with shrewd
investment in prime land will continue to support these strategies.

The half year results present a strong foundation for the full year and given
prevailing market conditions we are confident of the prospects of the Group
for the full year.

Sir Nigel Mobbs
Chairman
11 September 2000


Group profit and loss account

For the six months ended 30 June 2000

                                           Six months  Six months             
                                                ended       ended   Year ended
                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------    ---------
Turnover - continuing operations              129,687     113,121      277,804
Cost of sales                                (88,566)    (80,297)    (196,298)
                                             --------    --------     --------
Gross profit                                   41,121      32,824       81,506
Administrative expenses                      (13,389)    (11,626)     (24,568)
                                             --------    --------     --------
Operating profit - continuing operations       27,732      21,198       56,938
Interest receivable and similar income             52          31           96
Interest payable and similar charges          (1,312)       (886)      (1,598)
                                             --------    --------     --------
Profit on ordinary activities before                                          
taxation                                       26,472      20,343       55,436
Taxation on profit on ordinary                                                
activities                                    (8,000)     (6,200)     (16,900)
                                             --------    --------     --------
Profit on ordinary activities after                                           
taxation                                       18,472      14,143       38,536
Dividends proposed/paid                       (4,410)     (4,061)     (12,186)
                                             --------    --------     --------
Retained profit for the financial period       14,062      10,082       26,350
                                             ========    ========     ========
Basic earnings per ordinary share               16.3p       12.5p        34.2p
Diluted earnings per ordinary share             16.2p       12.4p        33.8p

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 2000

                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                            ---------    --------     --------
Fixed assets                                                                  
Tangible assets                                 8,502       8,387        8,395
Investments                                     1,259          24          673
                                             --------    --------    ---------
                                                9,761       8,411        9,068
                                             --------    --------     --------
Current assets                                                                
Stocks and work in progress                   402,712     325,082      360,275
Debtors due within one year                     6,701      11,748        8,426
Debtors due after more than one year            5,214       4,392        4,743
Cash and short term deposits                      290       6,434          362
                                            ---------   ---------     --------
                                              414,917     347,656      373,806
                                             --------   ---------     --------
Creditors: amounts falling due                                                
within one year                             (135,978)    (99,783)    (101,197)
                                             --------    --------    ---------
Net current assets                            278,939     247,873      272,609
                                             --------    --------     --------
Total assets less current liabilities         288,700     256,284      281,677
Creditors: amounts falling due after                                          
more than one year                           (18,084)    (16,032)     (25,250)
Provisions for liabilities and charges        (1,602)     (1,653)      (1,492)
                                             --------   ---------    ---------
Net assets                                    269,014     238,599      254,935
                                             ========    ========     ========
Capital and reserves                                                          
Called up share capital                        56,539      56,399       56,535
Share premium                                 132,698     132,103      132,685
Revaluation reserve                               817         817          817
Profit and loss account                        78,960      49,280       64,898
                                             --------    --------     --------
Equity shareholders' funds                    269,014     238,599      254,935
                                             ========    ========     ========
                                                                              


Group cash flow statement
For the six months ended 30 June 2000

                                           Six months  Six months   Year ended
                                                ended       ended
                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Net cash (outflow)/inflow from                                                
operating activities                         (20,807)     (1,318)       36,265
Returns on investments and servicing                                          
of finance
Interest received                                  52          31           95
Interest paid                                 (1,249)       (882)      (1,591)
                                             --------    --------     --------
                                              (1,197)       (851)      (1,496)
                                             --------    --------     --------
Taxation paid                                 (5,100)       (939)     (15,981)
                                             --------    --------     --------
Capital expenditure and financial                                             
investment
Purchase of tangible fixed assets             (1,073)     (2,110)      (2,975)
Sale of tangible fixed assets                     193         176          266
Purchase of investments                         (586)           -            -
                                             --------    --------     --------
                                              (1,466)     (1,934)      (2,709)
                                              -------    --------     --------
Equity dividend paid                          (8,124)     (7,524)     (11,586)
                                             --------    --------     --------
Cash (outflow)/inflow before management                                       
of liquid resources and financing            (36,694)    (12,566)        4,493
                                                                              
Management of liquid resources and                                            
financing
Movement in short term deposits                     -     (1,630)            8
Movement in short term borrowings              30,862      15,733      (5,000)
Issue of ordinary share capital                    17           -           69
                                             --------    --------     --------
                                               30,879      14,103      (4,923)
                                             --------    --------     --------
(Decrease)/increase in cash                   (5,815)       1,537        (430)
                                             --------    --------     --------

Group reconciliation of movements in shareholders' funds

                                           Six months  Six months   Year ended
                                                ended       ended
                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Opening shareholders' funds                   254,935     228,517      228,517
Issue of ordinary shares                           17           -          718
Total recognised gains and losses                                             
for the period                                 18,472      14,143       38,536
Funding of share issue to                                                     
Qualifying Employee Share                                                     
Ownership Trust                                     -           -        (650)
Dividends paid and proposed                   (4,410)     (4,061)     (12,186)
                                             --------    --------     --------
Closing shareholders' funds                   269,014     238,599      254,935
                                             ========    ========     ========

Group reconciliation of operating profit to operating cash flows

                                           Six months  Six months   Year ended
                                                ended       ended
                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
Operating profit                               27,732      21,198       56,938
Depreciation                                      784         706        1,499
Profit on disposal of tangible                                                
fixed assets                                     (11)        (38)         (64)
Increase in stocks                           (42,437)     (4,881)     (40,074)
Decrease/(increase) in debtors                  1,254     (1,203)      (1,913)
(Decrease)/increase in creditors              (8,129)    (17,100)       19,879
                                             --------    --------     --------
Net cash (outflow)/inflow from                                                
operating activities                         (20,807)     (1,318)       36,265
                                             ========    ========     ========
                                                                              

Group reconciliation and analysis of net debt

                                           Six months  Six months   Year ended
                                                ended       ended
                                              30 June     30 June  31 Dec 1999
                                                 2000        1999
                                          (unaudited) (unaudited)    (audited)
                                                 £000        £000         £000
                                             --------    --------     --------
(Decrease)/increase in cash                   (5,815)       1,537        (430)
Movement in short term deposits                     -       1,630          (8)
Movement in short term borrowings            (30,862)    (15,733)        5,000
                                             --------    --------     --------
Change in net debt                           (36,677)    (12,566)        4,562
Opening net debt                              (2,279)     (6,841)      (6,841)
                                             --------    --------     --------
Closing net debt                             (38,956)    (19,407)      (2,279)
                                             ========    ========     ========
Split:                                                                        
Cash and short term deposits                      290       6,434          362
Bank overdraft                                (8,384)     (5,108)      (2,641)
Short term borrowings                        (30,862)    (20,733)            -
                                             --------    --------     --------

Notes to the accounts

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 1999. These
    policies are set out in the Group's Annual Report and 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 1999 and 30 June
    2000 have not been audited. The abridged information in these interim
    accounts relating to the year ended 31 December 1999 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  2000
    is  calculated  on profit after tax of £18,472,000 (six  months  ended  30
    June  1999:  £14,143,000; year ended 31 December 1999:  £38,536,000)  over
    the  weighted  average  of 113,070,189 (six months  ended  30  June  1999:
    112,808,192; year ended 31 December 1999: 112,817,440) ordinary shares  in
    issue during the period.
    
    Diluted earnings per ordinary share is calculated on profit after tax of
    £18,472,000 (six months ended 30 June 1999: £14,143,000; year ended 31
    December 1999: £38,536,000) over the diluted weighted average of
    114,408,855 (six months ended 30 June 1999: 113,960,807; year ended 31
    December 1999: 114,103,935) 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 3.9 pence net per ordinary share will be paid on
    24 November 2000 to holders of ordinary shares on the register at the
    close of business on 6 October 2000.
    
4   Taxation
    The rate of corporation tax applied was 30% for the six months ended 30
    June 2000 and 30.25% for the six months ended 30 June 1999.