Interim Results

BOVIS HOMES GROUP PLC

                                     INTERIM RESULTS


                          for the six months ended 30 June 2003


                                 Issued 8 September 2003


The Board of Bovis Homes Group PLC today announced its interim results for 2003.

*    Pre tax profit increased by 11% to £46.0 million showing a 23% compound annual
     increase over the last five years

*    Earnings per share increased by 10% to 27.6p showing a 22% compound annual
     increase over the last five years

*    Interim dividend increased by 15% to 5.3 pence net per ordinary share

*    Operating margin increased by 3.5 percentage points to 25.6%

*    Strategic land holdings increased to 22,430 potential plots after transferring 516
     plots to consented land holdings during the first six months

*    Plots with planning consent at 10,596 plots (owned: 10,122 plots/controlled: 474
     plots)

*    Period end net borrowings of £84.9 million (20% gearing)

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

"The Group has produced a good set of interim results despite the effect on consumer
 confidence arising from the conflict in Iraq early in the year. The prospects for
 adding considerable shareholder value through the conversion of strategic land holdings
 are encouraging.

 516 plots of land were transferred from strategic land to consented land during the first
 six months of 2003. A further 489 plots have received favourable planning committee
 decisions (subject to S106 agreements) which should enable transfer to our consented land
 bank in the second half of the year.

 Brockworth Airfield, Gloucester, has received an Inspector's favourable decision which
 should enable a minimum of 1,300 plots to be transferred from strategic land to consented
 land pursuant to planning consent being granted. 

 Based upon current market conditions we are confident of the prospects of the Group for
 the full year and, with our new regional structure in place, we are well set to expand
 and deliver sustainable increases in shareholder value in 2004 and beyond."


Enquiries: Malcolm Harris, Chief Executive   Results issued by: Andrew Best / Emily Bruning
           Bovis Homes Group PLC                                Shared Value Limited
           On Monday 8 September                                Tel: [phone]
           Tel: [phone]
           Thereafter
           Tel: [phone]
                         


Chairman's interim statement

Bovis Homes has strengthened its position during the first half of 2003 with a solid
improvement in profit and a further increase in the operating margin, notwithstanding that
the early part of 2003 was adversely affected by the conflict in the Middle East which
reduced consumer confidence. The Group has made investments in new land in prime locations,
assisted by its extensive banking facilities, whilst at the same time continuing to 
generate a strong return on capital employed.

Results

For the six months ended 30 June 2003 the Group achieved a pre tax profit of £46.0 million,
representing an increase of 11% over the pre tax profit of £41.5 million for the same
period in 2002. Earnings per share improved by 10% to 27.6 pence. The Group's operating
margin increased to 25.6% compared with 22.1% for the first six months of 2002.  

The increase in profits was generated from a turnover of £190.6 million compared with
£201.2 million in the equivalent prior year period. Included in this year's figure were
land sales income and other income of £9.3 million compared with £7.8 million for the
first six months of 2002.

The Group's average sales price increased to £190,800 for the current year compared to
£169,300 for the comparable six months of 2002. This represented an increase year on year
of 12.7%. The average size of unit legally completed increased by 1.4%. Hence, average
sales price per square foot increased by 11.1%. An improvement in mix and location of
homes legally completed during the first half of 2003 contributed to this increase in
average sales price per square foot.

As indicated in the Group's trading update on 2 July 2003, the half year results were
generated from a lower volume of legal completions than the prior year. In the first six
months of 2003, the Group legally completed 950 homes compared with 1,142 legal
completions in the same period last year.

Dividends

The interim dividend of the Company will amount to 5.3 pence net per share, an increase of
15% over 2002's interim dividend of 4.6 pence. This dividend will be paid on 21 November
2003 to holders of ordinary shares on the register at the close of business on 24 October
2003.

Cash flow and borrowings

The Group has invested significantly in working capital during the first half of 2003
including the settlement of the deferred terms consideration for the Hatfield site,
acquired in 2001. This has contributed towards a cash outflow from operating activities
during the six months ended 30 June 2003 of £59.0 million. Consequently, the Group's net
borrowings have increased to £84.9 million compared with the opening position of cash in
hand of £4.6 million. This level of net borrowing represented a net debt/equity ratio of
20.0%. During the six months ended 30 June 2003, the average net debt/equity ratio was
21.0%.

Land

There continued to be a focus during the first half of 2003 on securing land in prime
locations. The strategic land bank increased to 22,430 potential plots at 30 June 2003
compared to 21,841 potential plots held at the start of the year. The Group's consented
land holdings stood at 10,596 plots (10,122 owned plots and 474 controlled third party
owned  plots) at 30 June 2003 compared with 10,716 plots (10,243 owned plots and 473
controlled third party owned plots) at the start of the year. The marginal decrease in
consented land holdings arose, in part, as a result of delays incurred in concluding
successful planning consents on a number of the Group's strategic land opportunities.
The Group anticipates progressing these strategic opportunities to a successful conclusion
during the second half of 2003.  

The Board

I am pleased to announce the appointment of a new non executive director to the Board.
Mrs Lesley Anne MacDonagh, who is Managing Partner of Lovells, Solicitors, joined the
Board on 4 July 2003 and, on behalf of the Board, I welcome Mrs MacDonagh and look forward
to working with her.

As a result of this appointment, the Board now comprises four independent non executive
directors and three executive directors.

Market conditions

The housing market has witnessed a period of instability during the first half of 2003.
The conflict in Iraq increased uncertainty across the UK economy and consumers became more
cautious. The housing market was similarly affected with much speculation over house price
increases and affordability. Notwithstanding this speculation, affordability has continued
to be good particularly after the recent Bank of England base interest rate cut to 3.5%
House  prices have continued to rise and recent comments from the Halifax indicate renewed
activity in the housing market. The fundamentals of the housing market have not changed.
Historical and current undersupply  have  generated a housing shortage, which underpins
demand for new housing.  

Prospects

The Group has focused on delivering sustainable shareholder returns and has applied its
strategies consistently, utilising its land holdings effectively and maximising the profit
from each home constructed.

The Group has expanded its regional structure in recent years through the launch of the
Northern region. The Northern region has grown rapidly and is now generating strong
returns and margins. During 2003, the Eastern region has been launched with a small
management team which has commenced investment within the areas of Cambridgeshire,
Lincolnshire, Norfolk and Suffolk. Further regions will be established as and when
appropriate to implement the expansion plan of the Group.

Shareholder value has been enhanced from the Group's continued emphasis upon maximising
returns through strong margins. The half year performance provides a good base for the
second half of 2003. Based on the prevailing activity in the housing market, the Group is
confident of its prospects for the full year.



                                                                               Nigel Mobbs
                                                                                  Chairman
                                                                          5 September 2003


Bovis Homes Group PLC
Group profit and loss account

For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Turnover - continuing operations                   190,620        201,166       461,284
Cost of sales                                     (123,070)      (138,950)     (315,668)
________________________________________________________________________________________
Gross profit                                        67,550         62,216       145,616
Administrative expenses                            (18,663)       (17,696)      (36,025)
________________________________________________________________________________________
Operating profit - continuing operations            48,887         44,520       109,591
Interest receivable and similar income                 103            143           807
Interest payable and similar charges                (2,982)        (3,124)       (5,695)
________________________________________________________________________________________
Profit on ordinary activities before                46,008         41,539       104,703
taxation
Tax on profit on ordinary activities               (13,900)       (12,500)      (31,200)
________________________________________________________________________________________
Profit on ordinary activities after                 32,108         29,039        73,503
taxation
Dividends proposed/paid                             (6,191)        (5,458)      (16,365)
________________________________________________________________________________________
Retained profit for the financial period            25,917         23,581        57,138
________________________________________________________________________________________
Basic earnings per ordinary share                    27.6p          25.2p         63.5p
________________________________________________________________________________________
Diluted earnings per ordinary share                  27.5p          24.9p         63.0p
________________________________________________________________________________________



Group statement of total recognised gains and losses

For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Profit for the financial year after                 32,108         29,039        73,503
taxation - continuing operations
Total recognised gains and losses                   32,108         29,039        73,503
relating to the year
________________________________________________________________________________________
Prior year adjustment to recognise                       -            614           614
deferred tax asset
________________________________________________________________________________________
Total recognised gains and losses                   32,108         29,653        74,117
recognised since the last annual report
________________________________________________________________________________________


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.


Bovis Homes Group PLC
Group balance sheet

At 30 June 2003                               30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Fixed assets
Tangible assets                                      8,581          7,542         8,215
Investments                                          1,788          1,436         1,123
________________________________________________________________________________________
                                                    10,369          8,978         9,338
________________________________________________________________________________________
Current assets
Stocks and work in progress                        592,314        549,842       544,496
Debtors due within one year                         20,166          8,001        13,185
Debtors due after more than one year                 5,226          8,260         5,082
Cash and short term deposits                             4         52,224        81,548
________________________________________________________________________________________
                                                   617,710        618,327       644,311
________________________________________________________________________________________
Creditors: amounts falling due                    (107,790)      (182,692)     (163,224)
within one year
________________________________________________________________________________________
Net current assets                                 509,920        435,635       481,087
________________________________________________________________________________________
Total assets less current liabilities              520,289        444,613       490,425
Creditors: amounts falling due after               (93,877)       (79,396)      (91,657)
more than one year
Provisions for liabilities and charges              (1,675)        (1,800)       (1,794)
________________________________________________________________________________________
Net assets                                         424,737        363,417       396,974
________________________________________________________________________________________
Capital and reserves
Called up share capital                             58,735         58,359        58,359
Share premium                                      140,444        138,974       138,974
Revaluation reserve                                    203            203           203
Profit and loss account                            225,355        165,881       199,438
________________________________________________________________________________________
Equity shareholders' funds                         424,737        363,417       396,974
________________________________________________________________________________________

These interim accounts were approved by the board of directors on 5 September 2003.


Bovis Homes Group PLC
Group cash flow statement

For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Net cash (outflow)/inflow from operating           (58,978)        44,073       107,399
activities

Returns on investments and servicing of finance
Interest received                                      262            143           667
Interest paid                                       (2,935)        (2,302)       (5,042)
________________________________________________________________________________________
                                                    (2,673)        (2,159)       (4,375)
________________________________________________________________________________________
Taxation paid                                      (17,000)       (10,600)      (27,612)
________________________________________________________________________________________
Capital expenditure and financial investment
Purchase of tangible fixed assets                   (1,048)        (1,523)       (2,706)
Sale of tangible fixed assets                          108            287           327
Purchase of fixed asset investments                   (828)          (400)         (400)
Sale of fixed asset investments                          -             42            72
________________________________________________________________________________________
                                                    (1,768)        (1,594)       (2,707)
________________________________________________________________________________________
Equity dividend paid                               (10,920)        (9,842)      (15,182)
________________________________________________________________________________________
________________________________________________________________________________________
Cash (outflow)/inflow before management of         (91,339)        19,878        57,523
liquid resources and financing

Management of liquid resources and financing
Decrease/(increase) in short term deposits          81,544        (43,000)      (75,544)
Increase in borrowings                                   -         18,000        12,000
Issue of ordinary share capital                      1,846          4,318         4,318
________________________________________________________________________________________
                                                    83,390        (20,682)      (59,226)
________________________________________________________________________________________
Decrease in cash                                    (7,949)          (804)       (1,703)
________________________________________________________________________________________


Bovis Homes Group PLC
Group reconciliation of movements in shareholders' funds
For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Opening shareholders' funds                        396,974        335,518       335,518
Issue of ordinary shares                             1,846          4,318         4,318
Total recognised gains and losses for the           32,108         29,039        73,503
period
Dividends paid and proposed                         (6,191)        (5,458)      (16,365)
________________________________________________________________________________________
Closing shareholders' funds                        424,737        363,417       396,974
________________________________________________________________________________________


Group reconciliation of operating profit to operating cash flows


For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Operating profit                                    48,887         44,520       109,591
Depreciation and amortisation                          743            833         1,636
Profit on disposal of tangible fixed assets             (6)           (17)          (19)
Increase in stocks                                 (47,818)        (5,842)         (496)
(Increase)/decrease in debtors                      (7,277)         2,317           332
(Decrease)/increase in creditors                   (53,507)         2,262        (3,645)
________________________________________________________________________________________
Net cash (outflow)/inflow from operating           (58,978)        44,073       107,399
activities
________________________________________________________________________________________


Group reconciliation and analysis of net debt


For the six months ended 30 June 2003           Six months     Six months
                                                     ended          ended    Year ended
                                              30 June 2003   30 June 2002   31 Dec 2002
                                               (unaudited)    (unaudited)     (audited)
                                                      £000           £000          £000
________________________________________________________________________________________
Decrease in cash                                    (7,949)          (804)       (1,703)
Cash (inflow)/outflow from change in net           (81,544)        25,000        63,544
debt
________________________________________________________________________________________
Change in net debt                                 (89,493)        24,196        61,841
Opening net funds/(debt)                             4,613        (57,228)      (57,228)
________________________________________________________________________________________
Closing net funds/(debt)                           (84,880)       (33,032)        4,613
________________________________________________________________________________________
Analysis of net funds/(debt):
Cash                                                     4          3,224             4
Bank overdraft                                      (9,884)        (4,256)       (1,935)
Short term deposits                                      -         49,000        81,544
Borrowings                                         (75,000)       (81,000)      (75,000)
________________________________________________________________________________________
                                                   (84,880)       (33,032)        4,613
________________________________________________________________________________________

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 2002. 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 2002 and 30 June 2003 have not been
   audited. The interim accounts for the six months ended 30 June 2003 have been
   independently reviewed by the Group's auditors, KPMG Audit Plc, and their independent
   review report is included within these interim results. The comparative figures
   included in respect of the six months ended 30 June 2002 have not been reviewed by KPMG
   Audit Plc and their independent review report states this fact. The abridged 
   information in these interim accounts relating to the year ended 31 December 2002 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 2003 is calculated
   on profit after tax of £32,108,000 (six months ended 30 June 2002: £29,039,000; year
   ended 31 December 2002: £73,503,000) over the weighted average of 116,233,056 (six
   months ended 30 June 2002: 115,257,326; year ended 31 December 2002: 115,667,157)
   ordinary shares in issue during the period.

   Diluted earnings per ordinary share is calculated on profit after tax of £32,108,000
   (six months ended 30 June 2002: £29,039,000; year ended 31 December 2002: £73,503,000)
   over the diluted weighted average of 116,847,860 (six months ended 30 June 2002:
   116,482,160; year ended 31 December 2002: 116,616,844) ordinary shares potentially in
   issue during the period. 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 period. 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 period. 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 5.3 pence net per ordinary share will be paid on 21 November 
   2003 to holders of ordinary shares on the register at the close of business on 24
   October 2003.

4  Taxation
   The rate of corporation tax applied was 30% for the six months to 30 June 2003 and for
   the six months ended 30 June  2002, as adjusted to take account of deferred taxation
   movements.


Independent review report by KPMG Audit Plc to Bovis Homes Group PLC

Introduction

We have been engaged by the Company to review the financial information which comprises
the Group profit and loss account, balance sheet, cash  flow  statement and related notes.
We have read the other information contained in the interim report  and considered whether
it contains any apparent misstatements or material inconsistencies with the financial
information.

This report is made solely to the Company in accordance with the terms of our engagement
to assist the Company in meeting the requirements of the Listing Rules of the Financial
Services Authority. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company for our review work, for this report, or for the conclusions we
have reached.

Directors' responsibilities

The interim report, including the financial information contained therein, is the
responsibility of, and has been approved by, the directors. The directors are responsible
for preparing the interim report in accordance with the Listing Rules which require that
the accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin 1999/4:
Review of interim financial information issued by the Auditing Practices Board for use in
the United Kingdom. A review consists principally of making enquiries of group management
and applying analytical procedures to the financial information and underlying financial
data and, based thereon, assessing whether the accounting policies and presentation have
been consistently applied unless otherwise disclosed. A review is substantially less in
scope than an audit performed in accordance with Auditing Standards and therefore provides
a lower level of assurance than an audit. Accordingly, we do not express an audit opinion
on the financial information.

Whilst the Company has previously produced an interim review report, that report has not
previously been subject to an interim review. As a consequence, the review procedures set
out above have not been performed in respect of the comparative period for six months
ended 30 June 2002.

Review conclusion

On the basis of our review we are not aware of any material modifications that should be
made to the financial information as presented for the six months ended 30 June 2003.

KPMG Audit Plc
Chartered Accountants 
London
5 September 2003