By Jonathan Davies

While government officials look for ways to stabilise the housing market, builder Bovis Homes is reaping the benefits with a 166% surge in profits.

Bovis' profits for the six months to 30 June were £49.4m, a massive 166% increase on the same period last year.

It comes after strong revenue growth on the back of a 54% rise in building completions.

Despite some claims that the housing market is showing signs of cooling down after several months of rapid growth, Bovis is confident that it will continue to report strong growth in future financial figures.

In a statement, it said: "The Group considers that it has the resources and opportunities to continue its strong growth beyond 2015 and, subject to current market conditions continuing, the Group is targeting a return on capital of at least 20% in 2016."

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