Economy

British builder Bovis says on track for profit growth in 2018

British builder Bovis says on track for profit growth in 2018

British builder Bovis said on Friday it was on track to deliver a significant increase in profitability in 2018 as it seeks to turn its business around after seeing off two takeover bids previous year following a profit warning.

The group said its pre-tax profit would fall around 25 percent to roughly 115 million pounds ($156 million) after one-off charges linked to restructuring, extra work it is undertaking to improve its homes and merger talks.

Bovis chief executive Greg Fitzgerald, appointed only last April, told Reuters 2018 full-year profit should meet consensus expectations of around £155m. JPMorgan Chase & Co. cut shares of Bovis Homes Group to an "underweight" rating and upped their target price for the company from GBX 1,050 ($14.24) to GBX 1,150 ($15.60) in a report on Thursday, December 14th.

Some customers had complained about homes being sold unfinished as well as plumbing and electrical faults in new properties.

As a result, Bovis Homes delivered 3,645 completions in 2017, 8% fewer than in 2016 (3,977).

Rising house prices boosted housebuilder Bovis past year as it saw its average selling price on completions increase by 7% to £272,000.

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The company said it was "confident of delivering a significant improvement in financial performance and profitability" this year, having already notched up £417m worth of forward sales, 40pc of its revenue forecast for 2018.

He added:"The market could not be more favourable with low interest rates, high employment, low supply and high demand".

The chief executive of Bovis Homes said yesterday that the housebuilder was no longer "handing over crap or incomplete houses to customers".

"However, those improvements look like they're being made, and bullish comments around future dividend growth highlight the group's confidence in the future".

But he cautioned that "while the new CEO has done an impressive job, the problem for investors is that the housing boom, fuelled by supportive Government policies like Help to Buy, can't go on forever".


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