Having taken a plunge many house builders are now possibly on the up again.

Mmm, 'bout time 2. Rumour that HBOS may be sniffing around

I've been in BVS for over three years now. Sold half my holding at about 9 as had doubled my money so this is now a free ride. Didn't sell the lot though due to the progressive dividend policy and my belief that they will get taken over at some point.

Good for you Queen1 looks like a good strategy that's paid off - fingers crossed.
Stockwell 1 - agreed it is about time, they took a huge battering earlier this year!
Good luck :>)

And to you stockbunny. Let's hope that bovis is a good home for all of our money!

No comment on monday's results I notice. Pretty impressive I thought:

Housebuilder Bovis Homes is optimistic for the full year. The group increased interim pretax profit by 18% to 53.1m. The company said it has grown operating revenue for the six months to June 30th to 250.5m compared to 214.5m last time, with average sales prices up to 188,700 from 179,700.

Malcolm Harris, CEO, said: 'Bovis Homes has delivered a good set of half year results. The Group has successfully increased the volume of legal completions year-on-year by 16% and the operating margin has been sustained broadly in line with that achieved in the comparable period of 2005.'

Harris said the UK housing market had demonstrated stability after a year of uncertainty in 2005, with fundamentals remaining sound. He added the 'robust half year performance' provided a 'sound base' for the 2006 full year.

The company said it would raise its interim dividend to 10p, up 20% from the 8.3p paid last year.

Through the 10 psycological barrier this week. Looking very good indeed.

Encouraging numbers:

Bovis Homes said housing completions for the year to December 31th increased by over 15%.

Updating the market ahead of presenting preliminary results on 12th March, the housebuilder said it expects good results in line with group expectations.

The average sales price increased by 4.7% to 183,700. The operating margin for the full year remained strong at approximately 23%.

Bovis Homes has improved its forward sales position significantly compared with the same time last year. Over 25% of the projected 2007 legal completions are now reserved with profit margins in line with group expectations.

I think the fact that forward reservations are up, despite the current spate of interest rate rises, is very promising:

Housebuilder Bovis Homes Group PLC said that based upon current trading conditions, it anticipates profits for 2007 will be in line with its expectations.

At an AGM today, chief executive Malcolm Harris said the company has experienced a steady housing market since reporting full year results to end December 2006 in March, but with an element of caution being demonstrated by purchasers in respect of interest rate increases.

Bovis Homes said it is continuing to generate a good forward sales position and cumulative reservations are 9 pct ahead of the figures recorded at this time last year.

In May this year they said :-

"In light of the recent market deterioration, the Board now expects that the
Group's results for the first half of the year to 30 June 2008 will be
significantly lower than it had previously anticipated and that with ongoing
market uncertainties, the outlook for the remainder of 2008 is difficult to
predict."

The share price has dropped further since then, along with others in the sector. This week we'll find out how badly hit they've been.................and whether their downturn in trading is already priced in the sp.

I'm waiting till next week's reporting is out of the way & then I'm going to drip feed into some of the housebuilders - but only those that are'nt to heavily geared and will look attractive to others once the eventual turn-around begins - hopefully within the next 18-24 months. I might just do the same with the UK Banks but I'll await their late summer interims first.

Trading statement worse than expected - someone's buying - but not me. They will most defintely make a loss this year & will probably need some re-financing.

Considering a short on this one anyone got a view?

Considering a short on this one anyone got a view?

Gone short at 442

the attached chart may help you a bit.
i am short WOS (qv) which i think shows a better pattern for shorting and is more generally focussed within the sector

Bovis hit the 50 ma on the weekly, some results out this Friday,likely writedowns, I believe with possible rate cut to spice things up. Seems overbought and at top of channel I.m short Wos too from 416. Difficult to know when Obama rally will self destruct. Dow seems to have broken through recent 8875-9100 trading range. FTSE didn't quite make 4700 which seemed fib retracement 6660-3600 roughly 38%

Interim results out today. Should make for interesting reading.

Business Financial Newswire
"Bovis Homes reported a first-half pre-exceptional profit of 1.2m, down from 11.7m last year.

The group said it is well positioned to take advantage of increasing number of opportunities to invest, but remains cautious on pricing
expectations. Bovis added that it has seen signs of market stabilisation in 2009.

Revenue in the first half-year ended June was 122.6m (2008 H1: 149.3m).

Pre-exceptional profit before tax was 1.2m (2008 H1: 11.7m) and pre-exceptional earnings per share were 0.4p (2008 H1: 7.1p).

Post-exceptional loss before tax of 8.6m (2008 H1: 9.5m profit)

Pre-exceptional gross margin of 16.2% (2008 H1: 26.3%) with pre-exceptional operating margin at 5.9% (2008 H1: 10.0%), reflecting the impact of falling average sales prices over 2008

Bovis said it had strategic landholdings of 18,588 potential plots
(31st December 2008: 18,972 potential plots).

Limited land write-downs of 8.9m were required as at 30th June 2009.

Net cash inflow was 94m in the period (2008 H1: 49m outflow).

Net debt before issue costs was 14m and gearing was 2% at 30th June 2009."

"Bovis Homes is pleased to announce the successful completion of the placing announced earlier today (the 'Placing').

A total of 12.1 million new ordinary shares of 50 pence each in Bovis Homes (the 'Placing Shares') have been placed by Deutsche Bank AG, London Branch ('Deutsche Bank') and RBS Hoare Govett Limited (RBS Hoare Govett) at a placing price of 500 pence per share, raising gross proceeds of approximately 60 million. The Placing Shares being issued represent approximately 10 per cent of Bovis Homes' issued ordinary share capital prior to the Placing."

BVS - BOVIS HOMES trading statement friday 15/1/2010



Fundies Backup..

BROKER CALL: Credit Suisse remains bullish on UK housebuilders
12 January, 2010 07:34:30 AM

Broker tells us: 'We cite an average 58% upside potential to our target prices. We now expect flat house prices in 2010 (previously down 5%) and thus do not anticipate any further impairments across the sector (we believe prices need to fall 14% from current levels for further impairments). We see the sector valuation, at 1.0x NAV, as attractive.' Credit Suisse retains its outperform ratings on Barratt (TP: 257p), Bellway (TP: 1256p from 1200p), Bovis (TP: 774p from 750p), Persimmon (TP: 642p from 606p), Redrow (TP: 215p) and Taylor Wimpey (TP: 65p). Maintains its neutral rating on Berkeley (TP: 920p from 903p).

and 3 from yesterday...

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Davy Stockbrokers
11-01-10 None 3.10 9.00

Panmure Gordon
11-01-10 BUY 7.64 4.46 19.70 10.70

Arbuthnot Securities
11-01-10 BUY 5.00 5.82 12.50 10.40

a number of the housebuilders doing very well, inc BDEV and PSN ..... still holding former, but took defensive profits in PSN yesterday.

as a periphery, also worth having a look at PAG which is a/the leading mortgage provider

yep and.......

House builders can rise even if house prices stall in 2010

http://www.citywire.co.uk/personal/-/news/markets-companies-and-funds/content.aspx?ID=376104
Housebuilders get a welcome boost from Credit Suisse

Broker note out....

14-Jan-10 Bovis Homes Group BVS Panmure Gordon Buy 455.00p 574.00p - Reiteration

SP target 574p

Excelent trading update statement, SP should go from strength to strength going forward.....

Bovis house sales bounce back
Fri 15 Jan 2010

LONDON (SHARECAST) - Housebuilder Bovis ended last year with cash in hand and has now started to buy land again after house sales last year rose by 25% and average prices increased by 2.5%.

The group legally completed 1,803 homes in 2009 (2008: 1,817), of which 1,527 were private homes, up 25% on the prior year (2008: 1,223) and 276 were social and partnership homes (2008: 594).

At 154,600, the average sales price in 2009 was 2.5% higher than the equivalent in 2008 (150,800). This rise was heavily influenced by a falling contribution in the sales mix from lower priced social and partnership homes, which made up just 15% of the mix in 2009 versus 33% in 2008.

The average sales price of the group's private homes in 2009 was 165,500 versus 181,000 in 2008.

Pre-exceptional pre-tax profit will be in line with the board's expectations, Bovis added, while it will benefit from a net inventory provision release as land values recover.

Bovis also said it had cash at 113m at the year end and will use this and a renegotiated bank facility to re-invest in residential land, to increase the output capacity of the group. Bovis acquired four sites in late 2009, with terms agreed in principle on a further 15 sites.

The group received 1,801 private home reservations during the year, 82% ahead of the prior year's 989 private reservations, though it is still cautious over the outlook for 2010.

The group continues to expect trading conditions in 2010 to be subdued relative to historical levels, given ongoing economic uncertainty. Mortgage approval volumes are slowly rising, but mortgage providers continue to require record high levels of deposits, particularly from first-time buyers. This all said, longer-term market demand and supply trends remain positive, it said.

Final Results.

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

Issued 8 March 2010



The Board of Bovis Homes Group PLC today announced its preliminary results for 2009 which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('IFRS').



Pre tax profit for the year of 4.8 million (2008: pre tax loss of 78.7 million)

Basic earnings per share of 2.8p (2008: basic loss per share 49.1p)

Pre-exceptional pre tax profit of 7.5 million (2008: 14.4 million)

Pre-exceptional basic earnings per share of 4.4p (2008: 9.2p per share)

Net inventory provision release of 11.6 million in the second half year

Total exceptional charges of 2.7 million (2008: 93.1 million)

112 million of net cash at 31 December 2009 (2008: 108 million net debt pre issue costs)

Cheaper, longer term and more flexible banking facilities agreed at the end of 2009

Overheads cut by 34% versus 2008 and by circa 45% relative to base at start of 2008

Land acquisition recommenced, with four consented sites acquired and terms agreed in principle on further 15 sites at 31 December 2009

12,042 plots of land with planning consent (2008: 13,545 plots) and 16,363 potential plots of strategic land (2008: 18,972 potential plots)

Market rumour of BVS being a possible taget of Persimmon. Seems to be preferred over BDEV and others.

I don't think it was a rumour as such Harry. Last week when BDEV rose due to a rumour about it being picked-up by PSN, an analyst said it was unlikely to be true because if PSN was going to target anyone, more likely it would be BVS.

Ah, cheers for that. Was wondering if I should pick up some BVS just on bid speculation, but might hang on for a bit longer.

Might be worth a trading buy on Bovis Homes BVS. Lower indicators turning positive, housing recovery going on and market up today.

Trading well below Broker forecasts....

Date Broker name New Price Old price target New price target Broker change

19-May-10 Deutsche Buy 389.00p 507.00p 521.00p Upgrade

07-May-10 Panmure Gordon Buy 372.90p 555.00p 553.00p Reiteration

07-May-10 Goldman Sachs Neutral 372.90p 460.00p 458.00p Reiteration

14-Apr-10 Collins Stewart Buy 418.00p 575.00p - Reiteration

Trading Statement.

Sales and profits growth

In line with management expectations, the Group legally completed 1,901 homes in 2010 (2009: 1,803 homes), an increase of 5%, of which 1,592 were private homes (2009: 1,527 homes) and 309 were social homes (2009: 276 social homes). The Group's average sales price in 2010 was 160,700, 4% higher than the equivalent of 154,600 in 2009. This increase was driven by growth in the Group's average private sales price in 2010 to 172,400 from 165,500 in 2009.


Strong balance sheet; land acquisitions to fuel growth

The cash position of the Group as at 31 December 2010 remained strong, with net cash of 52 million, having started 2010 with 113 million of net cash. The overall cash outflow was contributed to by payments during the year of c.138 million relating to land investment, with strong operating cash inflows pre-land expenditure of c.93 million.


Return to dividend

The Group has delivered early success with its growth strategy and the Board is confident in its further delivery, based on current market conditions. Given this confidence, the Board has decided to recommence the payment of dividends to shareholders. Based on the anticipated 2010 profits and the Group's robust balance sheet position, the Group will declare a dividend for 2010, subject to approval by shareholders at the 2011 Annual General Meeting, which will be paid in May 2011.

Gone short here, Support at 330p gone.

Peel hunt and Investec have a outright sell on the stock.

430?

Yep sorry slip of the key board 430p.

Broker note out this morning.....

BVS Davy: downgraded to underperform from outperform

Interim Mangement Statement.

Trading progressing well and land investment continuing

Bovis - is set to strut its stuff on Monday. Northland Capital Partners is confident the group will continue the run of upbeat trading comments seen from the UK house builders in the last 10 days. "Its (Euronext: ALITS.NX - news) full year 2011 trading comments should echo the positive IMS (Xetra: 875606 - news) [interim management statement] it released on 8th November (Stuttgart: A0Z24E - news) 2011 with a solid seven weeks to the end of December 2011," the broker said. Compared to last year, the fourth quarter of 2011 should have had fewer problems than the final quarter of 2010, when the government's comprehensive spending review was hanging over consumers' heads, and the poor weather in December was deterring site visits. "We look a little light on our unit sales for the full year as new sites continue to bolster sales rates and operating margin.

..Bovis expects further rise in house prices

By Roland Gribben | Telegraph – 14 minutes ago
.
Housebuilder Bovis Homes is forecasting another significant jump in profits this year after opening more sites, cutting costs, selling land and concentrating developments in the more prosperous south.

David Ritchie, chief executive, maintained the housebuilding sector's recovery theme in an upbeat trading view ahead of its full-year results which are expected to show pre-tax profits jumped from £18.5m in 2010 to about £31m.

Bovis expects to sell more homes this year at more sites at higher prices and improved margins to produce another significant increase in profits as the benefits from a business overhaul feed through.

The company's performance reflects the improvement being made by housebuilders in a market short of houses but where first-time buyers are continuing to struggle to secure mortgages.

Bovis says trading conditions will remain challenging this year and hopes the Government-backed mortgage indemnity scheme will provide a fillip.

Last year Bovis built 2,045 private and social homes, an increase of 8pc. The group achieved a 4.5pc rise to £180,000 in the price of private sales largely as a result of building more family homes in the south.

Cost cutting has helped raise gross margins from 17.9pc to more than 20pc and at operating level from 7.3pc to 10pc, while land sales on some of its bigger sites has helped Bovis make better use of capital employed. Four deals have raised £38m.

Bovis has started this year in a stronger cash position along with sales of 568 homes in the pipeline an increase of 35pc on the same period a year ago and is looking to maintain the momentum through an increase in the number of sales sites.

The group plans to have 85 sites producing higher margins and sales operating during the year. Another 18 sites with 2,600 plots have been added to the land bank, most of them in the south.

The shares rose 0.5 to 453.6p.

..

on Monday Bovis Homes Group should be back to its first full-year dividend since 2008. It's not going to be a big one, of course, at only around 1%, but it's heading back in the right direction.

Final Results.

http://www.guardian.co.uk/business/marketforceslive/2012/feb/27/bovis-down-despite-profit-rise

Ex-divi next wed, 28th Feb, 3.5p

Very contrarian today.

Interim Mangement Statement.

Monday, July 9

• Housebuilder Bovis updates on trading on Monday, after rvials Persimmon and Taylor Wimpey last week stuck to the familiar script - the sector is managing to grow in a wider market that is stagnant, but steady enough. Robin Hunt, an analyst at Peel Hunt, expects to see Bovis report further progress on site openings, which he sees as offering it better momentum than elsewhere in the sector. “Like-for-like trends also likely to be a little better than the larger national players due to higher south east bias,” he said

LONDON (ShareCast) - Results season for the house builders is upon us, and Bovis Homes kicks it off on Monday after releasing what Peel Hunt regarded as the weakest trading statement of all the companies in the sector back in July.

Peel Hunt's beef is with Bovis's margins, which the broker thinks look set to slip below the levels seen in the second half of last year.

Peel Hunt is forecasting headline pre-tax profit of £14.6m, or £10.7m if land sale profits are excluded.

"We exclude land because of its weight: it represents 30% of pure housing profits," Peel Hunt explains.

"Bovis is trying hard to rectify a poor ROIC [return on investment capital] but we still cannot see the return being higher than 6.5% even by 2014 with the risks being more towards undershooting than beating current consensus. This must drag on valuation," argues the broker, which has a "sell" recommendation on Bovis.

Half Yearly report

Operational highlights

· Legal completions of 944 homes (H1 2011: 801 homes), an increase of 18% with an average sales price of £164,400 (H1 2011: £163,400)

· Average active sales outlets increased by 21% to 82 in H1 2012 from 68 in H1 2011

· Two land sales achieved in H1 2012, delivering a profit of £3.9 million (H1 2011: Nil)

· 1,037 consented plots on eight sites added to the land bank during H1 2012, with a further 419 consented plots on two sites added in H2 to date

· Contracts in place at 20 August 2012 to acquire another circa 1,200 plots on ten sites, the majority of which are expected to be added to the consented land bank in H2 2012

· Terms agreed in principle to acquire a further 20 sites, representing in excess of 3,000 plots

· Consented land bank of 13,620 plots as at 30 June 2012, with potential gross profit of £574 million, calculated using prevailing sales prices and build costs (31 December 2011: 13,723 plots with gross profit potential of £524 million)

· 19,829 potential plots of strategic land (31 December 2011: 18,749 potential plots)

Current trading and outlook

· Strong trading in 2012 to date (33 trading weeks) with a 19% increase in private reservations to 1,253 homes (2011: 1,049) at a sales rate of 0.46 net private reservations per site per week

· Sales rates in the last seven weeks at 0.46 net private reservations per site per week, slightly ahead of the comparable prior year period

· Cumulative sales achieved to date for 2012 legal completion of 1,968 homes (2011: 1,607)

· Sales prices achieved to date marginally ahead of Group expectations

· Active sales outlets currently at 82, with an expected average of 83 for 2012 (2011: 73), an increase of 14%

· Average sales price for 2012 legal completions expected to be circa 6% greater than 2011, reflecting significant improvements in mix

· Housing gross margin expected to be between 21% and 22% for 2012 full year (2011: 20.8%), with an expected operating margin of between 12% and 13% (2011: 10.0%)

. Further significant improvement in return on capital employed for the 2012 full year, expected to approach 7.5% (2011: 5.0%)

i would have thought those numbers pretty good ........ given that bvs has performed far worse than either bdev or tw over the last year, a dabble may prove profitable





bvs = blue, tw = green, bdev = red, bkg = black

it's tempting to buy into housebuilders, perhaps adding persimmon into the mix - but which one (or two)?

Maybe those which are strongest in the south east or south west of the country?
Though there may be a considerable number of sites in the north, developers may struggle to sell plots with a decent profit margin, assuming they can find mortgagors at all.

I have TW (free shares) and PSN for my sins.

Or maybe a sector bet?

interesting thought skinny .... confess i have never bought sectors, but for no good reason

Questor share tip: Bovis a buy as profits double
Bovis Homes is focusing on building family houses in the south of England. Questor says buy.
By Garry White
7:00AM BST 21 Aug 2012
Comment
Bovis Homes
491.6p -1.4
Questor says HOLD

Bovis Homes Group

Housebuilder Bovis Homes is benefiting from land bought cheaply during the downturn. A doubling in pre-tax profit has led to a doubling of the company's dividend.

Like other players in the sector, Bovis has used the downturn to replenish its land bank cheaply all the way through the crisis. In the first half, 1,037 plots on eight sites were added to its land bank, with a further 419 plots on two sites in the second half to date.

Contracts are being finalised for a further 1,200 plots on 10 sites, which should make their way into the land bank in the current financial year.

Management are focusing on building family homes rather than flats because they offer higher margins. Geographically the majority are in the south of England, where demand – and average selling prices – are likely to be higher.
In the six months to June, revenues rose 27pc to £170.3m and pre-tax profits doubled to £16.2m.

The interim dividend was also doubled to 3p and will be paid on November 23. The board plans to continue to increase the dividend as earnings per share rise.

The operating margin for the full year is expected to be between 12pc and 13pc, compared with 10pc last year. This is the effect of the cheaper land purchases working through. Reassuringly, Bovis said sales prices achieved to date are marginally ahead of group expectations.

Trading conditions in recent weeks have remained stable, despite ongoing macroeconomic uncertainty, which underscores the resilience of the UK market.

Bovis is continuing to invest in its business and, providing we have a relatively stable market, profit growth should be strong.

The current year's earnings multiple is 17.7, falling to 13.5 next year and the prospective yield is 1.6pc.

Last tipped at 453.6p in January, the shares remain a buy.

Bovis Homes is the latest of the UK's housebuilders to be hitting the heights, reaching a peak today of 522.5p, just short of its recent 52-week high of 524p. At that price, the shares are up over 30% since the beginning of June.

And while earnings are still way below pre-slump levels, we have had two years of strong recovery and have two more such years forecast -- the City is expecting to see earnings per share growth of 60% this year and another 40% in 2013.

Interim Management Statement

Current trading

The Group has now secured sufficient reservations to deliver its anticipated full year legal completions. Net private reservations achieved in the 45 weeks to 9 November 2012 were 1,669 (2011: 1,517). Net reservations per site per week for this period have averaged 0.46, in line with the rate achieved in the same period in 2011. The average number of active sales outlets during this period has increased by 12%. The Group is currently operating from 83 active sales outlets and expects the number at the year end to approach 90, with in excess of 30 new sales outlets launched during 2012.

Average sales price achieved in the year to date for private reservations expected to legally complete in 2012 is circa £190,000, which compares with £180,100 achieved on private legal completions in 2011. This increase reflects an improvement in the sales mix by location and size of home. Prices in the housing market are broadly stable with prices being generally stronger in the south of England.

Final Results

Operational highlights
· 2012 profit before tax at the upper end of market expectations
· Strong profit growth reflecting compound positive effect of:
· 15% growth in legal completions to 2,355 homes (2011: 2,045) from an average of 82 active sales outlets in 2012 (2011: 73)
· 5% increase in average sales price to £170,700 (2011: £162,400)
· Significant increase in operating profit margin to 13.4% (2011: 10.0%)
· Strong land investment in 3,501 consented plots during 2012:
· 2,651 plots added to the consented land bank during the year
· 850 consented plots legally contracted, awaiting satisfaction of conditions, of which 408 plots have been added to the consented land bank during early 2013
· Significant growth in future profit potential with 13,776 consented plots at 31 December 2012, with potential gross profit of £600 million, calculated using current sales prices and current build costs (31 December 2011: 13,723 plots with gross profit potential of £524 million)
· 19,318 potential plots of strategic land as at 31 December 2012 (2011: 18,749 potential plots)

Current trading
· 350 private reservations achieved in first eight weeks of 2013 (2012: 320), an increase of 9%
· Average sales price on cumulative private reservations for 2013 to date increased to circa £200,000 (2012 full year average private sales price: £188,700), with sales prices achieved in line with Group expectations
· Investment in 611 new plots of consented land during the first eight weeks of 2013 continuing to fuel growth

Citi tipsters also cast their eyes over the housing market a day after Bovis Homes (LON:BVS) and Persimmon (LON:PSN) reported their results yesterday.

Citi reckons Bovis shares are likely to take a breather after a strong run as it cuts the stock to ‘neutral’ from ‘buy’.

The housebuilder is now nearing the broker’s target price of 710p.

“More promotion of strategic land in 2013 should negatively impact 2013 profits by around £3.5m, but this should boost the land bank and improve future profitability,” Citi added.

As for Persimmon, Citi believes the cash inflow from operating activities is a sound basis for the group to deliver its capital return strategy without denting the balance sheet.

Shares in housebuilder Bovis Homes (LON:BVS) fell away this morning after a downgrade from Deutsche Bank.

The broker is bringing its recommendation back to ‘hold’ after its recent share price rally.

Sold my holding - been in since Jan 2012 at 410p

Interim Management Statement

Current trading

Trading in the 19 weeks to 10 May 2013 has been strong with the Group achieving 989 private net reservations (2012: 783), a 26% increase year on year. This has been driven by an 11% increase in the average number of active sales outlets to 91 (2012: 82), and a 14% improvement in the average private sales rate to 0.57 net reservations per site per week (2012: 0.50). The number of visitors to the Group's sites has increased by 29% in the year to date compared to the same period last year.

Having started 2013 with 249 forward sold private homes, as at 10 May 2013 the Group held 1,238 private sales for 2013 legal completion (2012: 1,013). Including social housing units expected to legally complete in 2013, at 10 May 2013 the Group's total sales position to date was 1,852 units (2012: 1,437).

Sales prices achieved on reservations to date have been modestly above management's expectations. The Group expects the average sales price in the half year results to be materially ahead of the prior year comparable period due to improved mix. The housing profit margin is also expected to increase compared to the first half of 2012.

The strong rate of reservations achieved, with a significant contribution from new sales outlets, will deliver a material increase in legal completions in the second half of the year. Legal completion volumes in the first half of 2013 are expected to be at a similar level to the first half of 2012.

Subject to current market conditions continuing, sales rates are expected to support both the delivery of the Group's volume growth targets for 2013 and allow the Group to enhance its year end forward order book, supporting further growth in 2014.

Trading Update

"The Group has performed well in the first half of 2013 with a significant further improvement in housing profit, delivered from the ongoing successful execution of the Group's growth strategy. Trading in the first half of 2013 has been strong and the Group has achieved a 40% increase in private reservations compared to the same period in 2012. Continuing its success in the land market, the Group has added 2,767 new consented plots to the land bank. With the positive progress in executing its growth strategy, the Group is well positioned to deliver higher shareholder returns."

I see today IC have a target of 900p in weeks.

Half Yearly Report

· With market house price increases estimated at 1% to 2% to date, average sales price increased by 15% to £188,500 (H1 2012: £164,400) primarily due to mix, modestly ahead of Group's expectations
· Legal completions of 963 homes (H1 2012: 944 homes)
· Average active sales outlets increased by 11% to 91 in H1 2013 (2012: 82)
· 2,767 consented plots on 18 sites added to the land bank during H1 2013
· Contracts in place as at 30 June 2013 to acquire another 1,018 plots on 11 sites, the majority of which are expected to be added to the consented land bank in H2 2013
· Consented land bank of 15,579 plots as at 30 June 2013, with potential gross profit of £733 million, calculated using prevailing sales prices and build costs (31 December 2012: 13,776 plots with gross profit potential of £600 million)
· 19,341 potential plots of strategic land (31 December 2012: 19,318 potential plots)

Shore Capital Hold 770.75 - - Retains

Prime Markets Buy 770.75 850.00 850.00 Reiterates

Numis Hold 770.75 - 800.00 Reiterates

Jefferies International Buy 770.75 909.00 995.00 Retains

Deutsche Bank Buy 770.75 900.00 900.00 Reiterates

Citigroup Buy 765.00 765.00 835.00 885.00 Upgrades

Bought 2000 at 743p and hope to make a quick 10p!

Interim Management Statement

Strong profit growth for 2013 and a significantly increased forward sales position for 2014


Bovis Homes Group PLC is today issuing an Interim Management Statement for the period from 1 July 2013.

Current trading
The Group has continued to trade strongly throughout the period, in line with expectations as at the time of its Interim Results announcement.

The Group achieved its targeted private reservations total for 2013 legal completion around the end of September, significantly earlier than in prior years. The Group has followed its plan to accelerate the building of its private forward order book for 2014, which is already materially greater than the private forward order book as at 1 January 2013.

Net private reservations achieved in the 44 weeks to 1 November 2013 were 2,390, 45% ahead of the 1,650 achieved in the same period in 2012. Net reservations per site per week for this period have averaged 0.60, an increase of 30% over the 0.46 achieved in the comparable period in 2012. The average number of active sales outlets during this period has increased by 11%.

Trading conditions remain encouraging, with improved access to higher loan to value mortgages and Government support in the form of the Help to Buy scheme contributing to an already more confident housing market.

Land acquisitions

The opportunity to purchase high quality consented land capable of delivering attractive returns remains significant. The Group has continued to invest assertively and has now added circa 3,300 plots on 22 sites to the consented land bank to date during 2013 at full hurdle rate returns. A further circa 1,200 plots on 13 sites are contracted, a number of which are expected to be added to the consented land bank before the year end.

Additionally the Group has a large number of plots under negotiation with land owners for contract either in late 2013 or 2014 with a significant proportion already with planning consent. Some of these plots are on relatively large sites where appropriate deferred terms are being negotiated to ensure strong returns can be achieved.

With the sites already acquired during 2013 and the positive pipeline, the Group is confident of delivering further strong sales outlet growth in 2014 and 2015.

Borrowings

As at 7 November 2013, the Group had net debt of £125 million. Given the phasing of housing receipts and land payments, the Group expects to end 2013 with a modest net debt position.

Outlook

The Group anticipates delivering circa 2,800 legal completions in 2013 and is well placed to achieve this, given the current sales position. The Group continues to expect the average sales price for 2013 legal completions to be at least 10% greater than that achieved in 2012, primarily reflecting mix benefits.

The gross profit margin for 2013 is expected to increase to at least 23%, benefiting from the higher proportion of legal completions on post-downturn sites. With improving overhead efficiency, the operating margin for 2013 is expected to approach 15%, strongly ahead of the 13.4% achieved in 2012.

The increasing operating margin, combined with the improving capital turn, is expected to deliver a ROCE of at least 10% in 2013. With a significantly enhanced forward order book at the start of 2014 and an increasing number of active sales outlets during 2014, the Group expects to continue its strong growth in volumes, profits and therefore ROCE, all based on current market conditions continuing.

David Ritchie, the Chief Executive of Bovis Homes Group PLC said:

"Our strong trading performance has continued through the third quarter and we are confident of achieving our targeted result for the year as whole. Our forward order book is in its best position for many years. With further increases in active sales outlets, supported by ongoing assertive land buying, the Group is confident of its future prospects and ability to deliver significantly improved returns."

Final Results

Feb 25:

Barclays: Underweight - TP up from 807.30p to 835.40p - Reiteration

Citigroup: Neutral - TP up from 940p to 980p - DownGrade

Liberum Capital: Buy - TP up from 911p to 1034p - Reiteration

UBS: Buy - TP up from 1000p to 1050p - Reiteration

Half Yearly Report

· 54% increase in legal completions to 1,487 homes (H1 2013: 963 homes)
· Average sales price on private legal completions, excluding PRS homes, of £239,500, 20% higher than H1 2013 (£200,200), driven by mix and modest improvements in house prices
· A record 4,597 consented plots on 23 sites added to the land bank
· Growing consented land bank of 17,702 plots as at 30 June 2014 (31 December 2013: 14,638 plots)
· 19,608 plots of strategic land (31 December 2013: 20,108)

Current trading and outlook
· Cumulative sales achieved to week 32 for 2014 legal completion of 3,530 homes (2013: 2,505), with the Group being nearly fully sold for legal completions in 2014
· Average sales price for 2014 legal completions expected to be between £210,000 and £215,000
· 2014 operating margin expected to increase to between 17% and 18% (2013: 14.9%)
· Material improvement in ROCE for 2014, now expected to be circa 16.0% (2013: 10.4%)

Updated strategic plan set out to deliver optimal scale and returns
· Growing to an optimal scale with annual volumes of between 5,000 and 6,000 new homes
· Managing the housing cycle to maximise returns, while effectively stewarding shareholders' capital, targeting ROCE of at least 20% by 2016
· With the Board's confidence in the strategic plan, intention to pay an enhanced dividend of 35 pence per share in 2014 and at least 35 pence per share in 2015 (2013: 13.5 pence) and a revised dividend policy thereafter

Final Results

StockMarketWire.com
Bovis Homes reports a record number of first half legal completions, made possible by the high quality land investments made during the last few years.

The group says the average sales price on legal completions increased by 6% to £222,000 (H1 2014: £210,000) and that it is on track to deliver further growth in shareholder returns.

Chief executive David Ritchie said: "We continue to trade well in a positive UK housing market delivering a strong forward sales and build position on an increased number of sales outlets. As a result we are on track to deliver our expected growth for 2015 and a further increase in return on capital employed supported by robust profit margins and improved capital turn.

"Future growth in shareholder returns is being underpinned by further disciplined investment in new consented and strategic land."

The group said that as previously guided in May of this year, its legal completion profile in 2015 is expected to be more weighted to the second half of the year than was the case in the prior year (H1 2014: 41%).

Given the higher proportion of traditional family homes along with robust housing market conditions, the Group's average private sales price increased to £264,000, 10% ahead of the comparative of £240,000 in H1 2014.

Overall, including the increased share of social housing, the Group's average sales price increased by 6% to £222,000 (H1 2014: £210,000). The group has been trading from an average of 100 sales outlets during the year to date which represents an 8% increase on the comparative period. Weekly private sales rates to date have remained robust at an average of 0.63 net private reservations per site against the strong comparative in 2014 of 0.65.

The total forward sales position for 2015 delivery, including legal completions to date, stood at 3,505 homes at 30 June 2015 (30 June 2014: 3,297). Housing production is currently 13% ahead of the prior year which provides a strong base for the planned volume growth for 2015. The Group remains on track to deliver its expected total volume of legal completions for 2015.

Merrill Lynch note:
"We view the fundamentals in the UK House Builders’ sector as positive long term with the four pillars of support, the Government, the Bank of England/ the banks, consumers and the house builders, all pointing to a healthy environment. That said, with the sector performing strongly post the election, we believe valuations are looking stretched and see the chance of an extended correction increasing, given the budget announcements yesterday and the potential for interest rate fears to emerge . We downgrade Bovis Homes to Neutral and adjust POs across the sector

Yesterday’s ‘Summer Budget 2015’ contained a restriction on tax relief on buy to let mortgages which is negative to sector sentiment, and, limitations on non-dom tax status. We believe sentiment could be further dulled by any (fears of) rising interest rate commentary in H2 that could lead to an extended correction (sector fell c12% Oct/Nov ‘03), especially considering the current elevated price levels.

In the last 3 and 12 months ahead of the budget, the sector rose by 25% and 57% respectively, a move that has more than outstripped consensus upgrades, ie the stocks have rerated over the period and now trade on an average forward PER of 10.0x, up from c8x a year ago. At the same time, the market has also rerated, from c13x in mid 2014, to 14x, which implies that the sector discount has closed.

Historically, the UK House Builders sector has performed well from November to March, before performing poorly in May and June. This year, as mentioned above, this traditionally weak period has been strong, in fact, the sector has only declined in absolute terms twice since July 2014, in September (-0.4%), and January ’15 (-2.3%). Bearish interest rate rise comments could be a correction catalyst.

We have downgraded Bovis Homes from Buy to Neutral following its 50% move from its 2015 low, to year high. This is the only recommendation change. We also raise our POs on a number of stocks; Bovis Homes from 1,000p to 1,170p, BDEV from 475p to 540p, Bellway from 2,050p to 2,500p, and Redrow from 450p to 515p.

Our key picks in the sector are Persimmon, where we have raised 2016 EPS forecasts by c6%, Taylor Wimpey which also has very strong cash flow characteristics, and Redrow. We are especially attracted to PSN and TW which offer dividend yields of 5.9%, and 7.9% respectively. Redrow, pays a very modest dividend, but on a PE basis is the cheapest stock in the sector on 8.4x 2016E."

The warning of interest rate rises to come in early 2016 seems to have hit all of the house builders today. Presumably this marks the very early stage of the 'down cycle' of the housing stocks?

sp has been walloped by ~10% this morning on the latest trading update

that looks awfully overdone to me, as it was scarcely poor ..... and other housing stocks have also been hit

i understand the very high end of the market being hit in central london, but recent reactions in the housing sector look very odd to me .... or am i being unusually stupid even by my high standards?

Comment from Deustche Bank:
"Against a tide of positive results in the sector, Bovis trading update feels like a cold shower. FY 15 profitability impacted as planning delays push back completions on its new higher margin sites, although for FY 16 mgmt indicate the increasing build costs should be offset by a greater mix benefit to selling price. Trading at 1.25x 2016 NTAV Bovis is the cheapest stock in the sector, and against bottom end of peer ROCE this is hard to dispute (although dividend yield is becoming increasingly interesting). However for those willing to believe the group can drive towards the 28% ROCE on new land, any weakness as consensus reshuffles following this update could prove a buying opportunity.

1) Robust trading continues. Bovis reports that sales have strengthened into autumn, with a sales rate since the start of September +20% (excluding PRS) to 0.62 reservations per site, with the group 38% sold for next year (+18%).
2) But margin impacted by planning delays on newer sites: DB PBT ests reduced by 6% in FY 15. While Bovis reports it has reservations that cover its planned 8% growth in completions for 2015 (DB ests were 10%), and an average sales price for 2015 in line with guidance (+ 7%), delays in planning and therefore completions on its newer higher margins sites have reduced upside in margins YoY. Reflecting this change in margin guidance we have reduced our PBT est for FY 15 by 6%. For FY 16 management indicates that while the contribution of the new higher margins sites should be captured the upwards creep of build cost inflation (upped from 7% to 7-8%) implies a smaller upside in gross margin YoY than previously indicated. Management believes this downside to margin expectations should be largely offset by a higher than consensus average selling price driven by mix. However while management has retained its target for 20% ROCE in FY 16, and believes there should be little movement in consensus for next year, we have reduced our FY 16 PBT by 8% (moving in line with consensus).
3) Land acquisition slows, but discipline continues. To date Bovis reports it has added 25 sites (c 4,000 plots), and while this is equivalent to replacement it remains short of the 40 new sites targeted. Management indicates that there remains scope to reach its target by YE, although it highlights that progress has been slowed by the uncertainty created by the change in social rent. The group reiterates however that there remains no shortage of opportunities in the land market, and discipline remains (an av ROCE of land in 2015 of c28%).

We set our price target at 1.5x 2017E NTAV discounted back at 8% plus dividends paid out to this date. Downside risks include: lower margins made on the new land, lower volumes seen to leverage Bovis’ operational costs."

on the other hand, barclays was less enthusiastic

i opted for some BDEV in lieu

Due for a rebound!

Bovis Homes unveils record profits

StockMarketWire.com

Bovis Homes Group reports record profits for the year to the end of December with significant revenue growth driven by record legal completions and a strong increase in average sales.

The group generated total revenue of GBP946.5 million, an increase of 17% on the previous year (2014: �809.4 million). Housing revenue was �910.1 million, 16% ahead of the prior year (2014: �783.6 million) and other revenue was �6.4 million (2014: �4.2 million). Land sales revenue, associated with four land sales, was �30.0 million in 2015, compared to three land sales achieved in 2014 with a total revenue of �21.6 million.

The Group delivered a 19% increase in operating profit for the year ended 31 December 2015 to �163.5 million (2014: �137.6 million) at an operating profit margin of 17.3% (2014: 17.0%). Total gross profit was �232.3 million (gross margin: 24.5%), compared with �197.2 million (gross margin: 24.4%) in 2014. The profit on land sales in 2015 was �8.8 million (2014: �3.9 million) as the Group continues its strategy of managing its capital base through the disposal of parcels of land on large sites, often strategically sourced.

Profit before tax increased by 20% to �160.1 million, comprising operating profit of �163.5 million, net financing charges of �5.2 million and a profit from joint ventures of �1.8 million. This compares to �133.5 million of profit before tax in 2014, which comprised �137.6 million of operating profit, �4.4 million of net financing charges and a profit from joint ventures of �0.3 million. The profit from joint ventures in 2015 included the benefits of revaluing both the Bovis Peer LLP and IIH Oak Investors LLP PRS property portfolios in the period. Basic earnings per share for the year improved by 21% to 95.4p compared to 78.6p in 2014. This improvement has resulted in a return on equity of 15% (2014: 13%).

Chief executive David Ritchie said: "We have delivered record profit driven by another year of record volume. We have invested well during 2015 in new consented land and achieved a strong level of conversion from our strategic land bank. While it has been a time of operational challenge with fast moving market conditions, we are delivering our strategic growth plan and have evolved our management and business structure at the start of 2016 to support further growth. Assuming market conditions remain stable we are confident in our ability to improve return on capital employed further in 2016.

"In the current housing market, our plan envisages the business delivering sustainable growth over the next few years to achieve annual volumes of between 5,000 and 6,000 new homes.

"I am pleased to reconfirm that, in line with guidance, the Board is recommending a full year dividend of 40 pence, an increase of 14%, reflecting our confidence in the Group's future growth prospects."

-=-=-=-=-=-=#

For those interested from Motley Fool today..........

Value buy or value trap?

Is it too late to put fresh money into housebuilders such as Bovis Homes Group (LSE:BVS)? Bovis shares have fallen by about 30% since last August, while other housing stocks have also fallen. In my view, the market is pricing in a cyclical peak for the housing market. The problem is that at a company-specific level, the outlook still seems very attractive.

Current broker forecasts suggest that Bovis will report a 16 per cent rise in earnings per share this year, with a 14 per cent increase expected in 2017. At 830p, Bovis shares trade on a forecast P/E of just 7.5, falling to 6.5 for 2017.

This looks cheap, but P/E ratings can be misleading for cyclical stocks. If house prices have peaked, then Bovis profits could fall sharply. My preferred measure is the price/book ratio. Bovis shares have a book value of 712.7p per share, giving them a price/book ratio of 1.2. This is much lower than most other housebuilders, and looks quite reasonable.

With a forecast yield of 5.5%, Bovis could be good value -- if you believe that the housing market has further to run.

imo, BVS makes an excellent sipp or similar stock, not only because of the juicy yield, but also because its houses are at the more affordable end of the market

it is indisputable that the country has to build a zillion more homes a year, so one way or another, i am very happy to be holding this in my sipp even if at a rather higher price than today

StockMarketWire.com
Bovis Homes posts first half pre-tax profits of £61.7m - up from £53.8m - after delivering a record number of homes.

Revenues were up 18% at £412.8m and housing gross profits rose by 19%b to £100.3m. Operating profits of £63.9m were up by 18%. Basic earnings per share rose by 14% to 36.5p and the dividend of 15.0p per share is up by 9%.

Chief executive David Ritchie said: "We have delivered a record number of homes in the first half of 2016 which has driven strong profit growth, improved returns and a 9% increase in the interim dividend. Our forward sales position means we are well placed to continue this strong performance through the remainder of the year.

"Whilst it is too early to judge the impact of the EU Referendum and the Bank's monetary policy response on the UK housing market, the underlying market fundamentals for UK housing remain positive. We have been pleased with the resilient level of interest shown by potential home buyers contacting us.

"Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns. Overall, we remain confident in our strategy to deliver long-term growth in shareholder returns."

Speculative interest in BKG acquiring Bovis:

Shore Capital comment:
· Why buy a business in this cycle? – there is little obvious appeal to buying another quoted house builder in this cycle primarily because there is too much land available in the open market. This means that a house builder can buy sites only where it wants to build and that it feels sit well with its brand. The changes to the planning regime under the NPPF means that there are more than 500,000 more plots of land available today than would have been in a previous cycle. New land can be bought at historically low prices and there is ample opportunity to defer payment using land creditors. None of that is possible if buying another business.
· Fighting the damage already done – Bovis has had a tough time recently in the media and could have material reputational damage that could become an albatross around the neck of any bidder.
· Relationships – there appear to be deep rooted problems with sub-contractors that have been pivotal in Bovis being unable to manage build costs or deliver expected unit sales, the reason for the December profit warning. The problem with sub-contrators may also extend to professional posts across the group. If there are fractured relationships, these would be inherited by any buyer and could take a long time to unwind.

Bovis profits fall after difficult year

StockMarketWire.com

Bovis Homes posts a pre-tax profits of �154.7m for the year to the end of December - down from �160.1m last time.

Bovis said it was a difficult year for the group following a period of ambitious growth and weaknesses in its production process and a high level of customer service issues led to a one-off �7m customer care provision.

Revenues rose by 11% to �1,054.8m and the dividend of 45.0p per share is up 13%.

The group said it has embarked on a programme to deliver significant and urgent improvement in underlying processes across the business, focused on the delivery of the highest quality of product and service to customers.

The group says it aims to return to being a top quartile industry performer in customer service, product quality and production efficiency.

Chairman Ian Tyler said: "Despite the difficulties of 2016, the board remains confident in the group's abilities to deliver improved returns to shareholders.

"The process of transformation is already under way under Earl Sibley's interim leadership and I am confident the plans in place will address the operational weaknesses we have seen in our business, and focus us once again on delivering high quality product and service to our customers.

"Further, we are undertaking a strategic and structural review of the business to ensure we meet our commitment to deliver the highest possible returns from our valuable land assets."







Story provided by StockMarketWire.com

hammered on vile results and forecast
i've got them in my sipp and now have to decide whether to ditch or hang on in the hope that they become a target

The rush to get homes on the market has led to shoddy workmanship. Cheaper to spend a few extra days making good. Costs less in the long run.

Manuel,

It depends on how long you expect to live for.

I would think and hope for an early slight rebound.

---

I have the misfortune of holding IRV as well.

C'est la vie.

quite so :-)
balanced out in that sector by TW. and RMV

Peel Hunt comment today:
"Full-year results. Full-year PBT of c£155m missed the revised guidance of £160m-170m and compares with £160m in 2015. Operating margins slip 210bp to 15.2%, leaving them 350bp behind the sector average. Revenue was slightly better than expected at £1,055m, although the volumes and ASP were only marginally better, indicating higher other sales than expected. The dividend has been increased 13% to 45p (vs 44p est)
Balance sheet and land bank. The group finished the year with net cash of £39m vs our estimate of £18m. However, the land held in the land bank shrunk by 6% to 18,700, well short of our estimate of over 21,000. The land bank has now shrunk to 4.7 years from 5.0 years and compares with the sector average of over 5.2. On top of this, the group has c25,500 strategic plots.
Outlook and forecasts. Guidance for 2017 has been cut hard with volumes now expected to be 10-15% below this year's level (which implies a 15-20% reduction on our estimates) as the business sorts itself out. We struggle to see how margins can move forward, whilst this process of rectifying the problems is going on, which means PBT forecasts are likely to come back 15-20%. Management has committed to paying the same level of dividend (45p) in 2017.
Performance and valuation. Until today, the shares hadn’t performed that badly vs the sector due to bid speculation offsetting the profit warnings. In our view, the likelihood of the company being bought by any other industry players looks remote giving the liquidity in the land market. Therefore, the key to the shares performing better will be the group’s ability to turn itself around operationally. Without knowing who the CEO will be to lead this charge, we see no need to get involved especially given the wide choice of other attractive housebuilders.

Manuel.

I am lucky sometimes and hold TW and CRST RDW and a few other "builders".

CRST is interesting with nice forecast yield.

Must remember to inflate my life buoy.

Sorry for anyone in this. I have CTO, NMD, TW. and PSN in this sector and really don't want any more as I'm very overweight.

I think there's money to be made here at the right price. I'll do some math and share my views over the next few days

Bovis to pay £7m to compensate customers for poorly built homes.

SP drops roughly 10% as builder talks about slower buidling speeds so as to to improve quality.

Beaufort Securities today reaffirms its buy investment rating on Bovis Homes Group PLC (LON:BVS) and cut its price target to 840p (from 925p).

Brave call from Beaufort.

This company are going to have trouble selling at the fantasy prices after this faux pas.

Pictures don't look good.

:)

That 'half a sleep' fish looks as though it's just about to take a juicy morsel.

:-)

The Pru go above their 5% on the dip.

Buy on the bad News / Dips....still a good dividend...Sector is rising, Houses still in demand....keep buying a few & average out.....Management certainly tightening their belts.....looks a fair punt to me & with a possible "take-over"

expect a decent jump in sp in the morning with Redrow now being firmly in the picture - see ST front page biz section
Berkeley Homes were approached to make an offer several weeks ago

one way or another, it looks that BVS's days as a separate entity are numbered ..... phew, puffs my sipp holding :-)

BBC Business News reports thar Redrow rejected out of hand, Galliford Tty also rejected but talks will continue

rejection is expected, but that now looks like 3 are in the ring and i'ld be surprised if BVS have either the firepower or the support of their institutional investors to stay independent

StockMarketWire.com
Bovis Homes Group has rejected an approach by Galliford Try but appointed its former chairman and chief executive, Greg Fitzgerald, as the group's new CEO.

Fitzgerald spent more than 30 years of his career Galliford Try increasing the scale of the housebuilding business and improving profitability.

Bovis said Fitzgerald's appointment as CEO would take place with effect from 18 April when Earl Sibley would resume his role as group finance director.

Bovis also said that its board had reviewed Galliford Try's merger proposal and concluded that it failed to reflect the underlying value of the Bovis business.

It said the board had decided to reject the proposal as it believed that an independent strategy under Fitzgerald's leadership would deliver greater value for shareholders.

This seems out of interest:

Yield and promises.

Headline DJ Bovis Homes Declares Special Dividend Despite Profit Fall
Date/Time Thu Mar 01 20187:59:14
By Ian Walker
Bovis Homes Group PLC (BVS.LN) on Thursday declared its first special dividend and raised its payout target, despite reporting a 26% fall in 2017 pretax profit as it sold fewer houses.

The house builder made a pretax profit for the year of 114 million pounds ($156.8 million) compared with GBP154.7 million a year earlier, on revenue that fell to GBP1.03 billion from GBP1.05 billion.

It sold 3,645 houses in the year at an average price of GBP272,400 compared with 3,977 houses in 2016 at GBP254,900.

The board declared a special dividend of 45 pence a share, which it expects to be paid toward the end of the year. It also declared a final dividend of 32.5 pence a share compared with 30.0 pence a year earlier, taking the total payout for 2017 to 47.5 pence.

The board plans to pay special dividends of GBP180 million--or 134 pence a share--over the three years to 2020. It said the company plans to declare dividends of 57 pence for 2018, and move progressively towards payouts that are twice covered by earnings in 2020.

Bovis said it has started 2018 with a strong sales position and that more than 40% of consensus 2018 revenues have been secured.

Average site visits during the first eight weeks were 14% higher than the same period last year, it said.

Headline DJ Bovis Homes Declares Special Dividend Despite Profit Fall
Date/Time Thu Mar 01 20187:59:14
By Ian Walker
Bovis Homes Group PLC (BVS.LN) on Thursday declared its first special dividend and raised its payout target, despite reporting a 26% fall in 2017 pretax profit as it sold fewer houses.

The house builder made a pretax profit for the year of 114 million pounds ($156.8 million) compared with GBP154.7 million a year earlier, on revenue that fell to GBP1.03 billion from GBP1.05 billion.

It sold 3,645 houses in the year at an average price of GBP272,400 compared with 3,977 houses in 2016 at GBP254,900.

The board declared a special dividend of 45 pence a share, which it expects to be paid toward the end of the year. It also declared a final dividend of 32.5 pence a share compared with 30.0 pence a year earlier, taking the total payout for 2017 to 47.5 pence.

The board plans to pay special dividends of GBP180 million--or 134 pence a share--over the three years to 2020. It said the company plans to declare dividends of 57 pence for 2018, and move progressively towards payouts that are twice covered by earnings in 2020.

Bovis said it has started 2018 with a strong sales position and that more than 40% of consensus 2018 revenues have been secured.

Average site visits during the first eight weeks were 14% higher than the same period last year, it said.




wSS