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Bovis business up, but losses loom

publication date: Sep 1, 2009
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BovisBovis Homes first-half results showed a £8.6m loss, even though private reservations rose by 92 per cent. The housebuilder posted a pre-tax loss of £8.6m, after exceptional items, in the six months to 30 June 2009, compared with a profit of £9.5m in the same period last year.
The 92 per cent increase meant that 901 homes were reserved during the period and the group completed 738 private homes, an 18 per cent increase on the 624 homes completed in 2008.
Bovis said house prices were “demonstrating a degree of stability” and that it expects improved demand for its homes as consumer confidence grows. However, it warned that mortgage availability and rising unemployment posed continuing challenges to pricing in the short term.