Bovis sinks despite positive first half

FTSE 250 construction firm Bovis Homes (LON:BVS) posted record profits before tax during the six months ended 30th June, but shares in the company dropped by 3.12% to 1,026p (as of 14:30 BST). Revenues for the period were up by 9% as completions and average selling prices were above the first half of 2018. Management said that market fundamentals remained positive despite political uncertainties and confirmed speculation that talks regarding a merger with Galliford Try’s housing arm had recommenced.

CEO Greg Fitzgerald commented: “We delivered an excellent first half performance with a significant step up in our sales rate, record profits and a further strengthening of our balance sheet. The Group has transformed over the past two years and we are consistently delivering high quality new homes with very high levels of customer satisfaction, as demonstrated by the significant improvement in our HBF rating over the past 12 months. The fact that we are now trending at a 5-star level is testament to the continued hard work and dedication of our team.

“We are very well positioned for the second half and expect to deliver another strong performance in the year“.