Bovis bullish on year ahead

Bovis bullish on year ahead

Kent-headquartered housebuilder Bovis Homes is confident of further improvement during 2018 after smashing all of its financial targets last year.

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

Profit before tax, one-off and exceptional items for 2017 are also anticipated to be in-line with management expectations.

The company is now expecting to see profits rise significantly in 2018, boosted by strong customer demand driven by attractive mortgage finance and government initiatives, in particular Help to Buy.

Chief executive Greg Fitzgerald said: "The group had a very disciplined year end and delivered against all of its financial and operational targets for 2017. 

“There has been a step change in the quality of our homes delivered on completion and I'm pleased to see this reflected in our level of customer satisfaction which continues to improve. 

“We've made excellent progress with our balance sheet restructuring resulting in a year end cash position significantly ahead of expectations. 

“Our forward order position is strong, and with robust industry fundamentals, we expect the group to deliver a significant improvement in profitability in 2018."

Bovis is the latest in a series of housebuilders to report bumper results for the year-end following Persimmon, Taylor Wimpey and Barratt.