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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Bovis Homes Group PLC    BVS   GB0001859296

BOVIS HOMES GROUP PLC

(BVS)
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Bovis Homes sees more demand even as Brexit weighs on sector

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07/09/2019 | 04:30am EDT
A builder works at a Bovis homes housing development near Bolton

(Reuters) - Housebuilder Bovis said on Tuesday it expected to post a higher first-half profit after selling more affordable homes at increased prices and saw solid demand for the year, bucking the trend of a wider anaemic real estate market.

Britain's property market has been hurt by a slowdown in European economic growth and prospective home buyers holding out for house prices to fall further because of the country's chaotic attempts to leave the European Union.

While house prices have been rising across the country, prices in London have declined according to various indicators, hit by tax changes and Brexit.

Bovis, which builds traditional homes from two-bedroom starter properties to five-bedroom family homes with a focus on the south of the country, excluding London, said it had started the second half with a strong forward sales position and expected a better performance in 2019.

Shares in the FTSE-250 listed company were 0.2% higher at 1,016 pence ($12.67) at 0723 GMT, after rising as much at 3.5% in early trade.

"Market fundamentals remain stable and despite the ongoing uncertainty surrounding Brexit, we continue to see good demand for our new homes across all our operating regions," the company said in a statement.

Bovis has largely focussed on cash generation by selling its non-performing assets and increasing its use of part exchange deals to return to profitability. Such deals allow buyers to trade in their homes as part payment for a new property.

The homebuilder, which recently ended talks with Galliford to buy the builder's residential unit, said it delivered 1,647 completed homes in the six months ended June 30, compared with 1,580 a year earlier.

Bovis, which recently ended talks with Galliford to buy the builder's residential unit, sold 1,031 private units and 616 affordable homes in the first half.

The total average selling prices rose by about 3% to £270,000.

Kent-based Bovis said reining in costs and margin initiatives offset flat pricing and higher building expenses.

Britain's third-largest homebuilder Taylor Wimpey warned in April that the rising costs of building materials would weigh on profit margins this year.

Analysts expect Bovis to post pretax profit of £184.3 million for 2019, according to Refinitiv Eikon IBES. Jefferies analysts said they were comfortable with the top end of their consensus estimates.

"Bovis' operational performance continues to improve with better customer satisfaction and quality helping to drive a better sales rate," Peel Hunt analysts said.

(Reporting by Samantha Machado and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier and Arun Koyyur)

By Samantha Machado and Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
BOVIS HOMES GROUP PLC 1.45% 1047 Delayed Quote.21.49%
GALLIFORD TRY PLC 1.38% 589.5 Delayed Quote.-5.38%
TAYLOR WIMPEY -0.31% 147.1 Delayed Quote.7.96%
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Financials (GBP)
Sales 2019 1 089 M
EBIT 2019 187 M
Net income 2019 151 M
Finance 2019 183 M
Yield 2019 9,78%
P/E ratio 2019 9,76x
P/E ratio 2020 8,73x
EV / Sales2019 1,12x
EV / Sales2020 1,08x
Capitalization 1 408 M
Chart BOVIS HOMES GROUP PLC
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Technical analysis trends BOVIS HOMES GROUP PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 1 101,00  GBp
Last Close Price 1 047,00  GBp
Spread / Highest target 31,3%
Spread / Average Target 5,16%
Spread / Lowest Target -21,2%
EPS Revisions
Managers
NameTitle
Greg Paul Fitzgerald Chief Executive Officer
Ian Paul Tyler Non-Executive Chairman
Earl Sibley Director & Finance Director
Margaret Christine Browne Independent Non-Executive Director
Ralph Graham Findlay Senior Independent Director
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