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

BOVIS HOMES GROUP PLC

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Bovis Homes : Homebuilder Vistry slips to first-half loss, points to recovery in second half

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09/08/2020 | 06:04am EDT

Homebuilder Vistry swung to loss for the first six months of the year on Tuesday due to an earlier shutdown of its construction sites amid the coronavirus crisis, but said it had seen a "strong start" to the second half as restrictions eased.

The company, formerly called Bovis Homes, reported a pretax loss of 12.2 million pounds ($15.99 million) in the six months ended June 30 due to increased costs, compared with a profit of 72.5 million pounds a year earlier. Home completions plunged to 1,235 from 3,371.

"The business incurred additional costs directly related to the period of lockdown, lower levels of operating efficiency from social distancing and the lengthening of development period expectations," the company said.

Shares dropped 3% to 617.5 pence by 0822 GMT, taking the year-to-date losses to a staggering 53%.

However, Britain's housing market has picked up pace as restrictions gradually eased, with tax breaks for home purchases and a trend towards suburban living spurring home sales.

"We have seen positive sales trends since early May, with consumer interest higher than at any time in recent years.  Our sales rate in the second half to date is running 20% ahead of last year," Chief Executive Officer Greg Fitzgerald said.

The company aims to resume dividend payments in 2021, while larger rival Persimmon reinstated payouts last month.

Vistry expects full-year pretax profit to be between 130 million pounds and 140 million pounds and targets earnings of at least 310 million pounds in 2021.

Sales jumped to 606.4 million pounds in the half-year period from 472.3 million pounds.

(Reporting by Jasmine I S and Samantha Machado and in Bengaluru; Editing by Devika Syamnath and Amy Caren Daniel)


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Financials
Sales 2020 1 846 M 2 382 M 2 382 M
Net income 2020 86,3 M 111 M 111 M
Net Debt 2020 236 M 305 M 305 M
P/E ratio 2020 13,4x
Yield 2020 0,36%
Capitalization 1 216 M 1 579 M 1 570 M
EV / Sales 2020 0,79x
EV / Sales 2021 0,56x
Nbr of Employees 1 291
Free-Float 99,1%
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Technical analysis trends BOVIS HOMES GROUP PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 811,69 GBX
Last Close Price 549,00 GBX
Spread / Highest target 94,9%
Spread / Average Target 47,8%
Spread / Lowest Target 11,1%
EPS Revisions
Managers
NameTitle
Greg Paul Fitzgerald Chief Executive Officer & Director
Ian Paul Tyler Non-Executive Chairman
Graham Prothero Chief Operating Officer & Director
Earl Sibley Chief Financial Officer & Director
Margaret Christine Browne Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BOVIS HOMES GROUP PLC-58.03%1 579
D.R. HORTON, INC.30.75%25 052
DAIWA HOUSE INDUSTRY CO.,LTD.-16.62%17 583
SEKISUI HOUSE, LTD.-24.66%11 494
PULTEGROUP, INC.8.09%11 244
PERSIMMON PLC-14.14%9 575