Bovis Homes Expects Another Subdued Year, Re-Enters Land Market
15 Gennaio 2010 - 8:43AM
Dow Jones News
U.K. house builder Bovis Homes Group PLC (BVS.LN) Friday said it
expects 2010 to be another subdued year as mortgage approval
volumes slowly rise.
However, the company said it re-entered the residential land
market in the latter part of 2009, and has already acquired four
sites with terms agreed in principle on a further 15 sites.
Bovis said it expects 2009 pretax profit before exceptional
items to be in line with the board's expectations, but it didn't
say what these were.
The company said that at the end of 2009 it had net cash of
GBP113 million compared with net debt of GBP108 million a year
earlier.
Bovis said it legally completed the sale of 1,803 homes in 2009,
similar to the 1,817 in 2008. Of these, 1,527 were private homes--a
25% rise on 2008--although the average sale price of these houses
fell to GBP165,500 from GBP181,000.
At the end of 2009, the company's sales order book for 2010
totaled 643 homes for delivery--some 218 homes more than at the
same time a year earlier.
Toward the end of 2009, Bovis said it started talks with its
banking syndicate over its existing banking facility and now has
credit approval subject to documentation for a replacement GBP150
million syndicated facility which would mature in September
2013.
The housebuilder will post its 2009 results on March 8.
Company Web site: www.bovishomes.co.uk
-By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308;
rachael.gormley@dowjones.com
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