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
Grafico Azioni Vistry (LSE:VTY)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Vistry
Grafico Azioni Vistry (LSE:VTY)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Vistry