VTY Vistry Group Plc

Bovis Homes Group PLC (BVS.LN), the U.K. housebuilder, Monday reported a move into profit for 2009 but said it won't be paying a final dividend, adding that it is well positioned to increase its output capacity, as markets recover, supporting future profitable growth.

MAIN FACTS:

-Revenue for year ended Dec. 31, 2009 GBP281.51 million (2008: GBP282.33 million)

-Pretax profit for the year GBP4.8 million (2008: pretax loss GBP78.7 million)

-Basic earnings per share 2.8 pence (2008: loss 49.1 pence)

-Pre-exceptional pretax profit GBP7.5 million (2008: GBP14.4 million)

-Pre-exceptional basic earnings per share 4.4 pence (2008: 9.2 pence per share)

-Net assets increased to GBP692.6 million at Dec. 31, from GBP632.3 million at the start of 2009, equating to a net asset value of GBP5.20 per share.

-Net inventory provision release of GBP11.6 million in the second half year

-GBP112 million of net cash at Dec. 31, 2009 (2008: GBP108 million net debt pre issue costs)

-Overheads cut by 34% versus 2008 and by circa 45% relative to base at start of 2008

-Land acquisition recommenced, with four consented sites acquired and terms agreed in principle on further 15 sites at Dec. 31, 2009

-12,042 plots of land with planning consent (2008: 13,545 plots) and 16,363 potential plots of strategic land (2008: 18,972 potential plots)

-During 2009, Group achieved 1,801 private reservations, representing an 82% increase in sales levels compared to the 989 private reservations taken in 2008.

-Group generated GBP281.5 million of revenue (2008: GBP282.3 million) from the legal completion of 1,803 homes (2008: 1,817 homes).

-Pension scheme had a deficit of GBP8.9 million at Dec. 31, an increase of GBP2.1 million on the opening deficit of GBP6.8 million at Dec. 31, 2008.

 
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com 
 

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