Bovis Homes Group PLC AGM Statement (9468O)
23 Maggio 2018 - 8:01AM
UK Regulatory
TIDMBVS
RNS Number : 9468O
Bovis Homes Group PLC
23 May 2018
23 May 2018
BOVIS HOMES GROUP PLC
Trading statement for the period covering 1 January 2018 to
date
Bovis Homes Group PLC is holding its Annual General Meeting
("AGM") at 2:00pm today in Tunbridge Wells. This statement comments
on the Group's current trading and outlook for the financial
year.
Greg Fitzgerald, Chief Executive commented:
"Market conditions remain robust and we are on track to deliver
another controlled period end. Our HBF customer satisfaction score
continues to trend well above 80% and with our exciting new housing
range launched in April, we are well placed to meet our customers'
needs and increase output, whilst optimising price and driving
profitability."
Current trading
Customer satisfaction remains a key priority for the Group and
following our focus on customer service in 2017 through investment
and training, the Group's HBF Customer Satisfaction score (1
October 2017 to date) continues to trend at well above 80%, a 4
star rating, with 3 of our regions trending at 5 star (90% and
above).
Total sales for the year are in line with our expectations and
pricing is strong. Our average private sales rate per site per week
for the year to date is up 6% to 0.52 (2017: 0.49). This rate
excludes the sale of 275 units to Heylo Housing Association to be
completed in 2018.
We have opened 12 new developments in the year and are operating
from an average of 84 active sites. As planned, we have 11 new
sites launching in the coming months, and expect our average active
sites number to increase in the second half.
We are making good progress with our four major margin
initiatives covering price optimisation, specification review, cost
reduction and the launch of our new housing range. In particular,
our focus on driving prices across all our product whilst
delivering high levels of customer service, has seen positive
movements in pricing for the year to date.
We are delighted to have launched our new housing range for both
private and affordable homes, The Phoenix Collection, in late
April. This market leading range will deliver exciting, high
quality new homes as well as drive further price optimisation and a
reduction in our costs. We have already identified more than 50% of
the private units in our owned land bank to be replanned, and
expect our first completions from the new range from Spring
2019.
Our discussions regarding joint ventures and the reduction of
our investment at our larger sites at Sherford, near Plymouth and
Wellingborough are progressing well, and we are on track to deliver
a total of at least GBP180 million of additional cash into the
business by December 2018.
Dividends
Subject to shareholder approval at today's AGM a final dividend
of 32.5p per share (2016: 30.0p per share) will be paid on 25 May
2018, giving a total dividend for 2017 of 47.5p per share (2016:
45.0p per share).
Outlook
Market fundamentals remain strong. We continue to see good
levels of demand for new homes across all our operating regions
with underlying pricing remaining firm.
The Group is making clear progress towards its medium term
targets including a 23.5% gross margin and 25% return on capital
employed. In the first 5 months we have seen positive results from
our margin initiatives which represent further margin potential for
the Group in the medium term.
Certain statements in this press release are forward looking
statements. Forward looking statements involve evaluating a number
of risks, uncertainties or assumptions that could cause actual
results to differ materially from those expressed or implied by
those statements. Forward looking statements regarding past trends,
results or activities should not be taken as a representative on
that such trends, results or activities will continue in the
future. Undue reliance should not be placed on forward looking
statements.
For further information please contact:
Bovis Homes Group PLC 01474 876219
Earl Sibley, Group Finance
Director 07811 988617
Susie Bell, Head of IR
Maitland
Neil Bennett
James McFarlane 020 7379 5151
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END
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