Bovis sees encouraging start to the year

| March 14, 2011 | 0 Comments
Bovis sees encouraging start to the year

Housebuilder Bovis Homes issued a positive statement today after saying 2011 had started well for the company and it will resume dividend payments.

According to the company, pre-tax profits for 2010 were £18.5 million - more than double the £7.5 million it reported for the 2009 year.

Revenues were up 6% at £298.6 million and customer reservations rose 11% in the first nine weeks of the year, said Bovis.

The results arrive shortly after Taylor Wimpey said it had returned to profitability.

Taylor Wimpey said pre-tax profit before exceptional items came in at £75.1 million for the 2010 year – against a loss of £96.1 million in the previous year - beating expectations.

Persimmon also recently reported a sharp rise in full-year profits after slashing costs and selling more houses.

However, despite the strong performances from housebuilders, economists are still forecasting a difficult year ahead for the housing market.

Many experts have suggested the housing market will remain subdued in 2011, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders.

Last week, the Council of Mortgage Lenders (CML) expressed fear for a further downturn after mortgage lending plunged in January.

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