Thursday, March 16, 2024
Bovis profits down but house prices 'modestly' up
Bovis revealed the impact of last year's weak housing market yesterday as it posted a 20 per cent slump in annual profits to £116.1million. It said 2005 was "the most competitive and challenging period the housing market has seen for many years".
Operating margins dipped three per cent to 24 per cent as the group moved towards smaller and cheaper homes. But Bovis said it started 2006 with a strong order book and predicted house prices would increase "modestly", having seen them fall from £197,900 to £175,500 last year.
Operating margins dipped from more than 27 per cent in 2004 to 24 per cent last year as the Kent-based group moved towards smaller and cheaper homes. Total house sales were flat at 2,702, but revenues dipped from £559.5m in 2004 to £521.2m.
Operating margins dipped three per cent to 24 per cent as the group moved towards smaller and cheaper homes. But Bovis said it started 2006 with a strong order book and predicted house prices would increase "modestly", having seen them fall from £197,900 to £175,500 last year.
Operating margins dipped from more than 27 per cent in 2004 to 24 per cent last year as the Kent-based group moved towards smaller and cheaper homes. Total house sales were flat at 2,702, but revenues dipped from £559.5m in 2004 to £521.2m.
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