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British builder Bovis announced today that it was on track to deliver a significant increase in profit in 2018 despite reporting a drop in completions during 2017.
Completions fell from 3,977 to 3,645, “in a controlled and disciplined manner”, the group said. Private home completions dropped to 2,573 from 2,903 in 2016, while affordable housing was steady at 1,072, dipping only slightly from 1,074.
The firm also said its pre-tax profit would be in line with expectations in 2017 and grow in 2018.
““There has been a step change in the quality of our homes delivered on completion and I’m pleased to see this reflected in our level of customer satisfaction which continues to improve,” said Chief Executive Greg Fitzgerald, who was brought in as chief exec in April last year to lead a turnaround at Bovis.
‘The group had a very disciplined year end and delivered against all of its financial and operational targets for 2017. Our forward order position is strong, and with robust industry fundamentals, we expect the Group to deliver a significant improvement in profitability in 2018,’ added Fitzgerald.