Pre-tax profits down to 拢45.1m as housebuilder suffers from market slowdown.
Bovis Homes suffered a 拢20m profits hit for the first half of the year as it suffered from the slowdown in the housing market.
The group鈥檚 pre-tax profits fell to 拢45.1m from 拢66.8m in the same period last year. The company suffered from a downturn in completions and a drop in average sales prices.
In a statement, the company said that it hoped to bounce back from the drop in the second half, but that much would depend on consumer confidence. The statement said: 鈥淎ctivity in the UK housing market relies heavily on the confidence of the consumer. Consumers are displaying more caution, with many delaying the decision to move house. After a weak fourth quarter of 2004 in terms of housing activity and a quiet start in the first quarter of 2005, the housing market remained subdued during the second quarter of 2005.鈥�
Legal completions dropped to 1,089 homes from 1,302 at the halfway stage a year earlier. At the same time, a move towards smaller, more affordable homes meant the average sales prices for the period was 拢179,000, compared with 拢201,100 for the same six months of 2004.
