Bovis Homes resumes dividend payments

Aaron Morby 14 years ago
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Bovis Homes said it will resume dividend payments at the end of the year after seeing better trading.

The house builder said that its finances had improved substantially with net cash at £79m.

In an update covering the six months to June 30, Bovis said it legally completed the sale of 803 homes, a 6% increase on last year.

The average sale price for private homes was £163,500, compared to £160,400 a year ago.

The group has been heavily involved in the land buying market as it looks to snap up land with residential planning consent at a low point in the cycle.

It has added around 1,900 consented plots to its land bank since the start of the year at a cost of £107m, 80% located in the south of England. It has also agreed terms to acquire a further 2,500 plots.

Bovis said at the beginning of 2009 that it would not pay a dividend. It also had to reduce its workforce by more than half to try to survive the downturn.

“Given the confidence the board has in the medium-term prospects of the group arising from its investment in new land opportunities and the group’s strong net cash position, the board intends to resume dividends at the end of the current financial year,” Bovis said in a statement.

But it also said: “The new homes market remains subdued with ongoing liquidity issues in the first-time buyer market limiting the number of transactions and moderating sales price improvements.”

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