“Bovis buying land as prices stablise”

Bovis Homes will take advantage of low land prices to begin building up its pipeline of new houses, after edging back into the black with a £4.8m pre-tax profit last year.
Source: - Telegraph.co.uk
By Rowena Mason - Published: First Quarter 2010

Bovis Homes Group
Severely hit by the property downturn, the house builder made a £78.7m loss the previous year. It had to cut 40pc of its staff of 1,000 and write down the value of its assets by £75.2m in 2008.

But David Ritchie, chief executive, said the company had turned a corner, with revenue flat at £281.5m.

He does not expect house prices to increase this year, but wants to focus on "building a great deal of houses while land prices are cheaper".

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