HOUSEBUILDER Bovis Homes said today it was braced for further tough conditions after reporting an 80% slump in half-year profits.
The group’s pre-tax surplus for the six months to June came in at £9.5 million, down from £58.4 million for the previous year, after what it described as its toughest trading period as a public company.
Revenues were down 43% at £149.3 million, driven by a 32% drop in house sales to 851. This trend worsened since the half year end, the company added, with completions down 39% during the year to August 22.
The firm said: “The group considers that the current difficult trading environment will continue for the foreseeable future.”
Bovis said staff numbers were 40% down from the start of this year, with about 400 job losses.
Bovis has been involved in a number of large-scale housing developments in Huddersfield over the past two years, including a multi-million pound scheme in Lindley.
The company is the second major UK housebuilder to report interims this month, after Persimmon last week unveiled a 64% profits slump.