Bovis Homes (LON:BVS) shares rose in early morning trading on Thursday, despite reporting a fall in both completions and pre-tax profits.
Pre-tax profits sunk to £114 million in 2017, down 26 percent from the previous year, accompanied by an 8 percent slowdown in the number of completions. Building costs rose over the year by 9 percent per square foot, reflecting higher value site locations and the inflationary impact of labour and materials of around 4 percent.
However the average selling price of a home rose 7 percent to hit £272,400, with the group reporting a dividend for the full year totalling 47.5p, an increase of 6 percent on last year..
Greg Fitzgerald, Chief Executive said he was “very pleased with the level of operational progress the Group has made during the year. We have significantly improved our customer satisfaction through a series of initiatives and controlled period ends.
“The Group fundamentals are strong, and with the business turning around I am excited about future years. In 2018, we will deliver a controlled increase in volume, continue to build upon our high level of customer service, drive profitability, and complete our balance sheet optimisation.”
Shares in Bovis Homes are currently trading up 2.81 percent at1080.00 (0840GMT).