bovis homes

Bovis Homes (LON:BVS) said the company was on track to meet full-year expectations on Tuesday, after saying that it had  “fully sold” its targeted completions for the 2017 year.

An increase in both demand and property prices mean the company is on track to meet its expectations for FY2017 and to deliver “significant improvements” in profits for FY18.

However, Bovis reported a six percent fall in first-half results home completions, which saw pre-tax profits fall 31 per cent on the prior year to £42.7 million.

In a trading update for July to November quarter, the company said it is fully sold for its targeted FY17 completions, with an average sales rate of 0.52 versus 0.48.

Chief executive officer Greg Fitzgerald said:

“We are making encouraging progress towards all of our medium term performance targets with continued improvement in customer satisfaction and excellent progress in optimising the balance sheet and bringing additional cash into the business.

“We expect to have a net cash position of at least £100 million as at 31 December 2017. Trading is in line with expectations, the market remains strong, and we are on track to deliver another disciplined period end.”

Shares in Bovis Homes fell another 1.06 percent on Wednesday, currently trading down 1,123.00 (1153GMT).