Bovis Homes Group Plc. (BVS.L) said Thursday that it continues to target profits for the full year 2018 to be at a record level, in-line with the Board's expectations.
In a trading update for the period from 1 July to 11 November 2018, Bovis Homes said that it has fully sold for its targeted FY 2018 completions and expects to deliver another controlled and disciplined period end in December.
The company added that it is confident of achieving its target of a HBF 4 star customer satisfaction rating for 2018.
The company said that its sales rate per outlet per week for the year to date period is 0.51, the same as in 2017, with pricing in line with its expectations. However, the company noted that whilst it has maintained its rate of sale, the uncertainty surrounding Brexit has impacted discretionary buyers.
Bovis Homes said that as planned, it has increased its land activity to ensure that it maintains a good supply of high quality developments, in line with its target of a 3.5 to 4.0 year owned land bank.
Further, the company said it is advancing its 50:50 JV agreement at Wellingborough and continues to expect to deliver its target of a minimum of 180 million pounds of cash released into the business from its balance sheet optimization program by December 2018.
Looking ahead, Bovis Homes said it expects 2018 completions to be in line with its expectations. With progress on the company's margin initiatives and improved operating performance, the Group continues to target profits for the full-year to be at a record level, in-line with the Board's expectations.
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