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Bovis back in black and set to restore divi

By Daily Mail Reporter
Updated: 04:51 EDT, 24 August 2010

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Bovis Homes yesterday warned that the housing market remains 'challenging', especially in the north of the country.

And government austerity measures have left Britain's housing market in a 'fragile' state as spending cuts and tax hikes hit consumer confidence, it added.

But the firm bounced back into the black, recording pre-tax profits of £3.5m for the six months to June 30, compared with a pre-tax loss of £8.6m a year earlier.

Shares closed down 5.6p to 342.8p. A dividend for shareholders is to be reintroduced at the end of the year, the first since a payout in 2007 at the height of the property boom.

Chief executive David Ritchie refused to be drawn on how much the payout could be, but said it would be small to begin with.

The group added 1,874 'consented plots' - land with planning permission - to its portfolio, with 80% of them in the south.

The company added it now has a strong bank balance of £79m.

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