House builder will fix problems by the end of the year
7th September 2017
House builder Bovis Homes has pledged to finish tackling the problems which have affected some of its new homes by the end of 2017.
In a statement in its half year results to the end of June, Bovis, which has its western regional office in Bishop's Cleeve, said its new strategy had put it on the path to sustainable growth.
The company saw half yearly profits before tax fall by 31 per cent to £42.7 million.
Group revenue was up four per cent to £427.8 million and the average house selling price was up nine per cent at £277,400.
The company said its profitability had been impacted by legacy customer service costs, overweight operating structure, investment to change the business and defence costs.
Bovis Homes chief executive Greg Fitzgerald said: "The first half of 2017 has been a period of stabilisation and strategic reorganisation for Bovis Homes Group.
"Since joining the business in April 2017 I have visited all our offices and the vast majority of our developments, and have been hugely impressed by the desire of our dedicated staff to address and rectify the challenges faced by the business.
"As a result I am confident that our new strategy will set the group on the path to sustainable, profitable growth. The new strategy of disciplined volume growth, allied with a renewed focus on customer satisfaction and build quality, will deliver the homes that are required in the locations where people want to live.
"The group's strong balance sheet and valuable land bank mean we are well set to provide the stable returns to shareholders that their patience and support have deserved."
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