Bovis Homes Group reports 71% rise in trading

Bovis Homes Group has announced in an interim statement that the level of trading for the first 17 weeks of 2009, to 1 May, is 71% up on the same period last year

In the first 17 weeks of trading to 1 May 2009, the Group achieved 638 private reservations, some 71% ahead of the comparable position in 2008 of 373 private reservations, although this level of trading remains 25% lower than that achieved in the comparable period of 2007.

To drive cash flow, the Group has prioritised the sale of its advanced build stock with over 400 private reservations being completed stock homes and around 200 private reservations being stock at or beyond the roof build stage at the date of reservation.

The Group has successfully reduced its unsold finished stock from around 1,000 homes at the start of the year to around 600 homes currently, a significant 40% reduction.

The group said it remained cautious in its view of the housing market, given the poor availability of mortgage finance. Total sales in 2009 would largely depend on the strength of the market between now and the end of October, it said.