Bovis Homes is bullish about future market prospects despite suffering a slight slowdown in sales in the immediate aftermath of the Brexit vote.

The house builder is reassuring subcontractors that it is business as usual across its sites.

Bovis Homes said: “Our production programmes are being maintained to deliver an appropriate level of work in progress going into 2017 and we have reassured our subcontractor base with the positive message that we are continuing with our production across all geographical regions.”

The firm added that it was seeing “reservation rates improving after a short term slow down in July.”

Chief Executive David Ritchie said: “Whilst it is too early to judge the impact of the EU Referendum and the Bank’s monetary policy response on the UK housing market, the underlying market fundamentals for UK housing remain positive. 

“We have been pleased with the resilient level of interest shown by potential home buyers contacting us.  

“Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns.  

“Overall, we remain confident in our strategy to deliver long-term growth in shareholder returns.”

Half year results to June 30 show pre-tax profits rose to £61.7m from £53.8m last time as turnover increased to £412.8m from £350.7m.

Via Construction Enquirer. View full article here.