Bovis shares slide despite record profit prediction

By Hamish Champ2018-11-15T07:00:00

Corporate turnaround continues, but shares tumble as housebuilder warns Brexit concerns still present

Shares in Bovis dived by nearly 7% this morning as the housebuilder said Brexit jitters were stifling sales from discretionary home buyers and it was upping its part-exchange scheme.

The housebuilder, which is in the middle of an overhaul by chief executive Greg Fitzgerald, said its sales rate per outlet per week for the year to date was level with last year – 0.51 – and pricing was in line with expectations.

But despite predicting it would deliver “record profits” Bovis warned that Brexit uncertainty was putting off discretionary buyers and it had ramped up its use of part-exchange facilities to around 15% of reservations in the second half of the year.

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