Housebuilder overcomes last year's 拢78.7m pre-tax loss on the back of 拢281.5m turnover

Bovis Homes has announced pre-tax profits of 拢4.8m in its preliminary results for 2009, up from a pre-tax loss of 拢78.7m the previous year.

For the year ended 31 December 2009, the group generated 拢281.5m of revenue and completed 1,803 homes compared to a turnover of 拢282.3m in 2008 and the completion of 1,817 homes.

Commenting on the results, David Ritchie, the chief executive of Bovis Homes Group said: "The Group has successfully delivered on its strategic objectives for 2009: achieving a pre-tax profit, increasing private homes reservations in the year by 82%, reducing overheads by 34% and generating 拢221m of cash inflow including the 拢59m benefit of an equity placing鈥�.

The Group has successfully delivered on its strategic objectives for 2009

David Ritchie

Bovis Homes has acquired four consented sites in the last quarter of 2009 and agreed terms in principle at the year end on a further 15 sites, all of which have been progressed during the early part of 2010.

The company reports 拢112m of net cash in hand at 31 December 2009 positioning it well to increase output as markets recover.

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