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UK builder Bovis on track to meet 2017 profit expectations

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UK builder Bovis on track to meet 2017 profit expectations

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LONDON (Reuters) – British housebuilder Bovis <BVS.L>, the subject of two failed takeover bids earlier this year after it warned on profits, said it was on course to meet profit expectations in 2017 as its new chief executive tries to turn the business around. Bovis is expected to post a 20 percent drop in full-year pre-tax profit to 123 million pounds, according to a Thomson Reuters poll of 12 analysts, as it builds fewer homes and focuses on quality to tackle customer complaints. “We are confident of delivering profit, pre one-off and exceptional costs, in-line with the board’s expectations for FY 2017 and a significant improvement in profits for FY 2018,” the housebuilder said on Tuesday. ​

(Reporting by Costas Pitas, reporting by James Davey)
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