Bovis Homes Group

Ticker BVS

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As of 14:05 18 Jul 2018
Market cap. Pound sterling
1,551.96 million
As of 14:05 18 Jul 2018

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Profits fall at Bovis Homes

Bovis Homes development
Bovis Homes

Bovis Homes, one of the biggest housebuilders in the UK, has seen a sharp fall in profits after a year in which it had to fend off two takeover bids and pay compensation for poor quality homes.

In 2017, the firm's pre-tax profits declined 26% to £114m, thanks in part to exceptional items amounting to £10.3m.

The firm spent £3.5m on "customer care provision", plus £2.8m in defending itself from rivals Galliford Try and Redrow, both of whom made offers to buy Bovis.

Bovis said that after complaints over faults in its homes, it had now brought about a "step change" in quality and service.