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360 jobs go at Bovis

Wednesday, 9 July 2008

Housebuilder Bovis is to axe 360 of its 900 staff it announced today. Its Eastern regional office is to close.In a gloomy statement, it also said that completions in the first half to June fell by 32% to 851 homes.

Prices also fell sharply with an average net sales price of £196,500 for private homes, compared to £204,500, and £167,500 compared with £189,600 including social housing.

However, the group said it did not anticipate any write downs in the value of its land bank, though this policy was being regularly reviewed.

Going forward, Bovis expects the current tough conditions to continue and any further market falls would likely reduce both the group's achievable net pricing and gross margins.

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