Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Bovis Homes Group (BVS)

  Print      Mail a friend       Annual reports

Thursday 16 January, 2014

Bovis Homes Group

Trading Update

RNS Number : 7605X
Bovis Homes Group PLC
16 January 2014
 



16 January 2014

Bovis Homes Group PLC
Trading Update

Strong increase in returns in 2013: material growth in forward order book for 2014

Bovis Homes Group PLC is today issuing the following trading update ahead of reporting its final results for the year ended 31 December 2013 on Monday 24 February 2014.

Significant revenue and profits growth

The Group expects to announce a significant increase in profit before tax for 2013, in line with market expectations, driven by the compound positive effect of:

·     a 19% growth in legal completions to 2,813 (2012: 2,355), including a 26% increase in private homes to 2,330 (2012: 1,854);

·     an increase of 14% in the Group's average sales price to £195,100 (2012: £170,700), primarily due to an improved mix of larger homes with a greater proportion of higher value Southern sites; and,

·     a significant improvement in operating profit margin to approaching 15% (2012*: 13.3%), driven both by an increasing contribution from legal completions on sites acquired since the housing market downturn and by improving overhead efficiency.

The strong growth in profitability will enable the Group to achieve its anticipated material improvement in ROCE to in excess of 10% for 2013 (2012: 7.7%).

 

* Adjusted for IAS19R

 

Substantial land investment

During 2013, the Group added 3,737 plots to the consented land bank on 27 sites.  Additionally, circa 2,800 plots on 12 sites were contracted at the year end and are expected to be added to the consented land bank during the early months of 2014, as conditions are satisfied.  At the end of 2013, the Group's land bank stood at 14,638 consented plots, providing over five years of land supply at 2013 volume levels.

Robust balance sheet

As expected, the Group had net debt of £18 million at the year end, having started 2013 with £19 million of net cash, reflecting the Group's significant land investment during the year.

Positive current trading and outlook

Trading has continued to be robust in the latter months of 2013 and this momentum has been maintained into the opening weeks of 2014.

The Group achieved 2,773 net private reservations in 2013, 48% ahead of the 1,873 achieved in 2012.  Net reservations per site per week increased by 34% to 0.59 (2012: 0.44).  Active sales outlets during 2013 averaged 90, 10% ahead of 2012's average of 82.

As at 1 January 2014, the Group held 1,377 forward sales for 2014 delivery, 77% ahead of the 778 forward sales at the start of 2013.  Of these, 692 were private homes, 178% ahead of the 2013 opening position of 249.  The Group also had 685 social housing reservations for 2014 legal completion, compared to the 529 social homes reserved at the start of 2013.

The Group started this year with 94 active sales outlets.  With the land purchases made to date and the continuation of investment in both consented and strategic land, the Group expects to grow its active sales outlets further during 2014.

The combined effect of the strong forward order book, the expected growth in active sales outlets and an improving average sales price will enable the Group to continue to drive revenue growth, assuming stable market conditions.  With improving profit margins, the Group's profits and ROCE are both expected to show further strong improvement in 2014.

Commenting, David Ritchie, Chief Executive of Bovis Homes, said:

"2013 was another successful year for Bovis Homes. We delivered significant growth in profits and returns as a result of our continued strategy of growth through investment in high quality consented and strategic land. Our forward order book is in its best position for many years. 

"With further increases in active sales outlets supported by ongoing assertive land buying, the Group is confident of its future prospects and ability to deliver further significant improvement in returns."

Conference call for analysts and investors

David Ritchie, Chief Executive and Jonathan Hill, Group Finance Director of Bovis Homes will host a conference call at 08:30am today, Thursday 16 January 2014 to discuss the trading update.

To access the call please dial +44 (0)20 3139 4830 and enter pincode 32081377# when prompted.  Please dial in five minutes prior to the start of the conference call to allow time for registration.  A recording of the conference call will be available until midnight on Thursday 6 February 2014.  To access the playback facility, please dial 020 3426 2807 and enter conference reference 645143# when prompted.

Certain statements may be forward looking statements.  Forward looking statements involve evaluating a number of risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by those statements.  Forward looking statements regarding past trends, results or activities should not be taken as a representation that such trends, results or activities will continue in the future.  Undue reliance should not be placed on forward looking statements.

-ENDS-

Enquiries:  

David Ritchie, Chief Executive
Jonathan Hill, Group Finance Director
Bovis Homes Group PLC
Tel: 01474 876200

Reg Hoare, James White, Giles Robinson
MHP Communications
Tel: +44 (0)20 3128 8100


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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