Bovis resets to hit new targets

Bovis completed 3,645 homes in 2017, down from 3,977 the year before as the firm reduced its rate of production to reset the business following the quality and customer service issues that beset operations in 2016.

Group revenue slipped 3% to £1.028 billion with profit before tax down 26% to £114 million.

The adjustment has been made as the firm, under new chief executive Greg Fitzgerald, has sought to improve the processes and the customer service at the business ahead of achieving new medium term targets – including hitting 4,000 units by 2020.

"I am very pleased with the level of operational progress the group has made during the year,” said Fitzgerald. “We have significantly improved our customer satisfaction through a series of initiatives and controlled period ends. In addition, we have completed our restructuring, invested in our people, systems and processes, and comprehensively reviewed our land bank. The group fundamentals are strong, and with the business turning around I am excited about future years. In 2018, we will deliver a controlled increase in volume, continue to build upon our high level of customer service, drive profitability, and complete our balance sheet optimisation. We will also continue to invest …