Bovis Homes Group’s pre-tax profits fell by a staggering 84% during the first half of the year.
The housebuilding group recorded profits before tax of £9.5m, down from £58.4m in the first half of 2007. Adjusted to factor in a £2.2m restructuring cost, which includes reducing its workforce by 40% since the start of the year,pre-tax profits rose to £11.7m, although this still amounts to an 80% decline year-on-year.
Revenue was also down 43% to £149.3m from £259.9m.
Chief executive David Ritchie said Bovis had already taken “decisive action” to reposition itself in light of the “toughest trading period it has experienced in its time as a public company”.
“It has largely avoided new investments in consented land, has reduced production levels and has restructured to cut operating costs,” Mr Ritchie said.
Last week, Persimmon announced a 64% slide in its pre-tax profits to £100.9m.
