CHRIS MILLINGTON | NUMIS
Bovis’ H1 update is in line with expectations…We believe that Bovis is a quality housebuilder and efforts to rebuild revenue and margins should ensure that profit continues to grow strongly. However, we still hold concerns over the low rate of asset turn and believe that this will hold back the return on capital employed.
SIMON BROWN | NORTHLAND CAPITAL
Despite the warnings of a flat housing market, we believe the housebuilders can achieve profit growth thanks to some specific attributes and self-help….Bovis has all the necessary attributes and we would expect solid progress to be reported from its growing number of newer sites.
MARK HUGHES | PANMURE GORDON
These results are strong and ahead of our expectations, particularly with regards to comments on build cost reductions and overall operating margin… With this positive statement behind them, and a number of new site openings supporting volumes, we believe the shares now offer good value…