UK House Builder Bovis To Resume Dividend At Year-End

9th Jul 2010 07:58

LONDON (Dow Jones)--U.K. house builder Bovis Homes Group PLC (BVS.LN) Friday said it is to resume paying a dividend at the end of the current financial year. The company said the payment, on the basis that current market conditions in the new homes market continue, follows board confidence in the medium term thanks to new investment and a strong cash position, which at June 30 stood at GBP79 million. Bovis said in a statement that for the six months to June 30, completed home sales rose 6% to 803 from 754 in the same period last year. The average net sales price in the period fell to GBP158,500 from GBP159,700, it said. On a cumulative basis for completion this year, sales reached 1,474 homes, up from 1,364. The group said it has added around 1,900 consented plots to its land bank since the start of this year, 80% of which are located in the south of England at a cost of approximately GBP107 million. It has also agreed terms to acquire around a further 2,500 plots. Bovis, like other house builders, has endured one of the worst downturns in decades as the lack of mortgage financing hit demand for houses. -By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; [email protected] (END) Dow Jones Newswires July 09, 2010 02:58 ET (06:58 GMT)