LONDON Feb 20 British housebuilder Bovis Homes
, whose boss left in January just days after the firm
warned it would not meet market expectations, said its full-year
pretax profit fell in 2016 and it will build fewer homes this
Bovis surprised the market at the end of December by saying
it would miss market forecasts after failing to build the
volumes it anticipated in 2016, with the turbulence prompting a
shareholder to suggest it merges with a rival.
At the time it said profit would come in at between 160 and
170 million pounds ($210 million) but on Monday the firm posted
a 3 percent drop to 155 million pounds.
It built nearly 4,000 homes last year but said it expected
volumes to fall between 10 percent and 15 percent in 2017 before
a return to "normal industry production," despite almost all its
peers building more homes and posting bumper profits.
Last month, shareholder Schroders Investment Management
wrote to London builder Berkeley asking it to
consider a merger, but sources close to both firms told Reuters
there was little logic in such a tie-up.
($1 = 0.8046 pounds)
(Reporting by Costas Pitas, Editing by Paul Sandle)