LONDON (dpa-AFX) - Bovis Homes Group plc (BVS.L) reported profit before tax of 154.7 million pounds for the year ended 31 Dec 2016 compared to 160.1 million pounds, prior year. Profit for the year attributable to equity holders of the parent decreased to 120.8 million pounds or 90.0 pence per share from 128.0 million pounds or 95.2 pence per share.
The Group generated total revenue of 1.05 billion pounds, an increase of 11% on the previous year. Housing revenue was 1.02 billion pounds, 12% ahead of the prior year with average sales price increased by 10%.
The Board will propose a 2016 final dividend of 30.0 pence per share. This dividend will be paid on 19 May 2017 to holders of ordinary shares on the register at the close of business on 24 March 2017. Combined with the interim dividend paid of 15.0 pence, the dividend for the full year totals 45.0 pence, an increase of 13% from 2015.
The Group said it is focused on making 2017 the year when it re-set the business and deliver on operational priorities. Reflecting this, the Group said it is slowing rate of production and targeting completion volumes for 2017 to be approximately 10% to 15% below the 2016 level, before a return to normal industry production levels. The Board intends to recommend maintaining the dividend at the level declared for 2016.
Bovis Homes said it is commencing a fundamental review of its strategy and structure, including medium term aspirations for growth, the basis of capital allocation to land bank and other assets, geographic coverage and organisation design.
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