March 1, 2018 / 7:21 AM / a year ago

Builder Bovis says volumes will grow in 2018 after profit slump

FILE PHOTO: A builder works at a Bovis homes housing development near Bolton, Britain, July 9, 2008. REUTERS/Phil Noble/File Photo

LONDON (Reuters) - British builder Bovis, which is undergoing a turnaround plan after seeing off two takeover bids last year following a profit warning, said its volumes would grow in 2018 as it posted a slump in profits in line with expectations.

Pre-tax profit before exceptional and one-off items fell to 124.3 million pounds in 2017, in a year when Bovis lost its boss after customer complaints over poor workmanship at some of its properties.

New Chief Executive Greg Fitzgerald has been turning the business around since his appointment and promised a better performance this year.

“In 2018, we will deliver a controlled increase in volume, continue to build upon our high level of customer service, drive profitability, and complete our balance sheet optimisation,” he said.

Reporting by Costas Pitas; editing by Kate Holton

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