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Bovis on target as satisfaction levels improve

Bovis Homes expects full year results to be in line with forecasts after a significant improvement in customer satisfaction.

The group said it delivered total completions of 3,645 in a controlled and disciplined manner and expected profit before tax, exceptional and one-off items for the year ended 31 Dec to be in line with management forecasts.

It said excellent progress had been made with balance sheet restructuring resulting in a £145m year end net cash balance and it had a strong forward sales position to support controlled growth in 2018.

It said operational restructuring and cost reduction initiatives had been completed and the group was on track to deliver target of overheads at a maximum of 5% of revenue in 2018.

Chief executive Greg Fitzgerald said: 'The group had a very disciplined year end and delivered against all of its financial and operational targets for 2017.

'There has been a step change in the quality of our homes delivered on completion and I'm pleased to see this reflected in our level of customer satisfaction which continues to improve.

'We've made excellent progress with our balance sheet restructuring resulting in a year end cash position significantly ahead of expectations.

'Our forward order position is strong, and with robust industry fundamentals, we expect the group to deliver a significant improvement in profitability in 2018.'

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