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Bovis reports 80pc drop in profits
27 August, 2008The six months to June 30 this year have given Bovis one of the worst six months on record, as its pre-tax profits record more than an 80 per cent drop.
The six months to June 30 this year have given Bovis one of the worst six months on record, as its pre-tax profits record more than an 80 per cent drop.
Recording just a £9.5 million gross profit for the period, the company noted that the figure stands at just 16 per cent of last year's similar figure of £58 million, leading David Ritchie, chief executive, to refer to the six months as "the toughest period of trading it has experienced in its time as a public company".
The figures have been saved somewhat by the 27 per cent of business Bovis made from social housing projects, which tend to be more reliable and more regular than private housing, which accounted for 73 per cent of its business this year so far.
Yet Bovis' gearing however has remained low at 13 per cent, hinting that the company will be able to remain operating for some time yet before it finally makes any write downs.
The long, drawn-out sale of British Energy (BE) to EDF Energy has come to an end after the French energy firm bought BE for £12.5 billion, it has been reported.
Government hopes to have an EDF Energy-British Energy (BE) tie up within two weeks have been dubbed "optimistic" by the British nuclear company, according to a recent report.
Gordon Brown is facing the prospect of a major defeat over the government's reluctance to impose a windfall tax on energy companies, it has been reported.
The City of London has launched a campaign against Gordon Brown in order to convince him that introducing a windfall tax on energy companies should be avoided.
TaylorWimpey has reported phenomenally poor first half results for the year so far, recording a loss of £1.5 billion, it has been announced.