Bovis Homes will sharply reduce targets for the number of homes it builds, with new chief executive Greg Fitzgerald saying the company would now aim for 4,000 homes a year by 2019, down from 5,000-6,000.
It is not about size, it is about doing these 4,000 homes well, Fitzgerald said. He also said the company’s geographic reach was too stretched, and it was reducing its regional units to seven from eight under the strategic review.
The company reported a 31% fall in first-half earnings, to £42.7m, while the number of homes built was 5.6% lower on the year at 1,512.
