Bovis Homes will resume paying dividends next year, the housebuilder said yesterday, as sales volumes increased and the group continued to expand its land bank.
The company scrapped its dividend 18 months ago after the housing downturn forced it into a debt restructuring , a programme of job cuts and a heavier reliance on government-supported social housing construction.
However, Bovis said that assuming the market continued at its current level, the group would pay a dividend at the end of its current financial year in six months’ time, prompted by its greater confidence in the housing market and its strong net cash position, which stood at £79m at the end of June.
Financial Times 10/07/10 page 16, The Times Business 10/07/10 page 50, The Independent 10/07/10 page 56
