The share price of Bovis Homes (BVS) pulled back after the housebuilder revealed that volume delivery for 2016 would be lower than previously expected at between 3,950 and 4,000 homes. Completions across the group's sites slowed during the final month of 2016, with around 180 sales deferred into early 2017.
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As a consequence, full-year pre-tax profits are now guided at £160m-£170m, well adrift of the City consensus. Bovis said that average sale prices were 10 per cent up on 2015, although the operating profit margin was "expected to reduce modestly".