Housebuilder announces more job cuts as completions fall 35% in first half of year
Bovis Homes is cutting 400 jobs in response to a large fall in housing sales during the first six months of the year.
The housebuilder said total staff of 930 will be cut to 40% lower than the start of 2008.
In a dismal trading update Bovis also revealed a 35% fall in sales to 1,482 homes in the six months to 30 June 2008.
The group announced the closure of its Eastern regional office and the merger of parts of the Northern and Central offices. Bovis said the jobs cuts and reorganisation will cost £2m but reduce costs by 20%.
The average sales price was £167,500, compared with £189,600 in the first half of 2007. Overall gross housing profit margin was 26% for the first half, a fall of 6% on the same period last year.