Housebuilder Bovis Homes has reported an 80% drop in half-year profits.

The company announced that its profits slumped to £149.3 million of revenue in the first half of 2008, a fall of 43%. It is believed to be the toughest period of trading it has ever experienced.

Commenting on the results, David Ritchie, Chief Executive of Bovis Homes Group PLC said: "The Group considers that the current difficult trading environment will continue for the foreseeable future with continued poor mortgage liquidity limiting housing market activity. Actions continue to be taken to conserve cash and a realistic approach is being taken in respect of achievable net prices for the Group's available homes to facilitate delivery of required volumes for the remainder of 2008."

-- Advertisement --

Bovis, based in Kent, has already cut around 400 of its staff and closed its eastern regional office.

(CD/JM)