Housebuilder Bovis Homes has announced a £78.7 million pre-tax loss for 2008, compared to a £123.6 million profit in 2007.

The company completed 1,817 homes in 2008, about a third fewer than the number completed in 2007.

Commenting on the results, David Ritchie, the Chief Executive of Bovis Homes Group PLC said: "2008 has been an unprecedented year. Declining mortgage finance availability and poor economic conditions, allied with low consumer confidence, brought about the toughest trading environment for many years. In response to this, during the year the Group has restructured its operations, sharply reduced its expenditure on land and production, renegotiated its banking agreements and focused its management on the need to manage cashflow in trading conditions which lack good forward visibility."

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Bovis also reduced its workforce in March 2009, from 1,039 to 441 employees.

The group confirmed it will not be paying a final dividend this year.

(CD/JM)