Bovis shares drop 9% after ‘difficult year’

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Bovis Homes sank to the bottom of the FTSE 250 on Monday morning after the housebuilder admitted a “difficult year” had caused a 3 per cent drop in profits.

Shares in the company fell as much as 9.6 per cent, and were down 8.9 per cent at publication time, to 767p, putting them on track for their worst one-day fall since the days following the EU referendum.

While the referendum sparked fears about a potential sharp downturn in the UK’s housing market, most of Bovis’ peers have seen little impact on trading. However, Bovis chief executive David Ritchie resigned last month after the company issued a profit warning, and it emerged that hundreds of customers had complained of poorly built or unfinished homes.

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