Bovis Homes plc - Trading in-line, but strong cash position a positive surprise

Davy Research
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There are no negative surprises in the trading update from Bovis Homes, with trading in-line with expectations. Outlook comments remain positive, with little sign of the weakness cited by Redrow and Persimmon. The group’s internal initiatives are starting to bear fruit, especially on the cash flow front. The disposal of its shared equity portfolio has helped the group reach a net cash position of c.£100m, well ahead of market expectations.