Bovis Homes has reported net cash for the first time in two years – the latest sign of a recovery in the UK’s struggling housebuilding industry.
The group’s net debt was £8m at the end of June but that figure has since improved, with Bovis reporting net cash of £7m.
The positive figure was due to £94m of cash raised over the past six months, through reducing building work, selling off an overhang of properties acquired through exchange deals with home buyers, and a £22m tax rebate.
David Ritchie, chief executive, said the group was hoping to use its cash to buy cheap land, and planned to make some purchases towards the end of the year.
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