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Analysts tip Bovis despite loss

BOVIS Homes Group PLC yesterday reported a loss of 59 million pounds (US$82 million) for the 2008 year as sales and house prices plunged in Britain's dire property market.

The loss compared to a profit of 86.9 million pounds in 2007. Revenue fell 49 percent to 282 million pounds while the average sale price of homes fell 12 percent. The company wrote down assets by a total of 77.4 million pounds, including 75.2 million pounds on the declining value of its inventory of houses and land.

Imran Akram, analyst at Collins Stewart, recommended Bovis as a "buy."

"Bovis has a low level of land creditors and also high stocks of finished, unsold homes. This will allow the group to materially cut debt this year, giving Bovis one of the lowest levels of debt in the sector," Akram said.


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