Results round-up

Bovis Homes posted its results for the six months to 30 June on Monday, with an 18% jump in revenue to £412.8m, from £350.7m a year ago.

The FTSE 250 firm’s housing gross profit jumped 19% to £100.3m, while its operating profit grew 18% to £63.9m.

Operating profit margins remained stable at 15.5%.

Bovis reported profit before tax of £61.7m - up 15% - while basic earnings per share grew 14% to 36.5p.

Its board declared a dividend of 15p per share - up 9% on last year’s 13.7p interim dividend - while posting a return of 18.1% on capital employed, up from 15.5%.

Net debt at 30 June was £8m, significantly down from £59m at the same time last year.

“We have delivered a record number of homes in the first half of 2016 which has driven strong profit growth, improved returns and a 9% increase in the interim dividend,” said Bovis Homes chief executive David Ritchie.

Battling low global shipping rates, Clarkson delivered a stable first-half performance that helped its shares return to their level from before the profit warning last month.

Revenue of £147.2m in the six months to 30 June was up just over 1%, while underlying profits before tax were down 9% to £21.8m and underlying earnings per share was down 2.5% to 52.9p.

The interim dividend was maintained at 22p per share.

Management's expectations for full year results remain unchanged from the 4 July update, where the FTSE 250 group has warned 2016's profits will be "materially lower" than last year's, adding now that there would be greater balance between the first and second halves.

"The global shipping industry is experiencing the most challenging rate environment seen in many years which, as previously highlighted, has inevitably impacted the group's performance for the first six months of 2016," said chief executive Andi Case, with the Baltic Dry Index testing all-time lows during the period.

In the short-term, Case said shipping markets are likely to remain tough due to the ongoing supply/demand imbalance hitting newbuild contracts and high levels of spot business limiting visibility of earnings.