Bovis boss steps down

Bovis chief executive David Ritchie has stepped down from his post with immediate effect. He will remain with the group until February 28 to assist with the process of transition.

Earl Sibley, the group's finance director, has been appointed interim chief executive and will immediately start the process to appoint a permanent successor which is expected to take several months. Bovis issued a profit warning in late December revealing that it would be building fewer homes than expected in the year.

Commenting on his decision to leave, Ritchie said: "It has been a privilege to serve Bovis Homes as its chief executive over the last eight years as the group has doubled in size and delivered record profits. I believe now is the right time for someone new to lead the group into its next phase of development."

Meanwhile Persimmon, Taylor Wimpey and Barratt have all issued largely positive trading statements to the City. TW ceo Pete Redfern said: "We are pleased to report good progress in 2016, with an increase in housing completions and robust trading despite wider macroeconomic uncertainty. In a market characterised by solid fundamentals, we ended the year with a strong forward order book and made good progress against our enhanced medium term targets. We expect to deliver full year profi tability at the upper end of market consensus."

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