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Exceptional results boost Bovis to £300M in run-up to flotation

BOVIS IS being valued at £300M by City analysts in the run-up to the firm's flotation next month.

Bovis chief executive Luther Cochrane said exceptionally good results for the first six months' trading this year had encouraged parent company P&O and Bovis management to push ahead with the stock market launch.

Bovis's portfolio is to be published on 28 or 29 September. A decision on how many shares are to be issued and at what price has still to be reached.

Contracting and construction management helped Bovis turn in a £12.3M operating profit for the first six months of this year against £9.6M for the same period last year. Operating profit for the whole of 1998 was £24.1M, up 53% on Bovis's £15.8M profit in1997.

The company is expecting to win more competitively tendered work in the Asia Pacific region as its economies regain strength. Activities in the region contributed 11% to interim profits.

Cochrane was also optimistic about continuing growth in the European and US markets, which delivered 49% and 40% of interim profits respectively. Bovis is pursuing negotiated contracts in these markets as the best way of delivering profit on turnover.

Following the float, Bovis chairman Sir Frank Lampl is to become life president and P&O non-executive director Rodney Galpin will be made non- executive chairman.

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