LONDON, Jan 16 (Reuters) – British housebuilder Bovis Homes Group Plc expects a sharp rise in earnings this year, underscoring the effectiveness of its measures to boost profit margins and shift to the more economically buoyant southern parts of Britain.

“We should see ongoing growth in volumes, price and margins, and the benefit of compounding those three, your bottom line profit starts moving very quickly,” Chief Executive David Ritchie told Reuters.

A focus on margins is helping UK housebuilders recover their footing after several difficult years, supported by lower land prices, cost-cutting and a shift in product mix from apartments towards houses, which is lifting selling prices.

Smaller builders such as Bovis have also been able to adapt more quickly to rocky trading conditions by retrenching out of the north and refocusing on the more prosperous south, as well as ramping up the number of sites it operates from.

This is enabling a profit recovery in the sector, despite flat conditions in the housing market overall and uncertainty around the general economic outlook which is keeping many speculative buyers at home.

Ritchie noted that market activity would remain depressed, but said the fortune of housebuilders was no-longer directly tied to the level of housing transactions.

He added sales had held up in the autumn through to the end of December, a trend which had continued in recent weeks, echoing comments from larger peers Barratt Developments Plc and Persimmon Plc.

LONDON (Reuters) – Europe must foster a return to economic growth across the union to tackle its debt crisis and ensure countries pursuing sound and sustainable economic policies are given funding certainty, Irish Prime Minister Enda Kenny said on Thursday.

European leaders agreed to draft a new treaty to tighten budget controls in the debt-laden euro zone last month, but while this represents significant progress it is not sufficient on its own, Kenny told a Thomson Reuters Newsmaker event in London.

Kenny’s warning follows comments by Italian Prime Minister Mario Monti on Wednesday that it was vital markets recognise its economic policy progress soon given Europe’s third-largest economy still face stubbornly high sovereign debt yields.

“Clearly we are not yet at a point where market confidence in the euro has been restored. We must ensure that more binding, durable and enforceable fiscal rules go hand-in-hand with funding certainty for countries pursuing sound and sustainable economic policies,” Kenny said in a speech.

“Beyond that, we absolutely must start creating the conditions and environment for a return to economic growth and job creation across the Union.”

Ireland has long been trying to twin unprecedented austerity with a return to the economic growth needed to make its debts sustainable, a balance now being tackled across Europe as leaders prepare to discuss how to boost growth and jobs at an EU summit later this month.

Despite success in cutting its budget deficit, slow growth and sky-high borrowing costs have put Ireland’s aim of exiting its EU/IMF bailout in 2013 in doubt, and Kenny said the trust his government has built up with its lenders gives Dublin better hope of winning the improvements to the deal it is seeking.

LONDON, Jan 12 (Reuters) – Europe must foster a return to economic growth across the union to tackle its debt crisis and ensure countries pursuing sound and sustainable economic policies are given funding certainty, Irish Prime Minister Enda Kenny said on Thursday.

European leaders agreed to draft a new treaty to tighten budget controls in the debt-laden euro zone last month, but while this represents significant progress it is not sufficient on its own, Kenny told a Thomson Reuters Newsmaker event in London.

Kenny’s warning follows comments by Italian Prime Minister Mario Monti on Wednesday that it was vital markets recognise its economic policy progress soon given Europe’s third-largest economy still face stubbornly high sovereign debt yields.

“Clearly we are not yet at a point where market confidence in the euro has been restored. We must ensure that more binding, durable and enforceable fiscal rules go hand-in-hand with funding certainty for countries pursuing sound and sustainable economic policies,” Kenny said in a speech.

“Beyond that, we absolutely must start creating the conditions and environment for a return to economic growth and job creation across the Union.”

Ireland has long been trying to twin unprecedented austerity with a return to the economic growth needed to make its debts sustainable, a balance now being tackled across Europe as leaders prepare to discuss how to boost growth and jobs at an EU summit later this month.

Despite success in cutting its budget deficit, slow growth and sky-high borrowing costs have put Ireland’s aim of exiting its EU/IMF bailout in 2013 in doubt, and Kenny said the trust his government has built up with its lenders gives Dublin better hope of winning the improvements to the deal it is seeking.

LONDON, Jan 12 (Reuters) – British housebuilder Barratt Developments Plc unveiled a surge in first-half operating profit and a rise in sales, continuing its steady recovery despite little help from the state of the housing market overall.

A focus on margins is helping UK housebuilders recover their footing after several difficult years, supported by new and cheaper land and a shift in product mix from apartments towards houses, which is lifting average selling prices.

Barratt, one of the larger listed housebuilders, said in a trading update it expected its group operating profit to rise by 40 percent to 61 million pounds ($93.7 million) for the six months through December.

Barratt is due to release first-half results on in February.

Group revenue is expected to rise 8 percent year-on-year to 950 million pounds, albeit against weak comparative figures hindered by bad weather last year.

“We’ve seen a strong first half with our strategy delivering significant improvements in profitability,” Barratt’s group finance director David Thomas told journalists.

This echoed comments from larger rival Persimmon, which said on Monday it expected its full-year pretax profit to rise by half, thanks to higher sales margins.

LONDON (Reuters) – Young Britons are being forced to ditch the aspiration of home ownership that has reigned in the UK for several decades, as new government measures will fail to give many the chance of buying their first home in 2012 and beyond.

Britain is unlikely to shake off its housing hangover anytime soon, with prices and transactions on ice, as the country mourns its housing boom which inflated economic growth, prompting the government to vow to get Britain building again.

New government proposals, which include a mortgage indemnity scheme to support 100,000 new home loans, are tinkering around the edges and failing to address some of the complex issues the country is facing in terms of housing.

“It’s very hard to see that the kinds of measures proposed to date through the housing strategy (will) reboot the market,” said Peter Williams, chairman of housing consultancy Academetrics.

“The government policy review is obviously earnest and worthwhile but it is striking that one has a strategy without any clear aims and objectives or plan; it’s a series of measures,” he said.

Activity in the housing market is stagnant as economic uncertainty, the threat of a renewed recession and rising unemployment are cutting deep in terms of confidence, tipping consumer morale to its lowest level in almost three years.

Moreover a decimated mortgage market in the wake of the financial crisis has left first-time buyers hamstrung by lofty deposit requirements, and pressured banks show few signs of easing lending criteria as they repair their balance sheets and work to meet new regulations.

LONDON (Reuters) – Young Britons are being forced to ditch the aspiration of home ownership that has reigned in the UK for several decades, as new government measures will fail to give many the chance of buying their first home in 2012 and beyond.

Britain is unlikely to shake off its housing hangover anytime soon, with prices and transactions on ice, as the country mourns its housing boom which inflated economic growth, prompting the government to vow to get Britain building again.

New government proposals, which include a mortgage indemnity scheme to support 100,000 new home loans, are tinkering around the edges and failing to address some of the complex issues the country is facing in terms of housing.

“It’s very hard to see that the kinds of measures proposed to date through the housing strategy (will) reboot the market,” said Peter Williams, chairman of housing consultancy Academetrics.

“The government policy review is obviously earnest and worthwhile but it is striking that one has a strategy without any clear aims and objectives or plan; it’s a series of measures,” he said.

Activity in the housing market is stagnant as economic uncertainty, the threat of a renewed recession and rising unemployment are cutting deep in terms of confidence, tipping consumer morale to its lowest level in almost three years.

Moreover a decimated mortgage market in the wake of the financial crisis has left first-time buyers hamstrung by lofty deposit requirements, and pressured banks show few signs of easing lending criteria as they repair their balance sheets and work to meet new regulations.

LONDON, Dec 15 (Reuters) – Getting paid has outstripped security as the biggest issue for many companies returning to war-worn Libya, putting on ice crucial work until the emerging government can pay, delegates at a conference said.

Initial excitement from companies that rushed to return to Libya to bag a slice of an estimated $200 billion reconstruction programme has been tempered by concerns over payment for deals signed under former leader Muammar Gaddafi.

The practicalities of receiving payment for future contracts in a country whose assets are frozen and which has a limited banking system also loom large, as well as the difficulty in identifying Libyan partners who will ensure deals are honoured in a country in political flux.

One firm at the conference held this week has deployed two 60-tonne specialist landmine clearing vehicles to Libya and has teams poised to begin work, but the government’s cash-flow problems and banking difficulties have led to delays.

“We are waiting for the government to have enough money to pay us to start clearing mines,” said Carl Nisser, director at ERW Solutions, which clears mines and explosives. “The British banks do not want us to work in Libya because they do not want to accept money from Libya, and that is another problem.”

Libya’s leadership has expressed growing frustration that three months after Gaddafi’s ouster, only a fraction of the Libyan assets frozen as part of sanctions against his administration, estimated at $150 billion, has been released.

Gaddafi was forced from power in August but by late November only about $18 billion of the $150 billion in seized assets had been released by special dispensation from the U.N. Security Council’s sanctions committee.

LONDON, Dec 14 (Reuters) – Betfair Group, the world’s largest betting exchange, reported first half core earnings at the top end of expectations, driven by a good start to the soccer season and a surge in mobile phone betting.

Betfair, founded 10 years ago by one-time professional gambler Andrew Black and former JP Morgan trader Edward Wray, said the total value of bets rose 7 percent in the first half and it expects to make further progress in the second half.

“These results were driven by an excellent exchange performance following a very positive start to the football season and improved monetisation of activity,” said departing chief executive David Yu.

“We expect to make further progress in the second half and remain comfortable with the outlook for the financial year,” he added.

But spending on leisure activities such as gambling will be squeezed, executives noted, as the consumer environment weakens.

“The signs are encouraging but we’re also pragmatic to know that this is really tough times for the consumer…as leisure spend is tightened, so is the size of the wallet for people to spend on sports betting,” Stephen Morana, chief financial officer and incoming interim CEO, told reporters.

Morana expects mobile betting to continue its 100 percent growth rate into the second half, as the company banks on new technology to drive growth.

LONDON, Dec 9 (Reuters) – British housebuilder Bellway has seen a pick up in sales over the past two months, raising hopes the country’s flagging property market may be finding a floor despite an uncertain economic outlook.

“The second 9 weeks have been stronger than the first 9 weeks, which is unusual, … it’s remarkably resilient,” finance director Alistair Leitch told Reuters, referring to trading in the first 18 weeks of the group’s financial year.

“I can only think people are thinking they’re not going to take a blind bit of notice (of the euro zone debt crisis)… It’s a needs market,” he added.

British house prices edged up in November, beating expectations. But activity remains subdued and prices are likely to dip in the next 12 months, mortgage lender Nationwide said last week.

Leitch said sales in the last 9 weeks rose to 104 per week, from 85 in the 9 weeks prior to that, lifting the 18-week average to 95 sales per week.

Britain’s fourth-largest housebuilder by market value said it expects first-half completions to be 5 percent higher than last year due to a hike in the number of trading outlets as it chases volume growth.

The Newcastle-based firm said reservation rates rose 14 percent in the four months to end-November, while the average selling price increased 7 percent due to a shift towards more traditional family homes.

LONDON, Nov 17 (Reuters) – Coal miner Bumi Plc , a venture between Nat Rothschild and Indonesia’s Bakrie family, said it was on track to hit its 2011 output goal after a 35 percent rise in third-quarter production, with prices ahead of expectations.

Indonesia-focused Bumi has hit headlines over the last week as tensions have risen between the key shareholders, but it provided welcome news for all investors on Thursday, announcing the planned repayment of $482 million of short-term investments to part-owned PT Bumi Resources as part of efforts to slash a crippling $3.2 billion debt burden.

A $251 million loan from PT Bumi to Bukit Mutiara, a holding company, will be fully repaid by 2013, while a $231 million investment with private equity group Recapital would return to PT Bumi next year.

Both Bukit Mutiara and Recapital are connected to Indonesian investor and Bumi shareholder Rosan Roeslani.

Bumi Plc said the two moves, added to the refinancing of a loan from China Investment Corporation (CIC) announced earlier this month, would cut the annual cost of PT Bumi’s debt burden by $100 million. Currently the average rate of interest on PT Bumi’s debt is close to 12 percent, the company said.

Debt reduction and the need to clear up “non-coal” deals were, along with the need for improved corporate governance, central points in a leaked letter sent last week by Rothschild to Ari Hudaya, chief executive of both Bumi and PT Bumi. But Bumi said the repayment was agreed on Oct. 12, well before the public broadside from the financier.

“Whilst this only accounts for around 50 percent of the funds loaned out to related parties, it is a positive start and represents a possible upgrade to our numbers from a debt reduction point of view,” analysts at Liberum Capital said.