Bovis Homes paid £2.8 million in advisory fees for its failed merger proposals with housebuilders Redrow Homes and Galliford Try.

In March, the FTSE 250 company announced it was rejecting both advances after it reported lower-than-expected annual pre-tax profits of £154.7 million in February.

The costly takeover talks – which could have created one of Britain’s largest housebuilders – are the equivalent to the price of eight three-bedroom homes on its latest Orchard Fields development in Maidstone.

They came as it set aside £7 million to pay compensation to customers after missing construction targets.

The late completions eventually led to the departure of its former chief executive David Ritchie.

However, its new boss Greg Fitzgerald said the firm had made “clear progress” in addressing the issues, where it paid some customers as much as £3,000 to move into incomplete homes.

The New Ash Green-based company revealed it has opened eight new sites since the start of the year in a trading update on the day of its annual general meeting in Tunbridge Wells on Tuesday.

However, it will continue its plan to slow its production rate this year, with the number of house completions expected to be 10% to 15% below last year’s level.

Chief executive Greg Fitzgerald said: “I am confident that Bovis will return to being a leading UK housebuilder and excited by the challenge ahead.

“The clear focus for 2017 is on improving our production processes and efficiency thereby ensuring we deliver quality homes to our customers.

“By the end of June, I will have visited all our developments and met the majority of our people.

“We have already identified improvements to streamline the business, provide greater focus and be more agile.”