Massive Profit Slump For Taylor Wimpey

Housebuilder Taylor Wimpey has reported that its first-half underlying profits have slumped 96% to £4.3 million, compared to £119.8 million in the same period last year.

The London-based company said it has £1.54 billion in writedowns, after writing off £690 million from the value of its land bank and another £816 million in relation to the merger of Taylor Woodrow and George Wimpey last year.
News Image
In a statement Taylor Wimpey said: "Constructive discussions with the relevant lenders are ongoing and management is of the view that a satisfactory conclusion will be reached."

The UK's biggest housebuilder has already axed 900 staff and closed 13 of its 39 regional offices.

The firm, which operates in the UK, US and Spain, also said average selling prices of houses in the UK dropped by 10% during period.

Chief Executive Pete Redfurn said: "While conditions are likely to remain tough in both the UK and the US in the short term, we are maintaining momentum in the UK and we have seen pockets of stabilisation in the US."


Related UK National News Stories
Click here for the latest headlines.

01 August 2011
Early Measures Will Help SMEs Access Equity Financing
The Financial Secretary to the Treasury has announced that two deregulatory amendments to the EU Prospectus Directive have been brought into effect a year early by the UK to help small businesses access equity finance more cheaply and effectively.
25 September 2008
'Crazy' EU Laws Force Scottish Boats To Dump Fish
Fishermen in Scotland are being forced to throw away up to £40 million worth of fish every year, as a result of "crazy European regulations".
16 May 2008
BA Announce Soaring Profits
British Airways has announced a significant rise in profits despite the botched opening of Terminal 5. BA has reported that revenue is up 3.1% to £8,753 and two million passengers have passed through T5 since it's opening. Staff are also set to share a £35 million bonus. BA say that they expect revenue for the full year to be up by around 4%.
17 September 2003
'Modest' inroads made into reducing truancy
Figures released today have revealed that truancy rates for school children registering a "modest improvement". The headline rate of unauthorised absence declined, with around 700 fewer pupils playing truant each day. Up to 133 of 150 local education authorities have also reported an improvement in attendance at secondary level.
01 September 2003
Taskforce to tackle £400 million film piracy racket
Representatives from across the UK film industry are joining together in a new anti-piracy taskforce to tackle the scourge of illegal film copying and distribution - which is estimated to have cost the UK industry £400 million last year alone, the UK Film Council announced today.