29/08/2008

B&B Reports Massive Pre-Tax Losses

UK buy-to-let specialist Bradford & Bingley has reported massive pre-tax losses for the first half of this year.

The company posted a loss of £26.7 million compared to a pre-tax profit of £180.4 million in the same period last year.

Credit impairment charges for the six months rose to £74.6m up from £5.3m in the same period last year.
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Commenting on the results, Rod Kent, Chairman, said: "In the light of the turbulence in the banking and housing sectors, the first six months of this year have been very challenging for B&B. Although we clearly signalled this at our announcement on 2nd June, the results for the half year are, of course, disappointing.

"The Board's priority has been to ensure that we can continue to fund our business safely and we have achieved this. With a strong capital base following our rights issue, our new Chief Executive, Richard Pym, will review our plans for the business to enable us to continue to operate effectively in these economic conditions."

The firm said it is renegotiating a contract with GMAC-RFC to take into account the changing economic conditions.

(CD/JM)

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