Redrow profits slashed
Flintshire-based housebuilder Redrow has seen its pre-tax profits fall by almost 50% as a result of worsening market conditions.
Redrow has also reported a 22% drop in revenues to £650m in the 12 months preceeding June 30.
When the writedown on plummeting land values is also taken into account, the company, which is based at Ewloe, near Chester, has experienced an annual loss of £193.9m.
The difficult trading conditions has led to the firm losing 500 jobs since January. In July it closed its Preston Brook and Basingstoke offices in order to battle out the crisis.
Forecasters predicts the coming months will be even bleaker, with forward sales for the current financial year already 45% down, with reservations down 55%.