Taylor Wimpey dealt a £1.5bn writedown blow

Grovelawn Financial News 27/08/2008

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First half profits plummet

Investors in Taylor Wimpey will not be inline for any windfalls as the company continues to struggle against a huge downturn in its first half year profits.

The company is having talks with its bankers at it comes to terms with falling share prices and a huge writedown against the value of its lankbanks in Spain, America and the UK. Shares fell 12.9 per cent to 45.25 a drop of over 86 per cent on last years value. A total of 13 of the company's operating businesses out of 39 have been closed down with a total job loss of 900. Pre tax profits showed £4.3 million against £119.8 million for this time last year. Taylor Wimpey's chief executive, Pete Redfern, said that the first half conditions are "very challenging" and said "the group is engaged in constructive dialogue and is not aware of any issues which would prevent these ammendments beign finalised by the end of the year".

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