Taylor Wimpey profit falls on challenging market conditions
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Posted 27 August 2008 @ 09:51 am GMT
Housebuilder Taylor Wimpey reported a sharp fall in first-half profits and said it was scrapping its interim dividend due to challenging market conditions in the UK, US and Spain.
REUTERS/Darren Staples
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first half profit taylor wimpey
First Great Western to invest £29 mln in service improvementsThe company posted 4.3 million pounds in profit before tax and exceptionals for the six months to end-June, compared with 119.8 million pounds last year.
Taylor Wimpey repeated it was likely to breach its existing interest cover covenants when tested for the full year, but expected a satisfactory conclusion on borrowing negotiations by the end of the year. It remained in full compliance of its debt covenants, it added.
(Reporting by Marc Roca; editing by Sue Thomas)
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