Housebuilder's profits plummet 96%

Updated 09.14 Wed Aug 27 2008

Keywords: profits, credit crunch, Taylor Wimpey

Housebuilder Taylor Wimpey has said its first-half underlying profits dived 96 per cent to £4.3 million as it wrestled with the housing market downturn.

The firm, which is the UK's biggest homebuilder by number of properties built, racked up overall pre-tax losses of £1.54 billion.

The firm, which is the UK's biggest homebuilder by number of properties built, racked up overall pre-tax losses of £1.54 billion

This was 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.

Debt-laden Taylor Wimpey also said it is working to amend its borrowing agreements.

It said it hoped these would be finalised by the end of the year.