Write-down hits Bellway
Housebuilder Bellway has suffered a 200% plunge in annual pre-tax profit to £34.8m after being forced to write-down the value of its land by £131.9m.
Reporting results to July 31, the firm said it completed sales of 6,556 homes, against a record high of 7,638 in 2007, despite an "unprecedented" slowdown.
Bellway said it had never seen such a "swift change" in the market, adding it will cut costs and conserve cash.