Persimmon profits plunge
Housebuilder Persimmon has revealed a 64% slump in half-year profits as it battles a property market downturn.
Underlying pre-tax profits in the six months to June 30 fell to £100.9m from £281.1m a year earlier as house sales plunged to 5,501 from 8,002 in 2007.
The company slashed its dividend from 18.5p a share to 5p and said second- half orders stand at £835.7m, down from last year's level of £1.35bn.