Housebuilders' results set to spread gloom
Sunday 24 August 2008
Taylor Wimpey and Bovis Homes are expected to report dire half-year results this week.
MF Global Securities has forecast pre-tax profit of £60m at Taylor Wimpey, down 76 per cent on the first six months of last year. Bovis is expected to slump 60 per cent to £18m.
Andrew Gardner, MF's housebuilding analyst, said that the market hoped for an update on Taylor Wimpey's attempts to renegotiate with its banks to avoid breaching its covenants next February. However, Mr Gardner said there was little indication that a deal was any closer than when existing backers failed to bail the builders out last month.
Kevin Cammack, an analyst at Kaupthing, said that "it will be a tough old message from Taylor Wimpey and Bovis". He thought companies were unlikely to call the bottom of the housing market, as Persimmon seemed to do in its results last week.
Costain also reports interims on Wednesday, looking to build on 2007's performance that saw it pay its first dividend in 17 years.
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 3 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 4 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
350 skinny dippers brave Northumberland seas for record attempt at mass naked swim
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...