Some good and some bad news, but who wants to get involve with the shares at this stage 62p +8p...............
Stock : Barratt Developments (BDEV)
Quote : 62.0p +8.0p
Barratt Developments says no final div
LONDON (Thomson Financial) - Barratt Developments Plc. said it will not pay
a final dividend for 2007-2008 as it announced a cost reduction programme
intended to save 40 million pounds in annualised cost savings, the closure of
two divisions and the loss of around 1,200 jobs.
A review indicates that the group will incur a pre-tax write-down in the
value of land and work-in-progress of approximately 85 million pounds for the
financial year ended 30 June 2008, the housebuilder said.
Forward sales have been "significantly impacted" by the UK housing downturn,
and stood at 0.7 billion pounds, of which 539 million pounds was contracted, at
1 July 2008, down from 1.41 billion on a like-for-like basis in 2007, of which
866 million was contracted.