Taylor Wimpey Plc, the U.K.'s largest homebuilder, reported a first-half loss of 1.42 billion pounds (€1.78 billion) after writing down the value of land and said it remains in talks with banks to avoid breaching loan terms.
Writedowns and goodwill adjustments totaled 1.51 billion pounds, London-based Taylor Wimpey said today in a statement. The company posted a year-earlier profit of 20.2 million pounds.
Taylor Wimpey is closing a third of its U.K. offices, shedding 900 jobs and scrapping its first-half dividend as it reels from the country’s most widespread housing slump in 30 years. If it doesn’t reach an accord with lenders, the company may breach its existing banking terms as early as February, Chief Executive Officer Peter Redfern said today
Taylor Wimpey report £1.42 billion loss
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