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U.K. builder Redrow slips after warning on completions

LONDON (MarketWatch) — Shares of U.K. builder Redrow slipped 2% as the firm said the trading environment has deteriorated to an even greater extent than it had anticipated on Feb. 28, when it last provided an update on performance. As at the end of April, its order book in the homes operations was 26.5% down on last year. In the second half of its financial year, net reservations to date have been running at just under 50% below the levels secured in the same period last year, though that’s parlty on its cautious use of incentives. Legal completions in the financial year in the homes operations are currently expected to be approximately 10% below its previously expressed view.
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Original post by Forextvblog

This entry was posted on Tuesday, May 13th, 2008 at 3:43 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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