Builder reports £592 million loss

Barratt Developments and Redrow have released their half yearly figures and both showed big losses in revenue. Redrow’s income fell 58 per cent in the last six months of the 2008 to finish the year with a pre-tax profit of £46.2 million it reported yesterday. Meanwhile today Barratt reported a fall of 23.7 per cent in revenue during the second half of the year, bringing it to a pre-tax loss of £592.4 million. Both firms say they had been hit by falling sales and reduced house and land prices.