HOUSEBUILDER Bellway today said its order book had slumped by nearly half as it unveiled a 30 per cent plunge in annual profits.
The Newcastle-based firm reported pre-tax profits of £165.7m for the year to July 31, compared to £234.8m a year earlier.
Its order book at the end of September was £342m, 49 per cent lower than the £667m booked at the same time last year.
Chai
rman Howard Dawe said the speed of the deterioration of the housing and mortgage markets had been unprecedented, and the firm would continue to conserve cash and cut costs until the market returned to normal.
He said: "In its long experience, the board has never witnessed such a swift change in the housing market as has been seen in the last twelve months.
"The board has a clear strategy, aimed primarily at conserving cash and reducing the cost base...so that growth may commence when the market returns to more normal conditions."
Bellway sold 6,556 houses during the year to July 31, down 14 per cent from last year's total of 7,638. Its average selling price fell from £173,300 to £169,700 over the year.
The group has axed 35 per cent of its workforce this year to cope with the housing market slowdown.
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