LONDON (Thomson Financial) - Housebuilder Oakdene Homes Plc. said its profit
before tax and exceptional charges was lower for the first half and added that
it suffered from the effects of turmoil in global markets.
The company also said is in breach of covenants with its lenders and is
currently relying on a temporary facility.
However, the company also said it continues talks with bankers around future
banking terms.
Oakdene said although in recent weeks it has seen a welcome increase in
reservation rates and a reduction in cancellations, it is too early to predict
whether this is a sign of an upturn in the market or whether it is entirely due
to normal seasonal factors.
For the six months ended June 30, the company posted a pretax
pre-exceptional profit of 0.65 million pounds compared with restated 1.5
million.
tf.TFN-Europe_newsdesk@thomsonreuters.com
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