LONDON (ShareCast) - Housebuilding and property firm Oakdene Homes saw profits for the year fall and said home sales will be at lower levels for the rest of the year.
Pre tax profit for the 12 months fell to £5.5m from £8.2m before on turnover that fell to £36m from £46m previously.
The group said housing market was strong in the first half but it had little to sell. Its last few units were virtually all sold by the end of June. Sales progressed well during the second half of the year but slower due to the banking crisis.
“In these uncertain times it is difficult for anyone to forecast the future with any accuracy,” said the group.
“We believe that the number of house sales generally in the UK is likely to stay at these low levels for the rest of the year but, following the recent reduction in interest rates and the Bank of England's initiatives to improve liquidity in the money markets, it is hoped that this will help mortgage providers in offering credit to customers and hence improve the number of unit sales,” it added.
The group said it expects to continue to generate sales for the rest of the year to produce a satisfactory outcome for 2008.
