LONDON (ShareCast) - Housebuilder Barratt Developments only expects to take £85m write-down in its full-year results and said it has restructured its banking covenants.

The group also said it plans to close two divisions and merge eight divisions into four, resulting in the loss of 1,200 jobs. Anticipated cost savings are expected to be £40m, most of which will be delivered in 2008/9. The cost of implementing the reorganisation is expected to be around £15m, which will be taken in the first half of the 2008/9 financial year.

Total completions in the year to 30 June 2008 rose 8.3% to 18,588 but fell 13.8% on a like-for-like basis, with the second half of the financial year seeing a 12.9% slide on a like-for-like basis.

Taylor Wimpey, Bellway and Persimmon all rose in sympathy.

Discount sports retailer Sports Direct reported a 51.1% fall in full year profit and does not expect to see much growth this year as it battles against a decline in consumer spending.

The group, which is controlled by billionaire Mike Ashley, said underlying profit before tax fell to £85.4m for the 52 weeks ended 27 April 2008 from £174.5m the year before. Sales for the period fell 6.5% to £1.26bn.

Underlying earnings before interest, tax, depreciation and amortisation came in at £150m, just ahead of its previous guidance of £148m.

FTSE 250 - Risers
BSS Group (BTSM) 277.50p +12.23%
Taylor Wimpey (TW.) 33.50p +10.74%
Barratt Developments (BDEV) 59.50p +10.19%
International Ferro Metals (IFL) 98.00p +6.52%
Bradford & Bingley (BB.) 45.75p +5.78%
CSR (CSR) 246.25p +4.12%
DS Smith (SMDS) 117.00p +3.54%
Bellway (BWY) 450.00p +3.51%
Persimmon (PSN) 256.25p +3.43%
Domino Printing (DNO) 297.25p +3.30%

FTSE 250 - Fallers
F&C Asset Management (FCAM) 109.00p -19.71%
Sports Direct International (SPD) 62.50p -12.89%
Debenhams (DEB) 31.75p -8.63%
Burberry Group (BRBY) 397.50p -7.45%
Aveva Group (AVV) 1,404.00p -7.14%
Soco International (SIA) 1,588.00p -6.70%
Trinity Mirror (TNI) 75.75p -6.48%
Tate & Lyle (TATE) 399.00p -5.06%
Punch Taverns (PUB) 255.00p -4.76%
PartyGaming (PRTY) 225.00p -4.66%

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