Menu
29/08/2008
B&B Reports Massive Pre-Tax Losses
UK buy-to-let specialist Bradford & Bingley has reported massive pre-tax losses for the first half of this year.
The company posted a loss of £26.7 million compared to a pre-tax profit of £180.4 million in the same period last year.
Credit impairment charges for the six months rose to £74.6m up from £5.3m in the same period last year.
Commenting on the results, Rod Kent, Chairman, said: "In the light of the turbulence in the banking and housing sectors, the first six months of this year have been very challenging for B&B. Although we clearly signalled this at our announcement on 2nd June, the results for the half year are, of course, disappointing.
"The Board's priority has been to ensure that we can continue to fund our business safely and we have achieved this. With a strong capital base following our rights issue, our new Chief Executive, Richard Pym, will review our plans for the business to enable us to continue to operate effectively in these economic conditions."
The firm said it is renegotiating a contract with GMAC-RFC to take into account the changing economic conditions.
(CD/JM)
The company posted a loss of £26.7 million compared to a pre-tax profit of £180.4 million in the same period last year.
Credit impairment charges for the six months rose to £74.6m up from £5.3m in the same period last year.
Commenting on the results, Rod Kent, Chairman, said: "In the light of the turbulence in the banking and housing sectors, the first six months of this year have been very challenging for B&B. Although we clearly signalled this at our announcement on 2nd June, the results for the half year are, of course, disappointing.
"The Board's priority has been to ensure that we can continue to fund our business safely and we have achieved this. With a strong capital base following our rights issue, our new Chief Executive, Richard Pym, will review our plans for the business to enable us to continue to operate effectively in these economic conditions."
The firm said it is renegotiating a contract with GMAC-RFC to take into account the changing economic conditions.
(CD/JM)
Related UK National News Stories
Click here for the latest headlines.
27 November 2013
Royal Mail Sees Profits Rise In Last Six Months
In the first published results since its partial privatisation, Royal Mail has seen a significant rise in its pre-tax profits. In the six months to September 29 pre-tax profits rose to £233 million, up from £94m the previous year. Royal Mail also reported that a one-off windfall, from a pension reform, boosted overall pre-tax profits to £1.58bn.
Royal Mail Sees Profits Rise In Last Six Months
In the first published results since its partial privatisation, Royal Mail has seen a significant rise in its pre-tax profits. In the six months to September 29 pre-tax profits rose to £233 million, up from £94m the previous year. Royal Mail also reported that a one-off windfall, from a pension reform, boosted overall pre-tax profits to £1.58bn.
12 May 2005
Dixons repeats warning on consumer slowdown
UK-based electrical retailer has again cautioned that it expects a slowdown in consumer spending and decreased prices to hit profits in the remainder of this year. Dixons Group plc's trading statement warned that gross margins were down 0.
Dixons repeats warning on consumer slowdown
UK-based electrical retailer has again cautioned that it expects a slowdown in consumer spending and decreased prices to hit profits in the remainder of this year. Dixons Group plc's trading statement warned that gross margins were down 0.
22 April 2015
Tesco Announce Pre-Tax loss Of £6.4bn
Supermarket chain Tesco, has reported a pre-tax loss of £6.4 billion for the year to the end of February. It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
Tesco Announce Pre-Tax loss Of £6.4bn
Supermarket chain Tesco, has reported a pre-tax loss of £6.4 billion for the year to the end of February. It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
23 October 2014
Tesco Chairman Quits As Profits Plummet
Tesco Chairman Sir Richard Broadbent is to stand down, after the retailer reported a 92% drop in pre-tax profits. The firm also revealed that the accounting black hole in its profits is larger than anticipated.
Tesco Chairman Quits As Profits Plummet
Tesco Chairman Sir Richard Broadbent is to stand down, after the retailer reported a 92% drop in pre-tax profits. The firm also revealed that the accounting black hole in its profits is larger than anticipated.
20 March 2014
Next Annual Profit Increases Of 11%
Clothing retailer Next, which is the biggest in the sector in Britain, has reported a pre-tax profit rise of 11.8%, to almost £700m. The growth in its online and catalogue business, the retailer said. Next total pre-tax profit was £695.2m to the end of January, comapred to the previous financial year it was £621.6m.
Next Annual Profit Increases Of 11%
Clothing retailer Next, which is the biggest in the sector in Britain, has reported a pre-tax profit rise of 11.8%, to almost £700m. The growth in its online and catalogue business, the retailer said. Next total pre-tax profit was £695.2m to the end of January, comapred to the previous financial year it was £621.6m.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
