Galliford Try in 50 million pounds housebuilding writedown

[bob123]

Galliford Try , warned that it would have to make a 50 million pounds
writedown on its housebuilding operations in the first half of 2008/09
and said it was taking "a more cautious view" of prospects for both
this year and next.

The group is the latest builder to warn of deteriorating trading
conditions following a similar warning from Rok earlier this week and
gloomy updates from Redrow and Bovis Homes Group .

Galliford Try, said while the performance of its mainstream
construction activities remained strong, prospects for housebuilding
had deteriorated. The company said that since September consumer
confidence has plunged to new lows as tighter credit conditions and
the availability of mortgage finance has hit sentiment.

As its outlook become more cautious and technically doesnt seem too
good so i think price should decline furthermore.