Another £50m writedown for Galliford

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Two months ago Galliford said it would be taking exceptional charges of £11.5 million after a review of the value of its land.

But there has since been a "significant deterioration in the housing market". Today Galliford told shareholders that it would be taking a further writedown of £50 million.

At its annual meeting, chief executive Greg Fitzgerald admitted the depth of the current slump, saying conditions have worsened in the last few weeks.

Galliford said in statement: "The affordable housing market has now paused as it comes to terms with the downturn in the wider housing market, although we expect the Government will be keen to promote a recovery in activity levels as soon as practicable."

Galliford's share price fell 5¼p, or 13%, to 35½p.