In a trading statement last week, the urban regeneration specialist blamed a lack of completions in the half-year for the fall in profit as well as a drop in demand for £300,000-plus houses.
The statement said: "The timings of completions from the increasingly large and complex regeneration projects will be more than usually weighted towards the second half of the year."
The group said it still expected to improve pre-tax profit for the year to 30 September. The firm stressed that it had one of the strongest strategic landbanks in the sector, providing a platform for future growth.
This target gives the group a huge amount to do
Analyst Teather & Greenwood
The statement said: "The directors believe that the group's prospects remain good and expect the group to continue to show improving results in the coming years."
A note on the trading statement by analyst Teather & Greenwood said it expected year-end results to be £37.5m (about £1m more than the 2002/03 figure) – a downgrade from its previous expectations of £42m.
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