FT: Wimpey to write-down US assets

Current trading conditions in the US were described as “very poor”. Wimpey’s order book value currently stands at some $198m, a 68 per cent drop on last year. In October the company had said the value of the order book was down 35 per cent. Prices and margins are well under last year’s levels. Completions are down 12 per cent and second-half cancellations are 50 per cent. Furthermore, the outlook for 2007 is poor with a further “material” drop in sales values and volumes forecast.