| Tomkins writes down $175m |
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| Thursday, 31 July 2008 | |
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Building materials group Tomkins has unveiled disappointing half year profits, after it was hit by a $175m impairment charge related to the value of its car and housing divisions in the US.
Profit before tax fell to $61.6m in the first half from $293.6m the year before. Sales were little changed at $2.9bn compared with just under $3bn the year before. Adjusted operating profit fell to $243m from $267.8m previously. Chairman David Newlands said, "The group continued to face challenging macro economic conditions in the first half of 2008. Two of our US end markets, automotive original equipment and residential housing, have weakened further since our last update." |
