StockMarketWire.com - City of London Group's first-half losses widened as its Milton Homes business was hurt by a slowdown in the housing market.

For the six months ended 30 September, pre-tax losses widened to £2.3m from £0.2m a year earlier, while net asset value per share attributable to shareholders fell to 74p from 81p a year earlier

Milton Homes business generates £1.4m cash in period for reinvestment by Group but it makes a loss of £0.9m before shareholder capital charges due to a negative house price change over the period.

'Milton Homes' first half sales adversely affected by the general slow-down in the housing market which increased the time taken to complete sales but a number of sales in the pipeline are expected to complete in the second half,' the company said.




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