UK housebuilder Redrow has reported a £46.2 million loss for the first half of its financial year and has warned of more job losses.

The firm plans to cut around 90 jobs after announcing pre-tax losses of £21.2 million, compared to £35.8 million profits a year earlier.

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Turnover was £149.5 million, down from £353.1 million, and the housebuikder completed 1,042 homes, a reduction of just over 50%. Average selling prices fell 13% to £140,500.

The company said it will not be paying an interim dividend.

Chairman Alan Bowkett said: "Redrow responded early to the unprecedented market conditions, taking swift and decisive action within the business. We have implemented a major cost reduction programme which is delivering significant savings, and we are executing tight control of our cash flows."

(CD/JM)