Faxhill Homes cuts its losses by nearly €15m

FAXHILL HOMES managed to significantly reduce its losses last year but it said the trading environment still remains very challenging.

The Naas-based firm reduced its pre-tax losses from €16.3 million in 2008 to €1.7m last year.

Turnover in the year to the end of October 2009, however, fell from €17.3m to €13.9m. Most of the turnover was derived from the hotel sector (€11.6m) with just €640,781 made in construction. This was up from €371,143 in the previous year.