TayloWimpey hit by overseas write-downs

Housebuilder Taylor Wimpey revealed a jump in underlying UK profits today, but racked up an overall loss thanks to hefty write downs in its overseas markets.

The group, which sells homes under the brands George Wimpey, Bryant Homes, G2, Wilson Connolly and Laing Homes, saw pre-tax profits in the UK rise 14% to £608.5m (€793.2m) for 2007.