Profits slump at builder Berkeley

House builder Berkeley has seen its annual profits slump more than a third in the face of "extremely challenging" trading conditions.

Reporting its results for the 12 months to 30 April, its pre-tax profit fell 38% to £120.4m from £194.3m a year ago.

Annual revenues at the company fell 29% from £991.5m to £702.2m.

Berkeley said it had been hit by both the wider recession, and the increased inability of would-be buyers to secure a mortgage from their bank.

Berkeley's woes have been replicated across the house building sector.

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