Formation Group swings to loss, blaming pressure on housing market
Source - SMW
House builder Formation Group swung to an annual loss after if failed to source many new development opportunities.
The company booked a pre-tax loss of £152k, swinging from a profit in 2016 of £2.8m.
'The more cautious investment activity is predominantly due to the uncertainty of the UK economy, both before and after the Brexit referendum,' the company said.
"House prices in London, the group’s key market, have been volatile though the reporting period.'
'Every effort is being made to source further development and investment opportunities, and the Group is continuing to seek out new opportunities.'