Housebuilder's year end results show fall in profit from £409m to £278m and slowdown in turnover from £2.3bn to £2.2bn.

Housebuilder George Wimpey has unveiled year end results showing a 32% dive in profit from £409m to £278m, reflecting "challenging" market conditions.

Wimpey's results for the year ended 31 December 2005 showed a slowdown in turnover from £2.3bn to £2.2bn, down 5%.

Commenting on the results, John Robinson, Chairman said: 'Although 2005 was a challenging year for George Wimpey we emerged from it stronger and better placed for the future. Our strategy of investing in Morrison Homes in the US, has helped partially to counter the impact of more difficult trading in the UK.'

Group Chief executive Peter Johnson, who is retiring on 30 June 2006, will be replaced by UK shief executive Peter Redfern.

Johnson said: 'We have created a strong business in the US which has outperformed in a strong market. We have taken the necessary actions to address the areas of weakness in our UK business. We have sound businesses which are now well-placed to deliver our strategy of growth.'