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At 11:55 GMT, the housebuilder's stock was down 6p to 115.8p in London after it released a trading update.
The firm stated that it made a pre-tax loss of £48.5 million in the six months to December 31st, lower than the £80.6 million loss it recorded in the same period the year before.
There was a year-on-year increase in the average selling price of a home - which climbed to £166,300 - but total completions were down to 5,053 and revenue dipped to £872.4 million.
Group chief executive Mark Clare said that the company expects "significant improvements" in operating margins in the second half of the current financial year.
"During the last six months, we have improved our trading performance, successfully refinanced the business and invested in new land," he added.
Posted by Greg Secker
