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Analysts are predicting a change in tone from Persimmon when it announces its results for the six months to 30 June on Thursday.

The group is expected to announce pre-tax profit of about 拢105m, a 63% fall on the same period last year. Turnover is forecast to be 34% down at 拢998m.

Kevin Cammack, an analyst at Kaupthing, said: 鈥淭he group has been criticised for not telling it as it is recently by making statements designed to create a sense of stability for the customer.

鈥淧eople know how bad things are so there鈥檚 not a lot of point in hiding behind that anymore.鈥�

The group has been criticised for not telling it as it is recently by making statements designed to create a sense of stability for the customer

Kevin Cammack

Alastair Stewart at Dresdner Kleinwort said he expected news on land writedowns. He said: 鈥淲e suspect the group may clarify its expectations of land writedowns of 鈥榯ens of millions鈥�.鈥�

He added: 鈥淎 serious deterioration of tone and an indication that its strategy would be put on more of a war footing would ring alarm bells across the sector in our view.鈥�

Cammack added that the group would also be keen to reduce its 拢900m debt as soon as possible despite operating within its banking facilities.

He said: 鈥淭here鈥檚 a fair bit of work to be done there. There will be a focus on the cash side rather than the profit side. The company needs flexibility in its balance sheet for when the land market picks up.鈥�