Construction and housebuilding group Galliford Try is planning to make a further 拢50m writedown in the value of its land holdings as it warned profit for the coming financial year may be lower than expected.

The firm said it was likely to write down the land because of 鈥渇urther significant deterioration鈥� in the housing market since its announcement of a 拢9.1m land writedown in its full-year results in September. It said cancellation rates had increased to 28%.