Housebuilder Wilson Connolly has "an excellent 2002"

Wilson Connolly had an excellent 2002, boosting pre-tax profit by 29% from £35.1m to £54.6m on a largely stagnant turnover of £714.9m.

Wilcon improved its margins from 9.7% in 2001 to 10.7% last year. In fact in the second half margins improved by one and a half percentage points to 12.6%.

The number of completions was down on 2001 (4,002 against 4,582), but the average selling price was higher at £169,000 (£143,000).

Wilcon has set about reducing its build costs with a core range of house designs. Timber frame usage has been restricted to those sites where it makes commercial sense. Savings for the year were £13.8m.

The group's forward order book stands at £224m, 136% up on 2001.