Wilson Bowden's margin hits 20%

Wilson Bowden's margins hit 20% for the first time ever, an achievement that the rest of the housebuilding sector will have great difficulty in matching.

The group's latest annual results (12 months to 31 December), released today, show turnover up to £980m (a 25% rise on the £790m figure in the previous year) while pre-tax profit hit a record £180m (£140m).

The issue of management succession has been resolved. Ian Robertson, who took on the role of deputy chief executive two years ago in addition to his duties as finance director, will become chief executive on 1 March while David Wilson stays on as executive chairman. Graham Brown moves into the finance director's post.

A total of 4,200 homes were sold at an average selling price of £199,000.