Wilson Bowden profits leap to £91.4m

A resilient housing market has helped housebuilder Wilson Bowden achieve record first-half profits of £91.4m.

The geographical spread of its operations and the acquisition of Henry Boot Homes were also responsible for a 19% profits surge in the six months to 30 June, it revealed today (Wednesday). Group turnover rose 9% to £490.8m .

Pre-tax profits would have been 23% higher but Wilson took a £2.5m one-off charge on restructuring and goodwill costs following the purchase of Henry Boot earlier this year.

Wilson said that the housing market demonstrated continuing resilience during most of the first half year, slowing only during the first stages of the Iraq conflict.

Chairman David Wilson said: "While the housing market in the first half of 2003 undoubtedly presented varying regional conditions, there was little sign of the market collapse which certain commentators at times seemed determined to foist upon us."

Wilson Bowden is made up of David Wilson Homes, Henry Boot Homes, Wilson Bowden Developments, comprising a commercial development business, mixed use residential and commercial operation Wilson Bowden City Homes.