Westbury's interim results to be "within expectations"

Housebuilder Westbury is expecting interim results within expectations, according to its trading statement released today (Tuesday).

The group said that strong trading in the first half to 31 August showed that activity in the housing market had returned to more "normal and sustainable levels" and held up well during the summer.

Westbury expects margins at 15.5% for the half year compared with 14.5% for the same period last year following its acquisition of Prowting.

Order books have forward sales of £270m secured at the half year.

Completions in the period exceeded 2000 homes at an average price in excess of £190,000.

It added that there were encouraging early signs of recovery in the South East, while the markets in south Wales, the Midlands and the North remain more buoyant.

The group continues to focus on debt levels with gearing expected to be below 75% at the half year compared with 88% in August 2002.