Wimpey should meet high expectations

George Wimpey's latest trading statement, issued this morning (Monday), says that its financial results for 2003 - expected in late February - will come in "around the top end of current market expectations".

The information has been interpreted by analysts to indicate a pre-tax profit of around £290m on turnover of £2.6bn.

The Wimpey statement added: "We will enter 2004 with healthy order books. We will continue to focus on operating margins by managing costs and buying land on better terms, and limiting our exposure to higher priced markets."

The group's UK housing business is likely to show an average selling price of £167,000 for George Wimpey Homes, some 13% ahead of the figure for 2002, and an average figure of £310,000 for Laing Homes, ahead by 12%.

Operating margins for both George Wimpey and Laing Homes will be ahead of 2002.

The statement said: "The UK housing market continues to be underpinned by a shortage of supply, caused by continuing planning delays and good affordability. We welcome the Barker Review as a constructive contribution to the debate on how to increase the supply of housing to meet demand."