Wimpey builds up operating margin...

Wimpey's operating margin of 17% represents a huge upward surge in the housebuilding group's performance. Last year's figure was 14%.
For many years after the merger with Tarmac, Wimpey was unable to break through the 10% margin barrier, even though competitors were pushing towards figures of 15% and 16%. But now Peter Johnson, chief executive, feels the company has at last achieved "an efficient build process".
He said: "There had been a fair amount of earlier work still to finish, leaving the question 'will we be able to change?' still unanswered. Now we've done it. It's tougher to achieve big margins when you're bigger as you've got to sustain volume, so we're not up with [figures from] Bovis Homes and Redrow.
"But in our peer group of Taylor Woodrow, Bellway, Barratt and Persimmon, I expect to be among the best, if not the best, in terms of operating margin improvement."
Wimpey's turnover (12 months to December 2003) was 11% higher at £2.9bn (£2.6bn) with pre-tax profit moving ahead to £380m (£290m), a rise of one third.