Wilson Bowden joins the £1bn turnover club

Housebuilder Wilson Bowden has become a £1bn-a-year player for the first time. Formed just 17 years ago, the latest acquisitions of Henry Boot Homes and Ward Homes helped push the group into the big league.
Its latest financial results (12 months to December 2003) show a record pre-tax profit of £220m (£180m) on a turnover of £1.2bn, well ahead of last year's figure
of £980m.
Henry Boot Homes, bought in April 2003, cost £47m including the repayments of £19m of borrowings. As a result, the group has sold 526 extra houses under its David Wilson Homes banner at an operating margin of 24.9%, well up on the previous 13.4% figure achieved within Henry Boot.
Ward Homes, acquired in November last year, cost £70m, including the repayment of borrowings of £45m. The name has been retained. "Ward will continue trading from its Chatham head office where it is well positioned for the Thames Gateway expansion," said David Wilson, group chairman.