Ben Bailey's healthy margin

Housebuilder Ben Bailey lifted its operating margin to 21.9% last year, well ahead of the 2002 figure of 16.4%.
Turnover for 2003 of £63m generated a pre-tax profit of  £9m. The average selling price rose to £140,000, an increase of 15% on the previous figure of £122,000.
Ben Bailey's area of operation lies between Leeds and Nottingham, taking in parts of Yorkshire, Nottinghamshire and Lincolnshire.
Sales of houses climbed to 450 and future expansion has been catered for by a strengthening of the size of the landbank. At
the latest year-end this stood at 1,450 plots, well up on the 950 at the same stage of the previous year.
Expansion has been partially funded by extra borrowings, with the result that gearing (the group's ratio of debts to assets) has jumped to 75%, well ahead of the previous figure of 38%.
Ben Bailey's average creditor payment period was little changed at 57 days.