Bett profit up to £35m

Bett Homes, the rapidly expanding Stirling-based housebuilder, has reported a pre-tax profit of £35m on a £240m turnover.
A change of financial year-end means that the group's latest figures cover a 16-month period to 31 December 2003. Gladedale Group, another housebuilder, acquired Bett in May 2003, taking it private. Before that, Bett had been quoted on the
Stock Exchange.
In the previous 12-month financial period, Bett logged a pre-tax profit of £17m on a £120m turnover.
As a result of the Gladedale move, Bett's former chief executive Ronnie Hanna stood down, rewarded with a golden handshake of £835,000.
Bett Homes has four operating divisions based in Scotland (two), north-east England and north-west England. Typically selling prices are in the £175,000 to £200,000 range. Prices have been rising.
Finance director Keith Douglas said: "The industry's skills shortage has an impact on us as there is a finite number of joiners, plumbers and bricklayers. We mainly operate through subcontractors. Most operations are running smoothly, but in some areas guys are holding us to ransom."
Bett's final salary pension scheme assessed to FRS17 shows assets of £13m and liabilities of £17.9m, representing a
26% shortfall.