Housebuilder says Fee will takeover from Martin Donohue in November and announces 13% profit increase to £120m.

Westbury Homes has announced that Nigel Fee, the managing director of its Home division, will take over from Martin Donohue as chief executive.

Fee, who was today appointeed deputy chief executive, will take over the reigns in November when Donohue retires.

The housebuilder also announced a pre-tax profit of £120m and a turnover of £893m for the year ended February 28 2005. Westbury said that the second half of 2004 was challenging for the housing sector but said that since the beginning of 2005 the market has shown some encouraging signs.

The Space4 manufacturing operation, broke even, compared with a loss of £2.0 million last year, but its financial services business Incresco incurred a loss of £1.5m.

Westbury said that Space4 provided it with a good opportunity for further expansion in the growing market for social and affordable housing, for itself and for third parties. Space4 has now delivered over 4,000 homes.

Westbury says that the fundaamentals of the housing market remain sound and says that demand for new homes continues to outstrip supply and employment levels remain high.

It said it aimed to deliver 7,000 units per annum by 2010. During that period it believed house prices would remain stable and it anticipated that selling prices would increase in line with the general level of retail price inflation.