Yorkshire-based housebuilder posts 22.9% drop in pre-tax profits, down from £16.4m in 2004 to £12.65m in 2005.
Housebuilder Ben Bailey has blamed increased building costs for a 23% slide in pre-tax profits for 2005, despite increasing its turnover by more than a quarter.
The Yorkshire-based firm posted a 22.9% drop in pre-tax profits, down from £16.4m in 2004 to £12.65m in 2005. However, turnover grew to £103.2m from £81.5m in 2004.
It also reported a record number of houses sold in the year, at 686, up from 527 in 2004. They went for an average selling price of £150,466, compared to £154,650.
Ben Bailey chairman Richard Bailey said: "We are pleased to report that we sold a record number of houses during the year as well as significantly increasing the land bank.
"Profitability was reduced compared to 2004 as the price inflation experienced in recent years levelled out and increased build costs were experienced. We are pleased to report that price levels in our area now appear to have stabilised.
"While economic factors and movement in interest rates will always play a role in our industry, we feel the Company is in a strong position to continue the momentum of our growth programme."