Wilson Bowden has suffered a 14% drop in profit over the past year as a tough housing market took its toll on housebuilding division David Wilson Homes.
Profit before tax dropped to £223.7m for the year ended 31 December 2005, compared with £259m the previous year. Preliminary results, released today, also showed that turnover fell from £1.3bn to £1.2bn.
David Wilson, Wilson Bowden chairman, said 2005 had been "the most challenging housing market for many years".
Wilson also announced the launch of a range of one-bedroom affordable homes, with prices starting at £65,000. This follows similar moves by the likes of Redrow into this market. This year David Wilson Homes' average selling price was £198,200.