Barratt acquisition is in fine fettle as housing completions increase 9% and turnover hits £1.3bn
Wilson Bowden posted a modest rise in pre-tax profit in its last set of financial results before it becomes part of Barratt.
Profit before-tax increased 1.9% to £220.5m for the year ending 31 December 2006. The result was impacted by some one-off costs including £1.8m linked to the sale of the company and £1.2m reorganisation costs.
Completions increased 9.1% to 5486 for the period while group grew 8.2% to £1.3bn.
Last month Barratt won the battle to buy Wilson Bowden paying £2.2bn for its smaller rival. The acquisition is being done as a Scheme of Arrangement and is expected to complete in May.
David Wilson, chairman of Wilson Bowden, said: “2006 saw strong growth in David Wilson Homes completions while Wilson Bowden Developments delivered another robust performance. We have put in place foundations for another excellent year's trading in 2007, market permitting. The forward order books for both residential and commercial and the progress on land, planning and build, should all make possible a year of further progress.
“I am confident that the proposed transfer of ownership of the business will open up many opportunities, and will ensure the continued growth of the business in the years ahead.”