Housebuilder Wilson Bowden this week warned sales in the first half of the year would drop and that margins were under more pressure.
Chairman David Wilson made the comments at the company’s annual general meeting on Wednesday.
Wilson Bowden’s share price was barely affected by the news, largely because the company is respected in the City for being candid about the market. Wilson warned: “Margins have come under pressure as predicted, but we are doing all we can to minimise the impact. “
Wilson said that in 2005 the company would focus on expanding its land bank to increase volumes. He added that it was in line to deliver profit growth in 2005, but said that the planning system was “slowing more than ever.”