Wilson Bowden Plc
30 April 2003
Date: Embargoed until 7.00am, Wednesday 30th April 2003
Contacts: David Wilson, Group Chairman
Ian Robertson, Group Chief Executive
Wilson Bowden plc 01530 260777
Jon Simmons/Meg Baker
Financial Dynamics 020 7831 3113
WILSON BOWDEN plc: AGM STATEMENT
Wilson Bowden will be holding its Annual General Meeting later today. At the
meeting, David Wilson, Group Chairman, will review the year and make the
following comments concerning current trading;
'2002 was a very successful year for Wilson Bowden. Sales, margins, earnings
and return on capital all improved. The outcome was that we reported our
seventh successive year of record preliminary results on 26th February 2003.
'Since the year end, we have announced the acquisition of Henry Boot Homes
Limited. This provides Wilson Bowden with an additional 1,792 plots at margins
more attractive than current open market land purchases, as well as a broader
mix of product across the Group's price range, in our key geographic areas of
the stronger North and Midlands markets. The integration of Henry Boot Homes is
progressing according to plan.
'Our stated target of exceeding £1 billion of turnover by 2003 now looks
eminently achievable. We are maintaining our second key target of achieving
completion on 5,000 housing units by 2004.
'Our primary focus continues to be on developing the Group by organic growth,
building on Wilson Bowden's three core business streams; housing developments,
inner city and mixed use apartment schemes, and commercial property development.
'Trading continues broadly in line with the outlook as described at the time of
the preliminary results. As previously reported, the rate of increase in house
selling prices has continued to slow to a more sustainable level, but prices
achieved remain ahead of our budget expectations. This may reflect our lack of
exposure to the London market. While the number of live sites is increasing
coming into the second quarter, as stated previously we again expect to see a
second half bias in terms of completions growth. The volatility of visitor
levels reflects the current cautious state of consumer confidence.
'We have the plots, planning permission and product in place to deliver another
year of progress.'
This information is provided by RNS
The company news service from the London Stock Exchange