Chairman David Wilson says that 2005 was 'the most challenging housing market for many years'.
Wilson Bowden has suffered a 14% drop in profit over the past year as a challenging housing market took its toll on housebuilding division David Wilson Homes.
Profit before tax dropped to 拢223.7m for the year ended 31 December 2005, compared with 拢259.2m the previous year. The group's preliminary results, released today, also show that revenue fell from 拢1282.3m to 拢1230.8m.
Wilson Bowden chairman David Wilson said that 2005 had been "the most challenging housing market for many years".
Wilson also announced the launch of a range of smaller one-bedroom affordable homes, with prices starting at 拢65,000. The range, to be known as I-Life by David Wilson Homes, follows similar moves by the likes of Redrow into the stronger market for smaller properties. This year, David Wilson Homes' average selling price was 拢198,200.
