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Westbury profits down 26 per cent

House builder Westbury saw profits fall 26 per cent in the six months to August after struggling with a sluggish housing market.
Chairman Geoffrey Maddrell said: 'This has been a challenging year for the house building industry with the market trading below expectations particularly in the summer months.'

Westbury's pre-tax profit was £45.5 million, compared with £61.5 million in 2004.

Turnover also dipped from £427 million to £415.3 million.

Westbury aimed to increase volume from a higher number of outlets, but was frustrated by planning delays and sales fell to 1,934 homes from 2,087 in 2004.

But off-site housing operation Space4 broke even for the period, selling 798 units.

Analyst Teather & Greenwood has scaled back predictions of Westbury's full-year profit to £104 million.

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