Housebuilder Westbury plc has announced record profits and is increasing production at its Space4 modular timber frame factory at Castle Bromwich.
The upbeat statements follow another coup – winning two major prizes at the Building Homes Quality Awards.
Group half-year pre-tax profits were £31.9m, 10% up on the same period last year, while turnover rose 15% to £264.9m.
The recently-commissioned Space4 factory, an integral part of the company’s future plans, will be moving to double-shift next year with an expected output of 2,000 units.
During the first half-year, 130 homes were produced and assembled at Space4, increasing to around 600 in the second half. Westbury is also talking to the self-build market and smaller housebuilders about supplying its panels.
The company said Space4 is having an immediate impact on meeting completion targets and would be ‘very beneficial’ in addressing skills shortages and weather problems as manufacturing volume increases.
Martin Donohue, Westbury chief executive, said: ‘The housing market has been strong in the first half of the year, showing far more resilience than during the same period last year and so far remains stable despite the tragic events of September 11. Demand has been consistent and customer confidence remains high.’
Westbury was named Private Sector Quality Housebuilder of the Year at the Building Homes Quality Awards, held in October, and also scooped the Best Building Efficiency award for Space4.
