NEWS IN BRIEF

March 1, 2002
<b><b>Wilcon results</b></b><br> Wilcon is to go back to basics to boost margins and restore shareholder value after reporting poor results to the City. The firm will move away from timber frame housing and slash the number of its standard house types under a strategic plan to be implemented by new chief executive Graeme McCallum.<p></p><p>Wilcon built more houses and sold them for higher prices than the year before, but still saw a 47% fall in full year profits to &amp;£31.6 million and a margin of 8.6%. Wilcon plans to cut &amp;£35 million off costs and boost margins to 15% by 2004.</p><p><b><b>Prowting chief quits</b></b><br> Prowting chief executive Steve Rosier and finance director Bob Templeman have resigned after the firm announced that its pre-tax profits would be well below market expectations. Chairman Richard Fraser has taken over the day to day running of the company.</p><p>Prowting is the third major housebuilder to announce a profits warning in recent weeks.</p><p><b><b>OFT rules on Celcon</b></b><br> The Office of Fair Trading has recommended that H+H Celcon&amp;’s &amp;£81 million purchase of fellow aircrete manufacturer Thermalite be referred to the Competition Commission. The commission will make a ruling at the end of May. The OFT meanwhile has allowed Tarmac&amp;’s deal …

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