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Golden Shower

Westbury -24%

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'As we have already reported this has been a challenging year for the

housebuilding industry with the market trading below expectations particularly

during the summer months. Against such a background the Board believe Westbury

has delivered a satisfactory result.

Although this is proving a difficult year for our industry, the fundamentals are

still sound with potential demand exceeding supply. We firmly believe that our

strategy through volume growth is achievable over the coming years. We remain

confident in the strength of our business.'

Westbury Results

What a daft ridiculous, woolly statement, I wonder if there are any investors daft enough to fall for that?

The Housing Market and Current Trading

The market for 2005 through to August did improve from the lows of the second

half of 2004, but the levels of activity across the industry were still lower

than we would have expected.

Currently there is a short term lack of confidence in the buying public which is

restraining the discretionary buyer. There remains a core of people who have to

buy who will sustain the industry at the current levels of output until the

economic outlook improves and confidence returns. The interest rate reduction in

August was helpful, but it will take rather more to change sentiment.

We have continued our strong marketing campaign and are pleased to report that

we have experienced an autumn uplift in sales. We entered the second half of the

year with 125 outlets and have experienced an improvement in sales rates to 0.65

sales per outlet per week approaching the levels we anticipated at the time of

the September Trading Statement though it remains to be seen whether the market

will be sustained.

With no improvement in the planning system it remains very difficult to predict

when consents will be received. However, we continue to secure sufficient land

to fuel our growth ambitions. At the end of August we have a consented land

bank, either owned or controlled, of 15,100 plots (February 2005:15,700) and a

further 22,200 plots (February 2005:22,000) in our strategic land bank.

Even more woolly stuff. I think what he means is, "The market is dead and I haven't a clue what's happening. Who needs a decent strategy when you can just sit tight and hope. Gimme my bonus!"


Glad I don't own shares in them.

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What a daft ridiculous, woolly statement, I wonder if there are any investors daft enough to fall for that?

Yes the overpaid city guys who run your Pension fund, ..... please send more money !

Edited by Loanshark

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