Slump knocks sales at Wain Homes

WARRINGTON housebuilder Wain Group Holdings posted a loss last year after the slump in the housing market wiped 26% off revenues.

The company, which is controlled by Bill Ainscough who also owns Langtree Group, recorded sales of £61m, down from £82.4m in the year to June.

In their report the directors decribed the year as the, “most challenging period encountered in recent history.”

The company made an operating profit of £7.3m, down from £12.1m the previous year. But higher interest charges of £10.4m and a £3.8m write-off relating to a company re-organisation in 2005 left it with a £5.3m pre-tax loss, down from a profit last time of £5.8m.

In response to the harsh trading environment the group cut overheads by £1.7m. During the year the number of employees fell by 24% to 142.

The report states: “The group carried a higher forward order book into the current financial year. We have seen an improved level of reservations during the past three months.

“Whilst market conditions will remain challenging we expect the group to have a profitable 12 months and we are well positioned to take advantage of any upturn.”