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Crest Nicholson on target as H1 profits rise

13 June 2017 07:19

House-builder Crest Nicholson's operating profits rose to £80.3m in the six months to the end of April from £77.8m last time.

Revenues increased to £419.7m from £408.1m and administrative expenses of £30.1m were down from £32.6m a year ago.

Pre-tax profits rose to £76.2m from £72.6m.

Chief executive Stephen Stone said: "Crest Nicholson has delivered solid foundations for another year of growth in the first half of 2017.

"We have taken the first steps to establish a new division in the Midlands, increased outlets, built momentum in 2017 forward sales and pursued disciplined expansion of the land pipeline. "The outcome of the UK General Election may introduce some uncertainty in the short term but we expect the new build housing market to remain robust.

"Strong levels of employment, low interest rates and good mortgage access - including through the Help to Buy Scheme - should all contribute to a sustainable new build housing market. "We are on track to deliver growth in revenue this year and are planning for the medium term as we progress towards our 2019 targets of £1.4bn sales and 4,000 homes."

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