Crest Nicholson achieved a sales target of £1 billion for the year.
Demonstrating ‘strong growth in a robust market’ the national housebuilder reported that its pre-tax profit rose 27% to £195 million against the equivalent period in 2015. Volumes were up 5% at 2,870 homes.
Its operating profit margin rose from 20.3% in 2015 to 20.4%.
The Group was reporting on its full year results for the year ending October 31st 2016. It also reported that it is on target to deliver £1.4bn sales and 4,000 homes by 2019.
Stephen Stone, Chief Executive said: “This has been a landmark year for the business. In spite of a temporary impact on sales around the time of the vote to leave the European Union, we have achieved sales of £1billion including through joint ventures, in line with our stated target. We remain committed to, and on track to deliver, our targets of 4,000 homes and £1.4billion of sales by 2019.
“The housing market continues to show robust characteristics, underpinned by strong demand for new homes, a benign land market and government policies to improve access to housing. Against this backdrop, we are increasing the number of homes built, opening new sites and ensuring that the pipeline of land that fuels our business is progressing steadily through planning. As such, Crest Nicholson is confident in its ability to continue growing its business, delivering great homes for customers and strong returns for shareholders.”
Image: The Crest Nicholson development at Arborfield Green in Berkshire
