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26/01/2016
Crest Nicholson Reports Rise In Home Completions
House builder Crest Nicholson has reported a slight rise in new builds for its end of year results.
The developer revealed an 8% increase in house volumes from 2,530 last year to 2,725.
In addition, its pre-tax profit rose 32% to £154 million, while its sales revenues are up 26% to £804.8 million.
The company said a 12% increase to £10,466m in its gross development value of land pipelines (2014: £9,342m) was driven by 'pricing gains and evolving product mix'.
Stephen Stone, Chief Executive of Crest Nicholson, added the business was on target to deliver £1 billion in revenue for 2016 with £1.4 billion revenue and 4,000 homes by 2019.
"Since the recent low point of 1,520 units in 2011, Crest Nicholson has increased its volumes by almost 80% and is establishing a strong business for the benefit of all our stakeholders," he said.
"We remain confident that this environment provides Crest Nicholson with the opportunity to grow housing volumes and deliver strong cash returns to shareholders over the medium to long term."
(LM/MH)
The developer revealed an 8% increase in house volumes from 2,530 last year to 2,725.
In addition, its pre-tax profit rose 32% to £154 million, while its sales revenues are up 26% to £804.8 million.
The company said a 12% increase to £10,466m in its gross development value of land pipelines (2014: £9,342m) was driven by 'pricing gains and evolving product mix'.
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Stephen Stone, Chief Executive of Crest Nicholson, added the business was on target to deliver £1 billion in revenue for 2016 with £1.4 billion revenue and 4,000 homes by 2019.
"Since the recent low point of 1,520 units in 2011, Crest Nicholson has increased its volumes by almost 80% and is establishing a strong business for the benefit of all our stakeholders," he said.
"We remain confident that this environment provides Crest Nicholson with the opportunity to grow housing volumes and deliver strong cash returns to shareholders over the medium to long term."
(LM/MH)
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