Crest Nicholson pre-tax profit surges 27%

The housebuilder posted a pre-tax profit of £195.0m, up from £154.0m in 2015.

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 £1.4 billion 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.”

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