Crest Nicholson built 2,870 homes in the year to 31st October 2016 (2015: 2,725) and generated revenues of £997.0m plus £3.3m through joint ventures (2015: £804.8m and £2.4m), a rise of 24%.
Pre-tax profit was up 27% to £195.0m (2015: £154.0m).
Chief executive Stephen Stone 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 £1bn 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 £1.4bn 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.”
During the year Crest Nicholson launched its first suburban private rented sector (PRS) scheme at Kilnwood Vale in Faygate and now boats a leading position in the emerging PRS market.
The company’s growth strategy also includes the use of modern methods of construction (offsite prefabrication). Over the past year, Crest Nicholson has invested heavily in designing a new range of house types that exploit off-site manufacture.
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