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PRS growth helps Crest Nicholson towards £1bn target

14 Jun 16 House-builder Crest Nicholson is on track to hit sits target of generating £1bn revenues this year after a strong first half.

For the six months ended 30th April 2016 Crest Nicholson reported half-year revenue up 22% to £408.1m (2015 H1: £333.2m) and pre-tax profit up 25% to £72.6m (2015 H1: £58.3m). Operating profit margin was steady at 19.1%.

Housing legal completions were up 7% at 1,206 (2015 H1: 1,124) and forward sales at mid-June 2016 are 19% ahead of last year at £520.8m.

During the period planning was granted for Crest Nicholson’s first purpose-designed, suburban PRS scheme, being delivered for M&G at Faygate, near Gatwick Airport.

Chief executive Stephen Stone said: "Whilst the debate about the forthcoming referendum on UK membership of the European Union continues to dominate the headlines and the board notes the risk of business disruption in the event of a vote to leave, purchaser demand for new homes remains strong and Crest Nicholson has delivered a 9% increase in open market completions in the first half of this year. We continue to grow our private rented sector offering and have delivered 173 private rented sector units in the first half, on schemes in Bath, Bristol and Southampton. The business is well positioned to achieve its target of £1bn of revenues in 2016 and to continue growing its contribution to overall housing delivery."

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