Crest Nicholson profits up; targets sales of £1.4bn
Source - SMW
Crest Nicholson reported another year of growth as overall housing volumes rose to 2% to 2,935, while pre-tax profit rose 6% to £207m for the year ended 31 October 2017.
Overall housing unit completions in 2017 were up by 2% at 2,935 homes, compared to 2016, while statutory was 5% higher than the £997.0m achieved in the prior year, primarily driven by increases in housing revenue.
The group said average selling prices (ASPs) were up 5% year on year at £388,000, in line with its well-established strategy to position the business at around this pricing level.
The group said profits before taxation grew 6% to £207m versus £195m in 2016, driven by additional profits generated from joint ventures in 2017. The group also said it would aim to deliver £1.4bn sales by 2019.
Crest Nicholson said it proposes to pay a final dividend of 21.8 pence per share, which if approved would see the total dividend of 33.0 pence paid in 2017, an increase of 19.6% over the 27.6 pence dividend in the previous year.
'We have had another year of growth, with increases in sales and the number of new homes built,' said chief executive Stephen Stone.
'Our new business divisions are continuing to grow, driving increases in sales outlets and underpinning our ambitious sales target of £1.4bn in 2019.'
At 8:30am: (LON:CRST) Crest Nicholson Holdings Plc share price was -9p at 515p