Business

Strong sales carry Crest's full year profit ahead of expectations

Property Reporter
|
19th November 2021
Construction 622

Housebuilder, Crest Nicholson, has stated via a trading update that its full-year adjusted pre-tax profit is expected to be marginally ahead of its previously stated market consensus of £101.2m.

The firm revealed that it saw a strong sales performance throughout the second half of the year with sales rates remaining “robust across all regions”.

As of November 12, its forward sales stood at 2,502 units and £623.9 million Gross Development Value (GDV) against November 2020’s 2,330 units and £496.6 million GDV. It added that it had good visibility of its sales pipeline for FY22.

The company also said the contribution from the sale of its 50% stake in Longcross Film Studio in May, generating £45 million, had been more than anticipated.

The business also referred to its growth strategy, announced in October, which targets completions in excess of 3,000 by FY24, increasing to more than 4,200 by FY26. By this time, it plans to have expanded into three new geographies.

Peter Truscott, Crest’s CEO, said: “The group has performed strongly in the second half of the year with our full-year underlying profit before tax marginally ahead of our expectations.

“While the trading environment remains robust, it has been a challenging operational environment for our sector as we have emerged from the pandemic, with disruption to supply chains and the availability of materials. I am delighted that our teams have remained focused on implementing our strategy and have managed to successfully navigate our way through these issues.”

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