Housebuilder reports revenues up 6% to 拢138.6m in interim results with pre-tax profit of 拢16m
Housebuilder Crest Nicholson has reported strong growth in its interim results with revenues up 6% to 拢138.6m and a 拢22m pre-tax loss the previous year converted into a 拢16m profit.
Reporting its results for the six months to 30 April 2012, the housebuilder said revenue over the period had risen to 拢138.6m - up from 拢130.6m on the previous year.
It said pre-tax profit rose to 拢16m after a 拢21.5m loss in 2011.
The firm said housing legal completions were up 33% at 746 from 560 in 2011.
The firm said it had acquired 1,645 new land plots in the south of England in the first half at 25% gross margin, while at the end of April, the short-term land bank comprised 15,413 plots, with two thirds of these plots situated in London and the South East
The firm reported forward sales at mid-June of 拢220.5m, compared to 拢198.5min 2011, with 82% of this year鈥檚 forecast secured.
Stephen Stone, Crest Nicholson chief executive, said: 鈥淲e have continued to benefit from good customer demand for high quality homes, within well-conceived master plans, in prime locations in London and the South.
鈥淚n an uncertain macroeconomic environment, our ability to deliver strong revenue and margin growth is a testimony to the business and those who work for it.鈥�
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