Housebuilder reports revenues up 6% to £138.6m in interim results with pre-tax profit of £16m

crest nicholson

Housebuilder Crest Nicholson has reported strong growth in its interim results with revenues up 6% to £138.6m and a £22m pre-tax loss the previous year converted into a £16m profit.

Reporting its results for the six months to 30 April 2012, the housebuilder said revenue over the period had risen to £138.6m - up from £130.6m on the previous year.

It said pre-tax profit rose to £16m after a £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 £220.5m, compared to £198.5min 2011, with 82% of this year’s forecast secured.

Stephen Stone, Crest Nicholson chief executive, said: “We 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.

“In 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.”