Housebuilder Crest Nicholson, still smarting from recent delays to its planned £200m Bristol waterfront development, has unveiled record pre-tax profit for the year to 31 October 1999.

Pre-tax profit rose 42% to stand at £40m. Turnover hit £512.5m; an increase of 10.1% on the previous year.

Chief executive John Callcutt said of the 10-month planning delay to the Canons Marsh development in Bristol: “Judging by opinion polls, the overwhelming majority of local people want the scheme to go ahead and we believe it stands a good chance on appeal.”

The group’s residential division returned a pre-tax profit up 10% to £28.3m. Sales rose 9.6% to stand at 2422 units, with total housing turnover up 16% at £260.3m.

Its average house price increased by just 6%, to £124 500. This modest rise is attributed to an increase in the volume of social housing undertaken by the group.

Crest Nicholson’s short-term land bank stood at 6296 plots at the year-end, down slightly from 6329 plots at the same time last year.

Meanwhile, the group’s property division reported pre-tax profit of £9.7m on turnover that doubled from £36.8m to £75m. The construction division increased pre-tax profit by £1.3m to stand at £2m for the year on turnover of £178.9m.