Crest Nicholson posts 52% rise in first-half profit; upbeat on outlook

16th Jun 2015 07:56

Housebuilder Crest Nicholson posted a 52% rise in first-half pre-tax profit to £58.3m from £38.4m and said it will increase the number of homes it plans to build.For the six months ended 30 April, overall group revenues rose 38% to £333.2m from £241.1m, while housing completions were up 3% at 1,124, from 1,091 in 2014.Chief executive Stephen Stone said: "Sustained demand for new homes has underpinned strong sales rates and Crest Nicholson has delivered an 8% increase in open market completions in the first half of this year."Improving economic circumstances and a clear outcome in the general election provide a good operating backdrop for the sector and give us confidence to increase our volume target. The business is well positioned to continue on its growth trajectory, delivering high quality homes for our customers whilst generating strong returns for shareholders."