Crest Nicholson reports rise in half-year profits

18th Jun 2013 10:28

UK house builder Crest Nicholson Holdings posted a 39 per cent rise in half-year revenue driven by a strong growth in open market housing delivery.Revenue for the six months to April 30th came to £192m, compared to £138m a year earlier.Pre-tax profit jumped 76% to £22.2m from £16m as earnings per share rose 66% to 6.8p from 12.5p.As anticipated, gross margins at 27.8% were modestly lower than last year's 28.3% but continued to under-pin strong business profitability. "I am delighted to announce excellent results from Crest Nicholson for the first half of the year," said Chief Executive, Stephen Stone."This represents a strong start to our return as a listed company. Purchaser demand for high quality homes, on well designed developments, remains robust and signs of improved access to mortgages together with the initiatives that the government has put in place should help to stimulate activity in the industry and assist people in purchasing a new home. "With this improving sentiment and the opportunities available to the business, the board remains confident in the out-turn for the year."Shares rose 0.59% to 340p at 10:57 Tuesday.RD