Crest Nicholson to increase shareholders payout after strong demand boost profit

27th Jan 2015 14:46

Housebuilding group Crest Nicholson announced it would increase shareholders payouts after its pretax profit rose 34% for the year to end October, buoyed by strong demand.The firm said it completed 2,530 in the 12 months to October and posted pre-tax profit before exceptional items of £116.7m, ahead of analysts' expectations.Crest said its weekly sales per site in January were higher than in the corresponding period a year ago, having recovered from a decline in November and December."We have got all the ingredients of a longer term sustainable housing market," group chief executive Stephen Stone said on Tuesday.The housebuilder said it would increase its final dividend to 10.2p from 6.5p."In a more stable housing market, we are more than comfortable to continue with our current growth strategy, but recognise that shareholders want something on the way," Stone said.Crest shares were up 1.99% to 379.70p at 15:00 on Tuesday.