Local developer Crest Nicholson has announced its final results for the year ended 31st October 2014. The company reported a 16% increase in completions on the year, downplaying concerns over a UK housing market slowdown.
The company has delivered 2,530 new homes during the period, up from 2,172 the previous year. 703 of these were built by the Crest Nicholson Eastern, where sales have increased by 41% over the year.
The generally improving economic conditions and the availability and improved rates of mortgages are underpinning demand for houses, with reservations under the Government’s Help to Buy scheme continuing to contribute significantly to this demand. In the 12 months to the end of October, Crest Nicholson’s sales revenues were £636.3m, up 21% on the previous year. This translated to a 34% increase in profit before tax to £116m.
The company has added 3,730 plots to the short-term land pipeline, across 25 sites. It is now set to deliver up to 633 much needed new homes across the Eastern region, with 18 current sites.
Commenting on the results announcement, Stephen Stone, Chief Executive said: “Crest Nicholson enters 2015 in a strong position and we are encouraged by the strong start to the year. Improved access to mortgages and real income growth underpins our confidence in the market and in generating high quality returns. As we grow towards our natural scale, we maintain our Southern focus and commitment to building high quality homes where people want to live.”
Looking ahead, a severe housing shortage continues to exist – especially in the south-east of England. Crest Nicholson is putting into action a 10-year sustainable business roadmap to continue the efficient delivery of sustainable homes and communities. Delivering high quality, low carbon new homes also calls for expertise and knowledge, and Crest Nicholson remains committed to job creation, training and retention. The company has significantly increased investment in training and career development at all levels, and UK-wide the number of employees at the year ended 31st October 2014 was 772 people. Across Eastern, the number of employees at the year-end was over 140 people.
For more information on Crest Nicholson Eastern developments please visit the Crest Nicholson website - www.crestnicholson.com