Strong margin growth driving good first half performance - Interim Results 2012

Crest Nicholson has today announced strong margin growth driving good first half performance.

Six months ended 30th April 2012
Key financial and performance highlights:
  • Housing legal completions up 33% at 746 [2011: 560]
  • Housing revenue up 37.6% on 2011 reflecting our growing number of sales outlets and higher Average Selling Prices (ASP)
  • ASP up 12% at £233k [2011: £208k] reflecting an increasing proportion of higher value properties in the mix
  • Gross profit margins up 3.1% to 28.3% [2011: 25.2%]; operating profit margins up 2.0% at 15.7% [2011: 13.7%]
  • 1,645 new land plots acquired in the South in the first half at 25% gross margin
  • At the end of April, the short-term land bank comprised 15,413 plots, with two thirds of these plots situated in London and the South East
  • Forward sales at mid-June of £220.5m [2011: £198.5m] with 82% of this year’s forecast secured
  • Cancellation rates low at just under 12%
  • Awarded 5 stars in the House Building Federation Customer Satisfaction Survey for the third consecutive year
20122011Change
 £m£m£m%
Revenue138.6130.68.0+6.1%
Operating Profit21.717.93.8+21.2%
Profit before tax16.0(21.5)37.5 
Profit after tax12.5(21.5)34.0


Commenting on today’s statement, Stephen Stone, Chief Executive, said:

“I am delighted to announce excellent results from Crest Nicholson for the first half of the year. We have continued to benefit from good customer demand for high quality homes, within well-conceived master plans, in prime locations in London and the South. In an uncertain macroeconomic environment, our ability to deliver strong revenue and margin growth is a testimony to the business and those who work for it.”

Click here to download the full Interim Results Announcement (PDF:300KB)

Click here to download the Interim Results Presentation (PDF:1.8MB)

Cookies on the Crest Nicholson website

* We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Crest Nicholson website. However, if you would like to, you can change your cookie settings in your internet browser at any time.

More info