Crest Nicholson has today announced strong margin growth driving good first half performance.
Six months ended 30th April 2012Key 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
| 2012 | 2011 | Change | ||
| £m | £m | £m | % | |
| Revenue | 138.6 | 130.6 | 8.0 | +6.1% |
| Operating Profit | 21.7 | 17.9 | 3.8 | +21.2% |
| Profit before tax | 16.0 | (21.5) | 37.5 | |
| Profit after tax | 12.5 | (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)
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