Crest Nicholson posts 40% jump in profits

Housebuilder Crest Nicholson, which returned to the stock market last year, today reported a 40 per cent leap in annual profits.

The firm said pre-tax profits for the year to 31 October grew to £86.8 million before one-off costs, up from £62.1m a year earlier, on revenues 29 per cent higher at £525.7m.

Average selling prices rose 9 per cent to £250,000 and chief executive Stephen Stone said the market had been boosted by the UK government’s Help to Buy scheme, which offers assistance to those with a deposit of as little as 5 per cent.

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Stone added: “These are an excellent set of results, which cap an exciting year for Crest Nicholson, in which the business returned to the public markets.

“Our extensive land bank has enabled us to deliver strong growth in volumes, bringing many more families into home ownership, whilst continuing to drive good returns for our investors.”

The board proposed a final dividend of 6.5p a share, to be paid on 9 April.