House builder Crest Nicholson profits rose by more than a quarter after revenues reached £1bn in 2016.
Reporting its full year results for the year ending October 31 2016, the house builder’s pretax profit rose 27% to £195m against the equivalent period in 2015.
Revenues climbed to 24% to £997m, driven primarily by increases in open market housing sales. The firm said that it was “firmly on track” to achieve its target of 4,000 homes by 2019.
Stephen Stone, chief executive of Crest, said it was a landmark year for the business, hitting all its targets despite a temporary dip in sales around the time of the EU referendum.
He said: “We remain committed to, and on track to deliver, our targets of 4,000 homes and £1.4bn of sales by 2019.
“The housing market continues to show robust characteristics, underpinned by strong demand for new homes, a benign land market and government policies to improve access to housing.
“Against this backdrop, we are increasing the number of homes built, opening new sites and ensuring that the pipeline of land that fuels our business is progressing steadily through planning.”
However, the company warned that the UK’s departure from the EU may cut into its future labour force.
“European workers in the UK’s construction force have been essential in delivering much-needed homes. It is important to the objective of increasing housing output that a supply of European labour is maintained,” Stone said.
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