Crest Nicholson has more than doubled its profit despite revenue rising by just 16%.
In its prelimnary results for 2021, the housebuilder said it had completed 2,407 homes, an increase of 7% on 2020’s 2,247.
Revenue rose from £678m to £787m, while adjusted pretax profit more than doubled from £46m to £107m, helped by the £16m sale of the Longcross Film Studio in May. Taxable profit was declared at £87m, up from a £13.5m loss last year.
Chief executive Peter Truscott said the challenge to restore Crest Nicholson to the top tier of the UK’s housebuilders had been “undoubtedly heightened” by the Covid pandemic. “However, we can say with confidence that we have delivered the turnaround that we wanted.”
The housebuilder said 63% of its target revenue for 2022 had already been covered by forward sales, with 2,702 units sold at a GDV of £719m.
This year it plans to open new divisions in Yorkshire and East Anglia. It expects to open a third in 2024.
Crest is proposing a final dividend of 9.5p per share, taking the total dividend for the year to 13.6p.
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