"Well it works for us" say Crest ....

Crest Nicholson has reported increased revenue and profit off the back of  the government’s latest drive to support house building.

In half year results released yesterday, the house builder reports a 75 per cent rise in profit for the six months to 30 April compared to the same period the previous year, from £12.5 million to £21.9 million. Revenue is up 30 per cent across the same time frame, and completions increased 9 per cent, from 746 to 810 homes.

Gross profit margin fell slightly from 28.3 per cent to 27.8 per cent.

Stephen Stone, chief executive of Crest Nicholson, said: 

‘Purchaser demand for high-quality homes on well-designed developments remains robust and signs of improved access to mortgages together with the initiatives that the government has put in place should help to stimulate activity in the industry and assist people in purchasing a new home.

With this improving sentiment and the opportunities available to the business, the board remains confident in the outturn for the year.’