On Crest of a wave as profits surge

Crest Nicholson hailed “strong” progress in its return to the stock market yesterday after Britain’s property market bounce helped it to a 76 per cent surge in profits.

By The Newsroom

Published 19th Jun 2013, 01:01 BST

The Surrey-based firm, which is on course for the FTSE 250 Index after making its stock market comeback four months ago, posted underlying pre-tax profits of £28.1m for the six months to April 30 thanks to a pick-up in buyer demand and a 3.4 per cent hike in property prices.

Crest added that the Government’s Help to Buy scheme had boosted interest from homebuyers in the latest vote of support for the initiative.

Forward sales as of mid-June are 50 per cent higher than a year earlier, at £330.9m, and the group said it had already secured 88 per cent of this year’s forecast.

The figures mark a robust return as a listed company after Crest’s flotation in February, which valued the company at £636m.

Stephen Stone, chief executive of Crest, hailed an “excellent” set of interim results.

He said: “This represents a strong start to our return as a listed company.”