Crest Nicholson notches up £1bn record sales

Aaron Morby 7 years ago
Share

South East house builder Crest Nicholson has achieved its target of £1bn sales for the year after completions rose 5% to 2,870 homes.

Crest chief warns housing market could see slower growth this year and next from Brexit fallout
Crest chief warns housing market could see slower growth this year and next from Brexit fallout

Stephen Stone, chief executive said Crest was on track to achieve its target of 4,000 homes by 2019. During 2016 pre-tax profits soared 27% to £195m.

“This has been a landmark year for the business. In spite of a temporary impact on sales around the time of the vote to leave the European Union, we have achieved sales of £1bn including through joint ventures, in line with our stated target,” he said.

“We remain committed to, and on track to deliver, our targets of 4,000 homes and £1.4bn of sales by 2019.

He said that the housing market continued to show robust characteristics, underpinned by strong demand for new homes, a benign land market and government policies to improve access to housing. 

But he also warned that the market could experience a slower rate of growth in 2017 and 2018, if political or economic factors reduce consumer confidence after the EU vote.

“There is also a potential risk to our labour market, as 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,” added Stone.

 Over the past year, Crest invested heavily in designing a new range of house types that includes off-site manufacture capability and design features to cut down on waste, and offer flexible living spaces.

The firm’s newest Chiltern division contributed towards group growth by successfully driving sales in the northern home counties and West Midlands.

Stone said the London division was bringing forward new land opportunities on the outskirts of the capital.

 

Latest news

A2Dominion reins in new-build and cuts development team

Housing association to stop private new build sales in big strategy switch
2 mins ago

Sellafield partnership appoints final key delivery partners

Altrad and Kaefer bag £180m access, insulation and painting deal
2 mins ago

Go-ahead for Milton Keynes’ largest private rental project

Platform_ to build 20-storey scheme of 335 flat next to train station
47 mins ago

Health centre canned as build costs double in four years

Devon NHS stands down plans for Health and Wellbeing Centre in Teignmouth
12 mins ago

Family confirm death of Des O’Rourke

Deputy chair and co-founder of Laing O'Rourke dies aged 75
17 hours ago

Plans approved for major phase of £2.5bn Salford Crescent

Crescent Innovation will help create global research hub
39 mins ago

Deal to kick-start 3,000-home Northstowe town centre

Labour Government acts to unlock next phase of new town near Cambridge
8 hours ago

Striking new-look for Canary Wharf HSBC tower

Large chunks of upper floorplate to be removed in major overhaul
24 hours ago

Kier halves debt to £115m after strong trading year

Order book up 7% to £10.8bn with 85% of work secured for year ahead
1 day ago

Developer blasts “unfair” power charges on huge Liverpool site

Romal Capital unhappy about site power hook-up costs
1 day ago

Regal to start Wembley 1000-bed student scheme

Backer found to deliver £400m twin tower student scheme
1 day ago

Breyer Group bags £163m housing repair deal

Major repair and maintenance win from Kingston Council
1 day ago

VolkerFitzpatrick lands Piccadilly Line upgrade deal

Contractor to work on Cockfosters depot
1 day ago

26 face fight to renew spots on £1bn NEPO civils deal

Next generation framework to start in March 2025
2 days ago

Go-ahead for £170m King’s Cross life sciences office project

Innovative arched design to carry landmark building over railway tunnels
2 days ago

Mitie buys power contractor ESM for £8.5m

Building FM firm strengthens high voltage contracting offer
2 days ago

New vision unveiled for £5bn Liverpool Waters

More housing included in central docks area after Labour £55m funding boost
2 days ago

String of contract wins sees turnover surge 25% at Mace

Construction division sees revenue leap to £1.73bn
2 days ago

Morgan Sindall wins £32m Walsall waste centre

Contract will transform former metal factory site
2 days ago

Kier wins £30m Greenwich teaching block

London South East Colleges plans to spend £47m on Greenwich Campus redevelopment
2 days ago

Blenheim House Construction applies for administration

Surrey contractor employs around 80 staff generating £87m turnover
3 days ago

GMI chief jumps to Henry Boot Construction

Lee Powell will replace Tony Shaw as MD when he leaves at the end of 2024
3 days ago

Avant Homes makes £109m loss

House builder reveals huge loss just days after entering Crest Nicholson bid race
4 days ago

Greggs unveils plans for giant distribution centre

Bakery giant to build 311,551 sq ft logistics centre in Kettering
3 days ago

£330m south east London 1,250 homes scheme approved

Outline planning for New Belvedere development near the Thames
3 days ago

Green light for Birmingham 1,200-bed student scheme

Cambrian Wharf project will rise to 14 and 35 storeys
3 days ago

Welsh fit-out specialist files administration notice

£30m turnover employee-owned Paramount D&B lodges court notice
4 days ago

Skanska signs £105m London Millbank office rebuild

Original 1915 building facade will be dismantled and rebuilt
4 days ago

Historic facade contractor goes into administration

Administrator seeking buyer for Charles Henshaw & Sons
7 days ago

Three-year HS2 station box excavation completed

Enough clay to fill 300 Olympic sized swimming pools removed from Old Oak Common site
4 days ago

Contractor services