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Crest Nicholson builds pre-tax profits of £72.6m

Published 14/06/2016

Crest Nicholson chief executive Stephen Stone said purchaser demand for new homes remains strong (Crest Nicholson/PA)
Crest Nicholson chief executive Stephen Stone said purchaser demand for new homes remains strong (Crest Nicholson/PA)

Housebuilder Crest Nicholson notched up a 25% rise in pre-tax profits to £72.6 million for the first half of the year, brushing aside concerns over the EU referendum.

The southern England-focused firm also saw revenues rise 22% to £408.1 million.

Chief executive Stephen Stone said: "Whilst the debate about the forthcoming referendum on UK membership of the European Union continues to dominate the headlines and the board notes the risk of business disruption in the event of a vote to leave, purchaser demand for new homes remains strong."

Housing completions in the period grew 7% to 1,206 while open market completions increased by 9%. Forward sales stood at £520.8 million, 19% ahead of last year.

Crest added that it is on target to deliver £1 billion of revenue this year and 4,000 homes. It is targeting £1.4 billion in revenue by 2019.

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