Crest expects gains this year

Crest Nicholson is confident of further progress in 2004 after today (Thursday) reporting an 18% increase in pre-tax profit for the year.

In its final results for the year to 31 October 2003, Crest announced a pre-tax profit rise to £74.6m against a £63m figure in 2002.

The group said that its current housing forward sales position is up 10% at £275m from £250m the year before and the average selling price of open market housing units for the company was now £258,000 - an increase from £240,000 in 2002.

In the year under review the group exited from construction in accordance with its strategy to focus more clearly on the core business of residential and mixed use development.

Crest's chief executive John Callcutt said that 2004 would also see a growing contribution from mixed use schemes and that the group was now an integrated residential and mixed use developer trading through seven operating units each of which has residential and mixed use capability.

He added that the board was continuing to explore ways of making the company's product more affordable to a wider range of purchasers, while at the same time further improving quality, design and sustainability.