Crest Nicholson lifts FY profit expectations
By Michele Maatouk
Date: Thursday 18 Nov 2021
(Sharecast News) - Housebuilder Crest Nicholson lifted its full-year profit expectations on Thursday as the contribution from the sale of its share in the Surrey Longcross film studio was more than expected.
In an update for the 12 months to the end of October, the company said it now expects FY21 adjusted pre-tax profit to be "marginally ahead" of consensus of £101.2m.
The group hailed a strong sales performance throughout the second half of the year, with current sales rates remaining robust across all regions. Crest also said forward sales at 12 November were 2,502 units, versus 2,330 units at the same time last year.
Chief executive Peter Truscott said: "The group has performed strongly in the second half of the year with our full year underlying profit before tax marginally ahead of our expectations.
"While the trading environment remains robust, it has been a challenging operational environment for our sector as we have emerged from the pandemic, with disruption to supply chains and the availability of materials. I am delighted that our teams have remained focused on implementing our strategy and have managed to successfully navigate our way through these issues."
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