New three year targets for Crest

Crest Nicholson has set new three year financial targets as the firm announced its preliminary results for the year ending October 31 2019.

Targets will include increasing home completions to 3,500 (2019: 2,912), increasing outlets to a minimum of 70 (2019: 59) and improving adjusted operating profit margin by a minimum of 250bps (from 2019: 12.2%).

Crests’s results for 2019 saw home completions down 4% at 2,912 (2018: 3,048) units and adjusted profit before tax down to £121.1 million (2018: £168.7 million) . The firm said this was in line with previous guidance. In a challenging year Crest has also seen adjusted operating profit margin fall to 12.2% from 16.2% in 2018. Sales, including the group's share from joint ventures, stood at £1,094.9 million (2018: £1,122.0 million). The figures include an exceptional charge in respect of fire risk of £18.4 million.

In addition to setting new targets, Crest is updating its strategy with five strategic priorities:

· Building on its reputation and strengths in placemaking and build quality

· Realising the value from its flexible and long term land portfolio

· A greater focus on operational efficiency

· An …