Profit slips at Crest

Pre-tax profit at Crest Nicholson for the year ending October 31 2018 slipped 15% to £176.4 million as sales in London and at higher priced homes were challenging in the year.

Revenue was up 9% to £1,136.1 million and unit sales up 3% to 3,020.

Announcing final results today, Crest Nicholson ceo Patrick Bergin said: "The business has had a good year operationally, with an increase in the number of new homes delivered. However, we have faced some challenges in London and with sales at higher price points where political and economic uncertainty has adversely impacted customer demand and this is likely to continue pending Brexit resolution.

“Our forward sales are strong, boosted by our strategic partnerships and our new channels to market. Pricing is stable, build cost inflation has moderated and we have implemented plans to mitigate margin pressure, which will take effect progressively over the next few years.

“Our revised business strategy and focus on cash generation underpins our confidence in generating sustainable shareholder returns."

Crest has taken a number of actions in its supply chain to offset build cost pressures, as well as making improvements to build quality management and performance and investing to improve operational efficiency. The firm has …