<p><span>Crest Nicholson saw its revenue rise 7% during its half year, but with its operating margin and profits decreasing as it carries out its strategy to “de-risk” the business.</span></p> <p><span>During the six months to April 30 2019, the housebuilder’s revenue rose to £501.9 million against the equivalent period in 2018, which Crest said was “an encouraging result, given the uncertain political and Brexit backdrop”.</span></p> <p><span>Crest also said it had successfully switched to a new sales profile involving around 45% of its homes - including affordable housing - being pre-sold and pre-funded. This has led to current and forward sales for FY 19 increasing from £848.8 million in 2018 to £870.1 million.</span></p> <p><span>The company’s open market average selling prices (ASP) rose 8% to £413,000. Crest said this represented its highest price point, with its ASP forecast to drop as it reduces the proportion of higher value homes in pricier locations and moves its focus to sites with lower ASPs.</span></p> <p><span>Crest’s operating margin reduced to 14.1% from HY 18’s 16.8%, due to a combination of increasing forward sales to PRS and registered providers, and build cost inflation remaining at 3-4%.</span></p> <p><span>Operating profits fell 10% to £78.6 million, with pre-tax profit reducing 11% …