Crest Nicholson on track for 10% FY revenue growth

FTSE 250 housebuilder Crest Nicholson said on Tuesday that trading remains in line with expectations and it's on track to deliver revenue growth of around 10% for the year to the end of October 2017.

Average selling prices were up 12% in the six months to the end of April from the same period a year ago at £418,000, while forward sales at the end of April were 5% ahead of last year, supported by an increase in outlet numbers.

Crest said unit completions for the first half were lower than the comparative period in 2016, at 1,064 versus 1,206, mainly due to a reduced first-half weighting from the timing of private rental sector completions. Excluding the impact of PRS, completions were 1,021 versus 1,033.

The second half of the year will see the new division in the Midlands established and additional outlets opened across the existing divisions.

Chief executive Stephen Stone said: "Having delivered on our stretching 2016 target of £1bn sales, the business has taken the first steps to establish a new division in the Midlands, is building momentum in forward sales for the year and pursuing the disciplined expansion of the group's land pipeline for the future. Crest Nicholson has the solid foundations for another year of growth and remains firmly on track to meet our ambitious 2019 targets of £1.4bn sales and 4,000 units."