Crest Nicholson on track to meet expectations

Residential developer Crest Nicholson said its growth strategy remains on track, after it reported an increase in housing volumes this year.

In a trading update released on Tuesday, the FTSE 250 group said it delivered 2,725 units in the year to the end of October, an 8% year-on-year increase.

Crest added that it is making good progress towards achieving £1bn in revenue by next year and £1.4bn in revenue and 4,000 homes by 2019.

Meanwhile, underlying sales rates for the year, excluding the private sector, averaged 0.90 per outlet week, a 10% year-on-year increase, driven by a strong performance in the south of England.

"High employment and good mortgage access continue to enable purchasers to secure a new home and we are pleased to be playing our part in addressing the UK's housing shortfall and delivering value for our customers, our staff and wider stakeholders," said group chief executive Stephen Stone.

Crest shares were up 2.21% to 521.28p at 0831 GMT on Tuesday.