Crest Nicholson FY profit edges up, Patrick Bergin promoted to CEO

In the year to 31 October 2017, pre-tax profit was up 6% to £207.0m, while statutory revenue grew 5% to £1.04bn and volume was up 2% to 2,935 homes.

Meanwhile, sales, including those from joint ventures, came in at £1.07bn, up 7% from 2016.

The company said the outlook for the UK housing market is strong, despite the challenges of affordability and the impact of stamp duty changes, which may have suppressed the volume of sales at higher values, particularly in London.

Crest added that while political factors have sparked some uncertainty in the short to medium term, the newbuild housing market should remain robust. Strong levels of employment, low interest rates and good mortgage access should all contribute to a sustainable market.

Chief executive Stephen Stone said: "We have had another year of growth, with increases in sales and the number of new homes built.

"Our new business divisions are continuing to grow, driving increases in sales outlets and underpinning our ambitious sales target of £1.4bn in 2019.

"The new build housing market continues to be robust, sustained by strong demand for new homes, a benign land market and government policies to improve access to housing. Against this backdrop, Crest Nicholson is confident in its ability to continue delivering great homes for customers and strong returns for shareholders."

Also on Wednesday, the company announced the promotion of Patrick Bergin and said Stephen Stone will become executive chairman with effect from 22 March 2018 and non-executive chairman from 1 April 2019.

Bergin had been appointed chief operating officer in January 2017 as part of the succession planning process.

In addition, Leslie Van de Walle has been appointed deputy chairman and senior independent director of the company with immediate effect.