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BRIEF-UK builder Crest Nicholson says on track for sales, revenue growth
May 16, 2017 / 6:08 AM / 3 months ago

BRIEF-UK builder Crest Nicholson says on track for sales, revenue growth

May 16 (Reuters) - Crest Nicholson Holdings Plc

* Trading continues to be in line with expectations and group remains on track to deliver growth in unit sales and c. 10% in revenues for full year to 31 october 2017.

* As expected, unit completions for first half of 2017 financial year at 1,064 (2016: 1,206) are lower than comparative period in 2016, primarily due to a reduced first half weighting from timing of prs completions

* At end of april, forward sales for 2017 year including year to date completions are 5% ahead of same period last year.

* Forward sales have been supported by an increase in outlet numbers which averaged 49 for first half of 2017 (2016: 44) an increase of 11%.

* Business has taken first steps to establish a new division in midlands, is building momentum in forward sales for year and pursuing disciplined expansion of group's land pipeline for future.

* Housing market continues to be robust across group's principal operating areas.

* Addressing production capacity, clearance of planning conditions and shortage of skilled labour continue to be key areas of focus for sector in terms of securing volume delivery and growth.

* Against this market backdrop board remains confident that business is well positioned to continue to deliver a strong operational and financial performance in medium term.

* Sales per outlet week, excluding prs, averaged 0.81 (2016: 0.87) which is in line with average sales rate achieved through whole of 2016. Source text for Eikon: Further company coverage: (London newsroom)

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