Commenting on today's statement, Stephen Stone, Chief Executive said:
"These are an excellent set of results, which cap an exciting year for Crest Nicholson, in which the business returned to the public markets. Our extensive land bank has enabled us to deliver strong growth in volumes, bringing many more families into home ownership, whilst continuing to drive good returns for our investors. We are pleased to mark our return as a listed company by declaring a final dividend.
Government initiatives to assist purchasers in buying a new home have undoubtedly stimulated activity in the industry and we are playing our part by increasing production where possible. Private home completions were up 35% over the year and we took almost 600 reservations under the 'Help to Buy' scheme. Improving sentiment in the housing market and beyond along with an excellent pipeline of future projects across the southern half of England gives the Board great confidence in the outlook for the business."
Performance highlights - all figures pre-exceptional
Sales
Housing legal completions up 15% at 2,172 (2012:1,882); open-market legal completions up 35% at 1,806 (2012: 1,342)
Sales per outlet week up 34% at 0.90 (2012: 0.67)
Forward sales at mid-January of £329.5m (2012: £218.7m), 51% ahead of prior year with 51% of this year's forecast secured (2012: 45%)
Results
Turnover at £525.7m, up 29%
Operating profit margins up to 18.5% (2012: 18.0%)
Profit before tax up 40%
Strong balance sheet position; net cash at year end of £42.5m (2012: net debt £30.3m)
Return on average Capital Employed of 24.1% (2012: 20.7%)
Land bank
1,895 plots added to the short-term land bank, across 19 sites; Short-term land bank now 7.5 years
Continued focus on strategic land, with net 1,700 plots added to the Strategic land bank across 10 sites
Over 3,000 plots allocated for development in local plans
