Crest Nicholson announces growth in revenue

Surrey-based British house building company Crest Nicholson has announced a 16% growth in revenue.

The Chertsey company’s revenue grew by 16%, going from £677.9 million in the financial year 2020, to £786.6 million; Crest Nicholson stated that these are signs of a stronger UK housing market. 

Property website Zoopla said that 2021 was the UK’s busiest year for the property market in over a decade; this “race for space” stemmed from the Covid-19 pandemic. 

As a result, the company reported a figure of £107.2 million in pre-tax profit, compared to £45.9 million in 2020. Their profit after tax increased from £10.7 million (loss) to £70.9 million. 

Commenting on this, chief executive Peter Truscott said: “We were delighted to increase profit expectations twice in the year and we have started 2022 with a strong forward order book”.

Crest Nicholson said the group had “delivered a successful turnaround of its financial and operational performance”, as well as using an effective operating platform and a well-resourced balance sheet. 

Their new house types were part of their strategic highlights; they had a successful rollout of over 6,800 units and correspondingly, they achieved 5-stars in the Home Builders Federation (HBF) customer satisfaction survey. 

In 2020, the company set sustainability targets in a pledge to reduce scope 3 emissions and partnered with Race to Zero; Crest Nicholson says that they have made “strong progress” to reduce carbon emission and waste intensity. 

Peter Truscott said: “‘It was a clear objective of the new leadership team to restore Crest Nicholson to being one of the UK’s leading housebuilders. That challenge was undoubtedly heightened by the arrival of the pandemic. However, we can say with confidence that we have delivered the turnaround that we wanted. 

“Our operating platform is now efficient and scalable, our balance sheet is transformed and equips us with the resources to grow the Group’s footprint in the UK and we have assembled an experienced leadership team to drive the Group forward.”