Highlights
· Housing legal completions up 35% at 1,091 (2013: 810).
· Sales per outlet week up 8% at 0.83 (2013: 0.77).
· Housing revenue up 31% on 2013 reflecting volume growth and higher open market Average Selling Prices (ASP).
· Gross profit margins up 90bps at 28.7% (2013: 27.8%); operating profit margins up 40bps at 18.5% (2013: 18.1%).
· Earnings per share up 32%.
· Strong balance sheet position; net debt/equity ratio of 12.5% (2013: 2.4%).
· 784 plots added to the short-term pipeline at an ASP of £338,000.
· Over 2,000 plots added to the strategic land bank across 6 sites.
· Forward sales at mid-June 2014 of £347.3m (2013: £330.9m), 5% ahead of prior year.
· Interim dividend proposed of 4.1p per share (2013: nil).
· New division and higher ASP's in housing mix to drive revenue growth of 70-80% in three years.
Commenting on today's statement, Stephen Stone, Chief Executive, said:
"Strong volume and earnings growth characterise excellent results from Crest Nicholson for the first half of the year. Demand for well-designed and sensitively delivered product remains high and the business is continuing to flourish in a good housing market, helping many purchasers fulfil their ambitions for home ownership. With an improving economic backdrop underpinning the strength of the sector and the opportunities available to the business, the Board remains confident in the outturn for the year."
