Highlights
On target to achieve revenue growth of 70-80% over 2013 by 2016
Volume target set at the IPO reached well ahead of schedule with completions up 16% at 2,530 homes (2013: 2,172)
Open-market average selling prices (ASP) up 15% to £287,000
Further expansion of operating profit margin to 20.1% (2013: 18.5%*)
Return on capital employed of 26.0% (2013: 24.1%*) exceeding IPO commitment of 20%
3,730 plots added to the short-term land pipeline, across 25 sites; Short-term land pipeline now 6.8 years
Continued focus on strategic land with 44% of the short term land pipeline strategically sourced
Forward sales at mid-January of £399.8m (2013: £329.5m), 21% ahead of prior year with 41% of this year's forecast secured (2013: 51%)
Intention to move dividend cover towards 2.0x over the next three years reflects strong cash generation as the business moves towards natural scale
Commenting on today's statement, Stephen Stone, Chief Executive said: "Crest Nicholson enters 2015 in a strong position and we are encouraged by the strong start to the year. Improved access to mortgages and real income growth underpins our confidence in the market and in generating high quality returns. As we grow towards our natural scale, we maintain our Southern focus and commitment to building high quality homes where people want to live."
