Crest sells record number of homes
Wednesday 03 February 1999
Turnover rose by 32 per cent, profit before tax was up by 37 per cent to pounds 28.1m and earnings per share rose 41 per cent to 16.6p, marginally ahead of market forecasts.
Average prices rose nearly 20 per cent, with half the improvement coming from the expensive central London flats offered by Nicholson Estates, the specialist division set up two years. It made its first contribution to profits last year, and has already replenished its portfolio of sites.
Operating margins on housebuilding rose from 11.4 per cent to a satisfactory 12 per cent, the property division returned to profit and the reduced contribution from the construction division was more than accounted for by a pounds 1.3m provision on a doubtful debt.
Half the 110 flats in the converted spice warehouse opposite the Tower of London have been sold, including 30 sales in Hong Kong. The land bank for immediate development has been increased by almost 10 per cent to 6,329 units, or three years' supply at current sales.
Crest is banking heavily on sustained expansion. Net borrowings almost doubled to pounds 77.3m and the group has been gearing up to fund the development of the Claybury Hospital site at Chigwell, where 770 homes will be built between 2000 and 2004. Analysts are forecasting a more modest growth in profits to pounds 30.8m and earnings of 18.2p a share. The shares, which bottomed at 81p in October, rose 3p to 124.5p.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...