Crest Nicholson upgrades outlook on profit amid 'resilient' UK housing market

Tue, 23rd Mar 2021

Homebuilder Crest Nicholson upgraded its outlook on profit as government measures to support the UK housing market boosted its order book. The company expects FY21 adjusted pre-tax profit to be around £85 million, and ahead of current consensus of £74.3 million. 'The UK housing market has remained resilient to the impacts of COVID-19 and is set to benefit from the measures recently outlined in the Budget, including the extension of the Stamp Duty holiday and the introduction of Government-backed 95% mortgages,' the company said. 'Our private SPOW rate in the last 8 weeks was 0.81, representing an improvement from our last reported FY20 sales rate of 0.59,' it added. As of 22 March, the order book was over 70% covered for FY21, up from 55% as reported at its preliminary results in January, the company said. The company expects to announce its half year results for the six months ending 30 April 2021 on 23 June 2021. At 8:24am: (LON:CRST) Crest Nicholson Holdings PLC share price was 0p at 310p Story provided by StockMarketWire.com

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