16th Sep 2014 07:37
LONDON (Alliance News) - Housebuilder Crest Nicholson Holdings PLC Tuesday said a strong reservation and delivery performance throughout the year has positioned the business well to meet its volume aspirations for 2014.
FTSE 250-listed Crest Nicholson said that, as of September 5, all reservations required for 2014 legal completion have been secured, and the business expects to deliver an around 15% increase in volumes over the prior year.
The Surrey-based company said total forward sales at September 5 stood at GBP348 million, up 11% on the GBP314 million recorded at the same time in 2013.
On the land bank, Crest Nicholson said in the year to date, 17 new sites and 1,779 plots have been acquired, along with a further 5 sites and 885 plots which have been converted from the strategic land bank over the same period.
Looking ahead, the company said its new division based in St Alban's, Hertfordshire remains on track to open in November.
Crest Nicholson also said that while there has been a slight moderation of sales rates in the last few months, rates of sale remain significantly above historic norms.
"Production capacity, clearance of planning conditions and skills availability remain the critical constraints on volume delivery," Crest Nicholson said.
Nonetheless, the company said it is confident that the business is well positioned to deliver a strong operational and financial performance.
Crest Nicholson shares were quoted down 4.0% at 323.30 pence early Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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