Soaring house prices and a flurry of activity in the market helped
Profit before tax at the housebuilder for the first half of 2021 stood at £36.3m, up from a loss of £51.2m a year earlier.
Revenue in the period increased to £324.5m, up from £240m in the corresponding period a year ago, while home completions increased to 1,017 from 775.
Due to skyrocketing house prices,
For the six months in question the business saw sales of 2,771 units and a gross development value (GDV) of £691.8m as at 18 July, compared with 2,715 units the year before, and £575.1m in GDV.
Chief executive
“Having completed the first part of our turnaround strategy, and implemented our operational efficiency programme, our focus now moves to rebuilding operating margins and delivering sustainable growth.
“We are evaluating options to enter new geographical markets and look forward to outlining these future growth plans and our long-term financial targets later this year.”
“In the half-year, its home sales are up 31 per cent and profit after tax up 700 per cent and the outlook for the full year looks just as healthy. Crest has used the lockdowns to its advantage focusing on internal issues and as lockdown eases it has emerged all the better for it.”
The post Booming property market helps housebuilder
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