Though it completed 5.5% fewer units in 2011 than in 2010 – 1,520, down from 1,609 - the average selling price was up 13% to £224,000.
The result was a 12% increase in revenues to £319.1m (2010: £284.4m) for the year to 31 October 2011. And, with the company now on a firmer footing, 2010’s after tax loss of £27.6m became an after tax profit of £40.5m in 2011.
The company, controlled by US hedge fund Varde, still faced huge financing costs of £82m.
Chief executive Stephen Stone described 2011 as “an exciting and fulfilling year for Crest Nicholson”.
He said: “Not only has the group continued to trade strongly, but it has also achieved a consensual financial restructuring, leaving the group with sound finances, a strong balance sheet and a firm base upon which to develop and grow the business.
"Crest Nicholson has a highly attractive development portfolio and a track record for outstanding design quality and commitment to sustainability in its widest sense. With an attractive landbank, favourable southern England focus, market leading sales rates and improving market sentiment, we are well positioned and look forward to the future with confidence."
Got a story? Email news@theconstructionindex.co.uk
