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(Alliance news) - Crest Nicholson Holdings PLC on Tuesday reported a rise in its annual revenue due to "strength of the housing marker".
The Surrey-based housebuilder said revenue in the year ended on October 31 increased by 16% to GBP913.6 million from GBP786.6 million, reflecting "good operating performance and strength of the housing market".
Home completions rose by 14% to 2,734 compared to 2,407 a year ago.
Pretax profit, however, fell to GBP32.8 million from GBP86.9 million, as operating profit dropped to GBP38.4 million from GBP93.8 million a year earlier.
But adjusted operating profit margin increased to 15.4% from 14.6% a year ago, "demonstrating continued good progress in our profit margin recovery in a more challenging operating environment," the company said.
Chief Executive Peter Truscott said: "We are delighted to report a strong financial performance for the year, in line with our guidance upgraded at the half year.
"Demand for housing remained resilient for much of the trading period, while we had to navigate operational disruption throughout the year and faced increased economic uncertainty in our final quarter.
"Despite these headwinds we have delivered revenue growth, adjusted operating margin expansion, an increase in return on capital employed and excellent cash generation throughout the year."
Crest Nicholson declared a dividend of 17.0 pence each, up 25% from 13.6 pence a year prior.
Looking ahead, the company said its immediate focus will be to deliver a "strong forward order book" and maintain a strong financial position.
Shares were down 0.5% at 264.40 pence each on Tuesday in London.
By Xindi Wei, Alliance News reporter
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