Crest said that against “favourable” housing market conditions, it had achieved a private sales per outlet per week rate of 0.98 during the past eight weeks. In its year ending October 31 2021, its sales rate was 0.80.
As of March 18, its order book was more than 84% covered for FY22 revenue. This is a climb from 63% as reported in its preliminary results in January. Crest added that it "represents a strong forward order position, providing good visibility and confidence in meeting our revenue targets for the current financial year."
As part of its expansion plans, the company said it had moved into its Leeds office, having appointed a regional director for its Yorkshire division. It is now establishing its new team in the region. It added that it had chosen the leader for its other new East Anglia division, due to begin in June, with this region expected to be operational in the second half of 2022.
It added that it was also making good progress on its existing sustainability targets. These include targeting a 25% reduction in carbon emissions intensity by 2025. Crest remains set to announce its science-based targets before its half-year results in June 2022.
At the same time, the company noted macro pressures, including the likely rise of input cost inflation due to rising energy costs and raw material supply disruption as the Ukrainian conflict makes an impact. “However, as illustrated during the Covid-19 pandemic, the group has demonstrated its effectiveness at managing its supply chain in turbulent times. In addition, we are also currently managing to successfully offset cost increases through sales price inflation,” Crest’s statement read.
Crest added that it was “actively participating” in ongoing dialogue with the government on fire safety via the HBF while continuing to review and remediate its legacy buildings.
The business concluded: “Demand for housing continues to outstrip supply and Crest Nicholson has a clear growth strategy in place to capitalise on these market conditions."
