Crest Nicholson has reported strong financial growth in its final results for the year ended 31 October 2016.

The housebuilder revealed it had reached its £1 billion sales target, with volumes of completions up 5% to 2,870 homes (2015; 2,725). In addition, pre-tax profit rose 27% to £195m (2015: £154m).

Commenting on the results, Chief Executive Stephen Stone said the company remains committed to delivering 4,000 new homes and £1.4bn in sales by 2019.

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"This has been a landmark year for the business. In spite of a temporary impact on sales around the time of the vote to leave the European Union, we have achieved sales of £1billion including through joint ventures, in line with our stated target," he said.

"The housing market continues to show robust characteristics, underpinned by strong demand for new homes, a benign land market and government policies to improve access to housing. Against this backdrop, we are increasing the number of homes built, opening new sites and ensuring that the pipeline of land that fuels our business is progressing steadily through planning.

"As such, Crest Nicholson is confident in its ability to continue growing its business, delivering great homes for customers and strong returns for shareholders."

(LM/MH)