Crest Nicholson has reported a rise in revenue and profits in its annual results for the year ended 31 October 2017.

The house builder revealed pre-tax profit was up 6% to £207 million compared with £195m in 2016, while revenue increased 5% to £1,042.2m (2016: £997m).

In addition, completions for the year rose 2% to 2,935 homes (2016: 2,870) with an average selling price of £388,000.

Stephen Stone, Chief Executive said the company has experienced another year of growth with rises in sales and the number of new homes built.

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"Our new business divisions are continuing to grow, driving increases in sales outlets and underpinning our ambitious sales target of £1.4bn in 2019," he said.

"The new build housing market continues to be robust, sustained by strong demand for new homes, a benign land market and government policies to improve access to housing. Against this backdrop, Crest Nicholson is confident in its ability to continue delivering great homes for customers and strong returns for shareholders."

A number of board changes have also been announced. Patrick Bergin will be promoted to Chief Executive Officer from 22 March, with Stephen Stone becoming Executive Chairman on the same date. He will then become Non-Executive Chairman from 01 April 2019.

Leslie Van de Walle has been appointed Deputy Chairman and Senior Independent Director of the Company with immediate effect, while Louise Hardy joins the Board as Non-Executive Director.

(LM)