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Homebuilder Crest Nicholson upgraded its outlook on annual adjusted earnings after swinging to a first-half profit thanks to a jump in revenue amid a rise in home completions.
For fiscal 2021, adjusted pre-tax profit was 'now expected to be at least £100.0 million including the Longcross Film Studio profit contribution,' the company said.
For the six months ended 30 April 2021, pre-tax profit was £36.3 million from a loss of £51.2 million year-on-year as revenue increased to £324.5 million from £240.0 million.
Home completions increased to 1,0171 from 775.
As at 18 June 2021, forward sales stood at 2,771 units and gross development value was £691.8 million, up from 2,715 units and £575.1 million respectively.
An interim dividend of 4.1 pence per share was declared.
'We are evaluating options to enter new geographical markets and look forward to outlining these future growth plans and our long-term financial targets later this year,' the company said.