Crest Nicholson said it has seen a sustained pickup in sales since mid-January, shaking off the weak trading conditions that dogged the second half of last year.
In a short and sweet trading update released ahead of its AGM today, the mid-cap housebuilder said its open-market sales rate, excluding bulk deals, hit 0.64 per outlet per week over the 10 weeks to 20 March, up from 0.61 per outlet per week across the whole of the last financial year.
The improvement in the sales rate contrasts with that of peer Bellway, whose sales rate fell over a similar period.
The group acknowledged the broader macroeconomic uncertainty of recent weeks but said it has yet to see any material impact on trading, adding that it remains “alert to the potential risks.” Full-year guidance remains unchanged.
It is now a year since Crest Nicholson unveiled Project Elevate, its strategic pivot from volume housebuilder to mid-premium, customer-focused developer. The company said strong progress has been made, with a further land disposal completed this financial year as it continues to reshape its land bank. A divisional restructuring announced in November has also been wrapped up.
Crest Nicholson shares have lost more than 80% of their value since hitting a peak of around 600p in 2017.