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Crest Nicholson to resume dividend, lifts profit expectations on 'good' H2 sales
StockMarketWire.com
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Housebuilder Crest Nicholson said it would reinstate its dividend after upgrading its profit outlook following 'good' sales performance through the second half of the financial year.
For the 12-month period ending 31 October, the company said it expected adjusted pre-tax profit to be 'significantly ahead of consensus of £37.9 million and at the upper end of the previously guided range of £35m-to-£45m.'
Forward sales as at 31 October 2020 were 2,289 units and £480.5m. The company said it would resume its dividend on a two and a half times cover basis, starting from interim results 2021
Looking ahead, the company admitted that the introduction of another national lockdown will undoubtedly bring fresh challenges, but said it expected the housing market to 'remain resilient to the impacts of COVID-19.'
Story provided by StockMarketWire.com
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