Crest Nicholson poaches Galliford Try CEO; warns Brexit uncertainty will continue to hurt demand

Writer, Stock Market Wire
Tuesday, March 26, 2019 - 08:04

Crest Nicholson said Galliford Try Chief Executive Peter Truscott would be replacing Patrick Bergin as CEO in September, and the homebuilder warned ongoing Brexit uncertainty would continue to hurt home buying demand.

'The business has faced challenges with dampened customer demand in higher price point areas, amid ongoing political and macro-economic uncertainty. This is likely to continue as political uncertainty prevails,' the company said.

But the company also touted optimism, pointing to stable pricing in its key markets and sales rates consistent with previous guidance, with an encouraging forward sales position, having already secured over 50% of our open market sales for the year.

'At £686m, our total forward sales positions us well to deliver both revenue and volumes similar to last year and continue to improve our cash generationm'' the company said.

The homebuilder remained on target to increase the level of partnerships as its new strategy benefited from the framework of Strategic Partnerships introduced by Homes England, creating a 'positive backdrop for the public and private sector to work together to increase the delivery of new homes of different tenures.'

At 8:04am: (LON:CRST) Crest Nicholson Holdings Plc share price was +25.4p at 378.4p

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