Crest Nicholson Holdings plc Half year Results 2014

Crest Nicholson Holdings plc (Crest Nicholson) today announces its half-year results for the six months ended 30 April 2014.

Strong volume and earnings growth


2014

2013

2013

2013

Change


Total

Pre- exceptional costs

Exceptional costs

Total

(Pre-exceptional)


£m

£m

£m

£m

£m

%

Revenue

241.1

192.0


192.0

49.1

+26%

Cost of sales

(171.8)

(138.6)


(138.6)

(33.2)


Gross profit

69.3

53.4


53.4

15.9

+30%

Administrative expenses

(24.6)

(18.6)

(5.9)

(24.5)

(6.0)


Operating Profit

44.7

34.8

(5.9)

28.9

9.9

+28%

Operating profit %

18.5%

18.1%


15.1%

40bps









Profit before tax

38.4

28.1

(5.9)

22.2

10.3

+37%








Profit after tax

30.9

21.9

(5.9)

16.0

9.0

+41%








Earnings per share (pence)


-       Basic

12.3p

9.3p

(2.5)p

6.8p

3.0p

+32%

-       Diluted

12.1p

9.3p

(2.5)p

6.8p

2.8p

+30%




















Performance Highlights – all figures pre-exceptional

  • Housing legal completions up 35% at 1,091 (2013: 810).
  • Sales per outlet week up 8% at 0.83 (2013: 0.77).
  • Housing revenue up 31% on 2013 reflecting volume growth and higher open market Average Selling Prices (ASP).
  • Gross profit margins up 90bps at 28.7% (2013: 27.8%); operating profit margins up 40bps at 18.5% (2013: 18.1%).
  • Earnings per share up 32%.
  • Strong balance sheet position; net debt/equity ratio of 12.5% (2013: 2.4%).
  • 784 plots added to the short-term pipeline at an ASP of £338,000.
  • Over 2,000 plots added to the strategic land bank across 6 sites.
  • Forward sales at mid-June 2014 of £347.3m (2013: £330.9m), 5% ahead of prior year.
  • Interim dividend proposed of 4.1p per share (2013: nil).
  • New division and higher ASP’s in housing mix to drive revenue growth of 70-80% in three years.

Commenting on today’s statement, Stephen Stone, Chief Executive, said:

“Strong volume and earnings growth characterise excellent results from Crest Nicholson for the first half of the year. Demand for well-designed and sensitively delivered product remains high and the business is continuing to flourish in a good housing market, helping many purchasers fulfil their ambitions for home ownership. With an improving economic backdrop underpinning the strength of the sector and the opportunities available to the business, the Board remains confident in the outturn for the year.”

For further information, please contact:

Crest Nicholson Holdings plc

+44 (0) 1932 580555

Stephen Stone


Patrick Bergin       


RLM Finsbury

+44 (0) 20 7251 3801

Faeth Birch
James Bradley


There will be a presentation to analysts today at 9.00am at RLM Finsbury, 9th Floor, Tenter House, 45 Moorfields, London, EC2Y 9AE hosted by Stephen Stone, Chief Executive, and Patrick Bergin, Finance Director.

A full calendar of financial announcements for the forthcoming period is available via the Company’s Investor Relations website at http://www.crestnicholson.com/investor-relations

Half Year Results 2014

Download the full press release below

Download PDF

Cookies on the Crest Nicholson website

* We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Crest Nicholson website. However, if you would like to, you can change your cookie settings in your internet browser at any time.

More info