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Crest Nicholson Holdings plc Half Year Results 2017

Crest Nicholson Holdings plc (“Crest Nicholson” or the “Company”), a leading residential developer operating in the Southern half of England, today announces its half-year results for the six months ended 30 April 2017.

Positioned for Growth


 

2017

2016

Change


 

Total

Total

Total


 

£m

£m

£m

%

Revenue

  419.7

408.1

11.6

3%

Cost of sales

  (309.3)

(297.7)

(11.6)


Gross profit

  110.4

110.4

   -

Administrative expenses

 

(30.1)

(32.6)

(2.5)


Operating Profit

 

80.3

77.8

2.5

3%

Operating profit %

 

19.1%

19.1%

 -


Profit before tax

 

76.2

72.6

3.6

5%


 




Profit after tax

 

62.1

58.9

3.2

5%


 



Earnings per share (pence)


-       Basic

 

24.4p

23.3p

1.1p

5%

-       Diluted

 

24.0p

22.9p

1.1p

5%

Dividend per share (Pence)

 

11.2p

9.1p

2.1p

25%


 




Operational and financial performance 

  • Trading for the half year is in line with Management expectations and on track to deliver growth in revenue for the full year to 31 October 2017.
  • Open market average selling prices (excluding PRS) up 12% at £418k (2016: £372k).
  • Sales per outlet week (excluding PRS) averaged 0.81 (2016: 0.87), in line with the average sales rate of 0.81 for the full year 2016. Outlet numbers increased, averaging 49 in the first half of 2017, up 11% (2016: 44).
  • Revenue increased 3% to £419.7m. Unit completions (excluding PRS) broadly in line with the same period last year at 1,021 (2016: 1,033). Overall unit completions, as expected, were lower at 1,064 (2016: 1,206) primarily due to PRS delivery timing.
  • Forward sales at mid-June 2017 of £540.4m (2016: £520.8m), 4% ahead of prior year. Forward sales for the full year 2017 including year to date completions at mid-June 2017 were 6% ahead of the same period last year.

  • Crest Nicholson Holdings plc Half Year Results for the six months ended 30 April 2017 

    • Strong operating profit margin maintained at 19.1% (2016: 19.1%).
    • Basic earnings per share 24.4p (2016: 23.3p) up 5%.
    • Interim dividend proposed of 11.2p per share (2016: 9.1p), up 23% in line with our target to reduce dividend cover to 2x.
    • Gross development value of land pipeline up 5% to £11,112m (2016: £10,582m) to supply the growth ambitions of the business, while retaining commercial discipline.
    • On target to deliver 4,000 homes and £1.4bn sales by 2019.

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

    “Crest Nicholson has delivered solid foundations for another year of growth in the first half of 2017. We have taken the first steps to establish a new division in the Midlands, increased outlets, built momentum in 2017 forward sales and pursued disciplined expansion of the land pipeline.
    The outcome of the UK General Election may introduce some uncertainty in the short term but we expect the new build housing market to remain robust. Strong levels of employment, low interest rates and good mortgage access – including through the Help to Buy Scheme – should all contribute to a sustainable new build housing market.
    We are on track to deliver growth in revenue this year and are planning for the medium term as we progress towards our 2019 targets of £1.4bn sales and 4,000 homes.”

    For further information, please contact:

    Crest Nicholson Holdings plc

    +44 (0) 1932 580555

    Stephen Stone


    Patrick Bergin       

    Robert Allen       


    RLM Finsbury

    +44 (0) 20 7251 3801

    Faeth Birch


    Philip Walters


    James Bradley       


    There will be a presentation to analysts today at 9.00am at Finsbury, 9th Floor, Tenter House, 45 Moorfields, London, EC2Y 9AE hosted by Stephen Stone - Chief Executive, Patrick Bergin - Chief Operating Officer and Robert Allen - Group 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

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