Half Year Results 2013

Crest Nicholson Holdings plc (Crest Nicholson) today announces its half-year results for the six months ended 30th April 2013

Strong growth in open market housing delivery

2013

2013

2013

2012

Change

Pre-exceptional

Exceptional costs

Total

Total

(Pre-exceptional)

£m

£m

£m

£m

£m

%

Revenue

192.0

192.0

138.6

53.4

+39%

Cost of sales

(138.6)

(138.6)

(99.4)

(39.2)

Gross profit

53.4

53.4

39.2

14.2

+36%

Administrative expenses

(18.6)

(5.9)

(24.5)

(17.5)

(1.1)

Operating Profit

34.8

(5.9)

28.9

21.7

13.1

+60%

Operating profit %

18.1%

15.1%

15.7%

2.4%

Profit before tax

28.1

(5.9)

22.2

16.0

12.1

+76%

Profit after tax

21.9

(5.9)

16.0

12.5

9.4

+75%

Earnings per share (pence)

-       Basic

9.3p

(2.5)p

6.8p

5.6p

3.7p

+66%

-       Diluted

9.3p

(2.5)p

6.8p

5.6p

3.7p

+66%


Performance Highlights – all figures pre-exceptional

  • Housing legal completions up 9% at 810 (2012: 746); open-market legal completions up 30% at 699 (2012: 537).
  • Sales per outlet week up 18% at 0.77 (2012: 0.65)
  • Housing revenue up 30% on 2012 reflecting our growing number of sales outlets and higher open market Average Selling Prices (ASP)
  • Gross profit margins down slightly at 27.8% (2012: 28.3%); operating profit margins up 2.4% at 18.1% (2012: 15.7%).
  • Profit after tax up 75% to £21.9m (2012: £12.5m).
  • Strong balance sheet position; net debt/equity ratio of 2.4% (2012: 27.5%).
  • 1,019 plots added to the short-term land bank, primarily in the South East and London, at good gross margins.
  • Approximately 1,500 plots added to the Strategic land bank across seven sites
  • Forward sales at mid-June of £330.9m (2012: £220.5m), 50.1% ahead of prior year with 88% of this year’s forecast secured (2012: 82%).
  • Crest Nicholson set to enter the FTSE 250 index following market close on 21st June 2013.


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

“I am delighted to announce excellent results from Crest Nicholson for the first half of the year. This represents a strong start to our return as a listed company. Purchaser demand for high quality homes, on well designed developments, remains robust and signs of improved access to mortgages together with the initiatives that the Government has put in place should help to stimulate activity in the industry and assist people in purchasing a new home. With this improving sentiment 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 9.30am 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

These Half Year results should be read in conjunction with the Company’s prospectus (the IPO Prospectus) in connection with the admission of its ordinary shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc's main market for listed securities, which was published on 13 February 2013.  A copy of the IPO Prospectus is available to view and download from the Company’s website at www.crestnicholson.com.

Half Year Results 2013

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