Crest Nicholson Holdings plc Half year Results 2015

Crest Nicholson Holdings plc (Crest Nicholson), a leading residential developer operating in the Southern half of England, today announces its half-year results for the six months ended 30 April 2015.

Strong revenue and earnings growth


 

2015

2014

Change


 

Total

Total

Total


 

£m

£m

£m

%

Revenue

  333.2

241.1

92.1

38%

Cost of sales

  (241.4)

(171.8)

(69.6)


Gross profit

  91.8

69.9

22.5

32%

Administrative expenses

 

(28.2)

(24.6)

(3.6)


Operating Profit

 

63.6

44.7

18.9

42%

Operating profit %

 

19.1%

18.5%

60bps



 




Profit before tax

 

58.3

38.4

19.9

52%


 




Profit after tax

 

46.7

30.9

15.8

51%


 




Earnings per share (pence)


-       Basic

 

18.6p

12.3

6.3

51%

-       Diluted

 

18.2p

12.1

6.1

50%


 





 





Performance Highlights 

  • Housing legal completions up 3% at 1,124 (2014: 1,091); open market unit completions up 8%.
  • Sales per outlet week pre Private Rental Sector sales (PRS) up 12% at 0.93 (2014: 0.83).
  • Housing revenue up 29% on 2014 reflecting volume growth and both sales price and location mix impacts on open market Average Selling Prices (ASP).
  • Operating profit margins up 60bps at 19.1% (2014: 18.5%) driven by increased overhead efficiency.
  • Earnings per share up 51% for half year; full year growth expected to be in range of 20-25%.
  • Good additions to both short-term and strategic land pipelines; overall GDV of land pipeline now £10.1bn (2014: £8.2bn), up 22%.
  • Forward sales at mid-June 2015 of £436.4m (2014: £347.3), 26% ahead of prior year.
  • Interim dividend proposed of 6.4p per share (2014: 4.1p), up 56%.
  • On track with three year plan to drive revenue growth towards £1bn by October 2016.
  • Further targets established, to grow towards 4,000 homes and £1.4bn revenue by 2019.

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

“Sustained demand for new homes has underpinned strong sales rates and Crest Nicholson has delivered an 8% increase in open market completions in the first half of this year. Improving economic circumstances and a clear outcome in the general election provide a good operating backdrop for the sector and give us confidence to increase our volume target. The business is well positioned to continue on its growth trajectory, delivering high quality homes for our customers whilst generating strong returns for shareholders.”

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


Philip Walters


Caroline Seton       


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, 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 2015

Download the full press release below

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