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Crest Nicholson Holdings plc Annual Results Announcement for the year ended 31st October 2017

Continued growth and strong returns

Crest Nicholson Holdings plc (Crest Nicholson) today announces its final results for the year ended 31st October 2017.

Highlights

  • Sales, including those from joint ventures, of £1,065.6m (2016: £1,000.3m) – up 7%
  • Statutory revenue of £1,043.2m (2016: £997.0m) up 5%
  • Volumes up 2% at 2,935 homes (2016: 2,870)
  • Pre-tax profit up 6% to £207.0m (2016: £195.0m)
  • Operating profit margin of 20.3% (2016: 20.4%)
  • Return on capital employed decreased slightly to 29.7% (2016: 31.3%)
  • Net cash at year-end of £33.2m (2016: £77.0m)
  • Gross development value of land pipelines up 10.2% to £11,736m (2016: £10,646m)
  • Forward sales at mid-January of £575.7m (2016: £533.5m), 8% ahead of prior year
  • Outlets increased 9% to 51 (2016: 47)
  • Total dividend of 33.0p up 20% and covered 2x by earnings (2016: 27.6p and 2.25x cover)
  • Targeting to deliver £1.4bn sales by 2019

Commenting on today’s statement, Stephen Stone, Chief Executive said: “We have had another year of growth, with increases in sales and the number of new homes built.
Our new business divisions are continuing to grow, driving increases in sales outlets and underpinning our ambitious sales target of £1.4bn in 2019.
The new build housing market continues to be robust, sustained by strong demand for new homes, a benign land market and government policies to improve access to housing. Against this backdrop, Crest Nicholson is confident in its ability to continue delivering great homes for customers and strong returns for shareholders.”

 

2017 2016 Change
 

£m £m £m %
   
Units 2,935 2,870 65 +2%
   

Revenue

1,043.2 997.0 46.2 +5%
Cost of sales (768.3) (731.2) (37.1)
Gross profit 274.9 265.8 9.1 +3%
Administrative expenses (63.3) (62.0) (1.3)

Operating Profit

211.6 203.8 7.8 +4%
Operating profit % 20.3% 20.4% (10)bps  
 
Profit before tax 207.0 195.0 12.0 +6%
 

Profit after tax

168.6 156.8 11.8 +8%
 
Earnings per share (pence)
-      Basic 66.1p 62.0p 4.1p +7%
-      Diluted 65.1p 60.9p 4.2p +7%
         
Net cash  £33.2m £77.0m     

 

For further information, please contact:

Crest Nicholson Holdings plc

+44 (0) 1932 580555

Stephen Stone
Patrick Bergin
Robert Allen

 

Finsbury

+44 (0) 20 7251 3801

Faeth Birch

Philip Walters   

There will be a presentation to analysts today at 9.00am at ETC venues, Bishopsgate Court, 4-12 Norton Folgate, London E1 6DQ hosted by Stephen Stone, Chief Executive, Patrick Bergin, Chief Operating Officer and Robert Allen, Group Finance Director.

An audio playback facility will be available at http://www.crestnicholson.com/investor-relations or by downloading the Crest Nicholson app following the presentation.

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


Preliminary Results Announcement for year ended 31st October 2017

Download the full press release below

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