Menu

Menu

Would you like to register with us or sign in?

REGISTER

Crest Nicholson Holdings plc Half Year Results 2018

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 2018.

Highlights


 

HY 2018

HY 2017

Change


 

 

 

 


 

£m

£m

£m

 

Revenue

  473.8

419.7

54.1

13%

Cost of sales

  (362.0)

(309.3)

(52.7)


Gross profit

  111.8

110.4

1.4

Administrative expenses

 

(30.4)

(30.1)

(0.3)


Operating Profit

 

81.4

80.3

1.1

1%

Operating profit margin %

 

17.2%

19.1%

 -


Profit before tax

 

74.8

76.2

(1.4)

-2%


 




Profit after tax

 

60.9

62.1

(1.2)

-2%


 



Earnings per share (pence)


-       Basic

 

23.8p

24.4p

(0.6)p

-2%

-       Diluted

 

23.5p

24.0p

(0.5)p

-2%

Dividend per share (Pence)

 

11.2p

11.2p

-

-


 




Operational and financial performance 

  • Housing units at 1,251 up 18% on prior year (2017: 1,064).
  • Revenues from open market housing sales up 16%; strong PRS (Private Rented Sector) growth offsetting lower land sale and affordable housing revenues.
  • Open market average selling prices (excluding PRS) up 5% at £439k (2017: £418k).
  • Sales per outlet week (excluding PRS & a bulk sale) averaged 0.72 (2017: 0.81), reflecting the change in product and location mix.
  • Outlet numbers increased, averaging 52 in the first half of 2018, up 6% (2017: 49).
  • Forward sales at mid-June 2018 of £568.2m (2017: £540.4m), 5% ahead of prior year. Forward sales for the full year 2018 including year to date completions at mid-June 2018 were 12% ahead of the same period last year (2017: 6% ahead).
  • Operating profit margin lower at 17.2% (2017: 19.1%). Full year margins expected to be around 18% (2017: 20.3%), given generally flat pricing environment.
  • Growth in reported revenues for the full year anticipated to be over 15%.

  • Crest Nicholson Holdings plc Half Year Results for the six months ended 30 April 2018 

    • Basic earnings per share 23.8p (2017: 24.4p) down 2%, with proposed interim dividend maintained in line with last year at 11.2p per share (2017: 11.2p).
    • Gross development value of land pipeline up 6% to £11,832m (2017: £11,112m) supporting the growth of the business, whilst maintaining commercial discipline.

    Commenting on today’s statement, Patrick Bergin, Chief Executive, said:

    “The Group has delivered a good sales performance in the first half of the year. The business continues to increase the number of homes built and carries positive momentum into the second half of 2018, with steady outlet growth and higher forward sales.

    Our experience of generally flat pricing against a back-drop of continuing build cost inflation has, however, had an adverse impact on our margins and we have taken a number of actions to seek to offset build cost pressures and invest in areas of greater housing affordability.

    Our robust business model, focused on delivering well-designed product across the Southern half of the UK, ensures the business is well positioned to thrive against a backdrop of continuing strong demand for housing.”

    Analyst presentation

    There will be a presentation to analysts today at 09.00 BST at etc Venues, Bishopsgate Court, 4-12 Norton Folgate, London E1 6DQ hosted by Patrick Bergin, Chief Executive and Robert Allen, Group Finance Director.


    For further information, please contact:

    Crest Nicholson Holdings plc

    +44 (0) 1932 580555

    Patrick Bergin       

    Robert Allen       


    RLM Finsbury

    +44 (0) 20 7251 3801

    Faeth Birch


    Philip Walters


    James Bradley       


Half Year Results 2018

Download the full press release below

Download PDF
Back to top

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 at any time.

More info
We’ve updated our privacy policy to meet new data protection laws that apply from 25/05/2018. Click here to learn about your choices and rights. Close