Crest Nicholson Holdings plc
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2024
Martyn Clark joined the business on 3 June, and takes over as CEO from 14 June
Improvement in operational discipline, completed sites review concluded
Net debt better than expectations
Crest Nicholson Holdings plc (‘Crest Nicholson’, the ‘Company’ or the ‘Group’) today announces its unaudited interim results for the six months ended 30 April 2024:
HY24 Financial Summary
- Revenue at £257.5m (HY23: £282.7m), reflecting the low level of reservations at the beginning of the financial year, with H1 reservations in line with expectations. Land and commercial sales during the half of £30.8m (HY23: £4.9m)
- Home completions of 788 (HY23: 894), comprising open market private of 435 (HY23: 532), bulk deals of 177 (HY23: 115) and affordable completions of 176 (HY23: 247)
- Sales per outlet per week (SPOW) of 0.47 (HY23: 0.54) with average outlets at 45 (HY23: 48). Average selling prices have remained stable year on year
- Good progress has been made at Farnham with the scheme tracking in line with the revised plan
- Review of completed site costs, supported by an external consultant, is now concluded resulting in a one-off charge of £31.4m (previous estimate £15.0m), of which £25.5m is treated as an exceptional item as it relates to developments no longer part of the core strategy, which were started prior to 2019, and the balance of £5.9m is recorded as pre-exceptional. The increased charge is due to a wider scope of the review to cover all completed sites
- Adjusted operating profit1 after accounting for £5.9m of completed sites charges at £6.2m (HY23: £22.1m) also reflecting lower volume and a higher proportion of revenue from low margin sites as the Group makes good progress in reducing low margin inventory
- Statutory loss after tax of £23.4m (HY23: profit of £21.1m)
- A continued focus on cash management has enabled the Group to maintain balance sheet strength with net debt1,2 at £9.4m (HY23: net cash1,2 £66.2m). £250m revolving credit facility undrawn (HY23: undrawn)
- Interim dividend at 1.0 pence per share (HY23: 5.5 pence per share)
Analyst and investor meeting, conference call and webcast
There will be a meeting for analysts at 9.00 am today at Norton Rose Fulbright, 3 More London Riverside, London SE1 2AQ hosted by Peter Truscott, Chief Executive and Bill Floydd, Group Finance Director. Martyn Clark, CEO designate will also be at the meeting.
To join the presentation, please use the following link:
Crest Nicholson HY24 results webcast
There is also a facility to join the presentation and Q&A session via a conference call. Participants should dial +44 (0)203 936 2999 and use confirmation code 981297. A playback facility will be available shortly after the presentation has finished.
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Teneo
James Macey White / Giles Kernick +44 (0) 20 7353 4200
Cautionary statement regarding forward-looking statements
This release may include statements that are, or may be deemed to be, ‘forward-looking statements’. These forward looking statements can be identified by the use of forward-looking terminology, including the terms ‘believes’, ‘estimates’, ‘plans’, ‘projects’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’ or ‘should’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the
markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward-looking statements contained in this release. In addition, even if the development of the markets and the
industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause
developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, changes in its business strategy, political and economic uncertainty. Save as required by the Listing and Disclosure Guidance and Transparency Rules, the Company is under no obligation to update the information contained
in this release. Past performance cannot be relied on as a guide to future performance.
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