TRADING IN LINE WITH EXPECTATIONS
STRONG STRATEGIC PROGRESS AND EARLY OPERATIONAL IMPROVEMENTS IN THE HALF
FULL YEAR GUIDANCE CONFIRMED
Crest Nicholson Holdings plc (‘Crest Nicholson’ or ‘the Group’) today announces its interim results for the six months ended 30 April 2025.
Martyn Clark, CEO commented:
"I am pleased to report that Crest Nicholson has delivered trading in line with expectations in the first half and is on track to meet its FY25 guidance.
We have made good early progress against each of the four key strategic priorities set out at our Capital Markets Day. Our focus on building exceptional quality homes efficiently has been recognised with our build teams receiving four nominations for the annual Premier Guarantee Excellence Awards, more than any other national developer. Our reinvigorated approach to putting the customer at the heart of all we do and delivering an outstanding customer experience is reflected in our regaining the HBF's 5-star customer service rating and we are on-track to maintain the rating for the current assessment year. Our commitment to operational and commercial excellence has underpinned the better sales rates we have delivered, with a notable increase in sales rates since January, which are now more in line with industry standards. It is also visible in the improvement we are starting to see in achieved prices as our sales transformation becomes embedded. We have delivered improved gross profit and margin with a notable reduction in completed sites charges and NRV provisions. We have taken swift action to reduce administrative expenses with the merger of the Midlands and Yorkshire divisions, amongst other initiatives delivering a 6% adjusted administrative expenses reduction year on year. Our ongoing focus on working capital management and inventory reduction is reflected in our net debt position being better than expected, and we continue to be highly active in exploring ways to optimise the value of our land portfolio.
The housing market continues to show signs of stabilisation with an incrementally easing planning system, improving affordability and strong support from lenders. Customer appetite for the mid premium segment of the market, which is characterised by high-quality, well-designed homes in sought-after locations, and which is our focus segment remains robust. This places Crest Nicholson in a strong position to navigate the market with confidence and clarity of purpose, as we progress towards the delivery of our FY29 targets and with it, attractive and sustained value creation."
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 Martyn Clark, Chief Executive Officer and Bill Floydd, Chief Financial Officer. To join the presentation, please use the following link: Crest Nicholson HY25 results
There is also a facility to join the presentation and Q&A session via a conference call. Participants should dial +44 203 936 2999 and use confirmation code 090893. 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 / Ollie Simmonds +44 (0) 207 260 2700
The person responsible for arranging the release of this announcement on behalf of the Company is Penny Thomas, Group Company Secretary.
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.
Crest Nicholson Holdings plc
Registered no. 06800600
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