Crest Nicholson Holdings PLC
LSE:CRST
Crest Nicholson Holdings PLC
Crest Nicholson Holdings Plc is a real estate company, which engages in the development of apartments and townhouses to traditional detached family homes and complex regeneration schemes. The company is headquartered in Chertsey, Surrey and currently employs 661 full-time employees. The company went IPO on 2013-02-13. The firm provides a range of products from homes for first time buyers to larger family houses, as well as apartments and some commercial premises within its developments. The company operates through five regional house building divisions. In addition, a centralized specialist Partnerships & Strategic Land division (CNPSL), provides a multi-channel approach and lands. Its CNPSL team manages relationships with Registered Providers and the Private Rented Sector providers (PRS), linking its land portfolio to different sectors and buyers. Its partners include Homes England, the Defense Infrastructure Organization, housing associations and financial institutions.
Crest Nicholson Holdings Plc is a real estate company, which engages in the development of apartments and townhouses to traditional detached family homes and complex regeneration schemes. The company is headquartered in Chertsey, Surrey and currently employs 661 full-time employees. The company went IPO on 2013-02-13. The firm provides a range of products from homes for first time buyers to larger family houses, as well as apartments and some commercial premises within its developments. The company operates through five regional house building divisions. In addition, a centralized specialist Partnerships & Strategic Land division (CNPSL), provides a multi-channel approach and lands. Its CNPSL team manages relationships with Registered Providers and the Private Rented Sector providers (PRS), linking its land portfolio to different sectors and buyers. Its partners include Homes England, the Defense Infrastructure Organization, housing associations and financial institutions.
Revenue Drop: Crest Nicholson reported first-half revenue of £282.7 million, down from £364.3 million the previous year, reflecting lower volumes after a challenging market start.
Margins Under Pressure: Adjusted gross margin fell to 17.9%, and adjusted operating margin to 7.8%, impacted by persistent build cost inflation and a higher share of lower-margin affordable units.
Dividend Maintained: The board held the interim dividend at 5.5p per share, in line with the previous year, emphasizing shareholder returns despite softer earnings.
Land Investment & Expansion: The company continued to invest in high-quality land and expanded into Yorkshire and East Anglia, positioning for growth as market conditions normalize.
Stable Sales & Pricing: Sales rates stabilized after a slow winter, with pricing holding firm due to limited distressed selling and a continued imbalance between supply and demand.
2023 Outlook: Management expects full-year adjusted profit before tax to be in line with consensus (£73.7 million), assuming stable trading conditions continue in the second half.
