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.

  • 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

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Crest Nicholson Holdings plc published this content on 12 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 June 2018 06:12:04 UTC