Crest Nicholson Holdings
CRST · Main Market · Consumer Products and Services · mcap £147m · 58.9p
Crest Nicholson builds and sells homes, mainly in southern England, and also sells land and builds for housing associations and bulk buyers. It is repositioning from a volume builder to a mid-premium developer.
| Date | Type | Announcement | Day |
|---|---|---|---|
| 30 Sep 26 | Board change | Directorate Change
Louise Hardy to step down at AGM in March 2027 after nine years; Aidan de Brunner appointed Independent Non-Executive Director. |
−3.2% |
| 30 Sep 26 | Update on lender discussions
Debt covenant waiver extended to 30 November 2026 as lender discussions continue on amended terms. |
−3.2% | |
| 03 Sep 26 | Trading update | Trading update
Net debt expected £70-90m, better than guided. Full-year EBIT now forecast £10m loss due to weaker summer sales. |
−8.3% |
|
Expected year-end net debt £70-90m (£100-120m)Full-year EBIT guidance loss of around £10m (profit of £5m to £10m)Expected full-year completions 1,350 to 1,400 (1,400 to 1,500)H2 open market sales rate (last 6 weeks) 0.35 (0.48 (H1))Build cost inflation c.3-4%
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| 16 Jul 26 | Results | Half-year Results
Half-year revenue £197.6m, operating loss £26.2m, home completions 584 units, net debt £141.8m amid challenging market conditions. |
−5.2% |
|
Revenue £197.6m (£249.5m)Operating loss (statutory) £26.2m (£18.8m profit)Home completions 584 units (739 units)Net debt £141.8m (£71.5m)Gross margin 7.0% (14.2%)Basic loss per share 10.1p (2.6p earnings)
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| 19 May 26 | Results | Revised date for the half year results
Half year results delayed to 16 July 2026 pending lender covenant relaxation discussions. |
+0.2% |
| 21 Apr 26 | Trading update | Trading Update
Crest Nicholson cuts FY26 sales guidance to 1,400-1,500 units and land revenue to £40m amid macro uncertainty and weakening demand. |
−35.2% |
|
below expectations Revised volume guidance 1,400-1,500 units (1,550-1,700 units)Current order book 1,106 unitsRevised land sales revenue guidance c. £40m (£75m-£100m)EBIT guidance £5m-£15mInterest costs c. £15mYear end net debt guidance £100m-£120m
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| 25 Mar 26 | Trading update | Trading Statement
Sales rate improved since mid-January; full-year guidance unchanged despite recent macroeconomic uncertainty. |
+10.2% |
|
Open market sales rate (10 weeks to 20 March) 0.64 (0.61)Prior year open market sales rate (FY25) 0.61
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| 17 Feb 26 | Results | Annual Report & Notice of AGM
Published 2025 annual report and accounts; AGM scheduled for 25 March 2026. |
−3.2% |
| 29 Jan 26 | Results | Final Results
Full year revenue £610.8m, adjusted PBT £26.5m and net debt £38.2m, better than guidance; housing completions down 9.7% to 1,691 units. |
+13.6% |
|
in line with November 2025 trading update expectations Revenue £610.8m (£618.2m)Adjusted operating profit £34.7m (£29.2m)Adjusted profit before tax £26.5m (£20.3m)Home completions 1,691 units (1,873 units)Net debt £38.2m (£8.5m)Dividend per share 3.1p (2.2p)
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| 05 Dec 25 | Director Declaration
Gillian Kent appointed Non-Executive Director and Senior Independent Director of STV Group plc. |
−0.7% | |
| 18 Nov 25 | Trading update | Trading Statement
FY25 APBT at low end of guidance; 1,691 units sold; net debt better than expected at £40-90m range. |
−15.0% |
|
FY25 volume 1,691 units (1,700-1,900 units guidance)Open market sales units 1,095 (1,054 in FY24)Open market sales rate 0.51 (0.48 in FY24)APBT (FY25) at low end of or marginally below £28-38m guidanceYear-end net debt better end of £40-90m guidanceLand receipts secured for FY26 c.£50m
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| 28 Oct 25 | Board change | Directorate Change
Gillian Kent appointed as Non-Executive Director from 1 November 2025; Octavia Morley to step down at March 2026 AGM. |
−0.9% |
| 07 Jul 25 | Statement re Change of Registrar
Crest Nicholson changes share registrar from Equiniti to MUFG Corporate Markets effective 7 July 2025. |
+0.7% | |
| 12 Jun 25 | Results | Half-year Results
HY25 results in line with expectations; adjusted operating profit up 92% to £11.9m; FY25 guidance confirmed. |
+4.0% |
|
in line expectations Adjusted operating profit £11.9m (£6.2m)Adjusted gross margin 14.2% (12.0%)Home completions 739 units (788 units)Adjusted profit before tax £7.9m (£2.6m)Net debt £71.5m (£8.5m)Dividend per share 1.3 pence (1.0 pence)
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| 20 Mar 25 | Trading update | Trading Update
Capital Markets Day outlines strategic refresh with medium-term guidance targeting 2,300+ unit completions and 20%+ gross margins by FY29. |
+7.0% |
|
Open market sales rate (10 weeks to 14 March) 0.61 (0.50)Customer satisfaction score (2024 survey) 95.0% (87.3%)Target gross margins by FY29 20%+Target home completions by FY29 2,300+ unitsTarget overhead ratio by FY27 c.7% of revenueTarget ROCE by FY29 13%+
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| 21 Feb 25 | Results | Annual Report & Notice of AGM
Crest Nicholson published 2024 annual report and accounts; AGM scheduled for 26 March 2025. |
+0.1% |
| 04 Feb 25 | Results | Final Results
FY24 results in line with guidance; statutory loss of £143.7m due to £166.1m exceptional charges including fire remediation provision. |
−6.9% |
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in line expectations Revenue £618.2m (£657.5m)Statutory operating loss £(128.7)m (£29.9m)Statutory loss before tax £(143.7)m (£23.1m)Adjusted operating profit £31.3m (£50.8m)Home completions 1,873 units (2,020 units)Net debt £8.5m (£64.9m net cash)
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| 14 Jan 25 | Results | Revised date for 2024 preliminary results
2024 preliminary results delayed to 4 February; fire remediation provision increased to £245m-£255m from £145m at half-year. |
+2.9% |
|
Fire remediation provision FY24 year end £245m - £255m (£145m)Increase in future expected remediation costs £120m - £130mNumber of buildings in scope 291Adjusted profit before tax FY24 (expected) £22m - £29m (lower end of range)Expected remediation programme completion FY29
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| 20 Nov 24 | FY24 in line with guidance
FY24 results in line with guidance; APBT at lower end of range; cash position and sales rates improved late in year. |
−0.2% | |
|
in line expectations Volume 1,873 unitsOpen market sales rate 0.48 (0.52)Adjusted Profit Before Tax lower end of £22m - £29m rangeYear-end net debt £8.5mYear-end land creditors c.£100m (£205.5m)
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| 13 Aug 24 | Offer | Statement re Possible Offer
Bellway confirms it will not make a firm offer for Crest Nicholson under Takeover Code Rule 2.8. |
−20.7% |
| 08 Aug 24 | Statement re extension to PUSU deadline
Bellway's proposed all-share offer for Crest Nicholson extended to 20 August 2024 pending due diligence. |
−2.1% | |
|
Bellway consideration per Crest share 0.099 Bellway sharesCash dividend per Crest share 4 penceInterim dividend per share 1 penceSpecial dividend per share (conditional) 3 pence
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| 10 Jul 24 | Statement re revised proposal and PUSU extension
Bellway proposes revised all-share offer valuing Crest Nicholson at 273 pence per share, with PUSU deadline extended to 8 August 2024. |
−1.0% | |
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Offer value per share 273 penceBellway shares per Crest Nicholson share 0.099Dividend per share 4 pencePremium to 13 June closing price 28.3%Premium to 12-month VWAP 36.3%Crest Nicholson shareholder stake in enlarged group 18%
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| 05 Jul 24 | Response to Press Speculation
Board received unsolicited all-share acquisition proposal from Avant Homes but declined to engage during Bellway offer period. |
+2.2% | |
| 14 Jun 24 | Response to Announcement by Bellway p.l.c.
Crest Nicholson rejects Bellway's revised all-share takeover proposal valuing the company at 253 pence per share. |
+13.7% | |
|
Implied offer value per share 253 pence (213 pence (close 13 June 2024))Premium to closing price 18.8%Exchange ratio 0.093 Bellway shares per Crest shareCrest Nicholson ownership in combined entity approximately 17.1%Bellway share price (13 June 2024) 2,718 pence
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| 13 Jun 24 | Board change | Directorate Change
Chief Executive Peter Truscott steps down from the Board after joining in 2019. |
−11.6% |
| 13 Jun 24 | Results | Half-year Results
HY24 revenue fell to £257.5m on lower completions; net debt swung to £9.4m; completed sites charge of £31.4m taken. |
−11.6% |
|
Net debt better than expectations expectations Revenue £257.5m (£282.7m)Home completions 788 (894)Adjusted operating profit £6.2m (£22.1m)Net debt £9.4m (£66.2m net cash)Completed sites charge £31.4mInterim dividend 1.0p per share (5.5p per share)
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| 08 Apr 24 | Board change | Directorate Change
Martyn Clark appointed Chief Executive from 3 June 2024; Peter Truscott remains during handover. |
+1.8% |
| 19 Mar 24 | Trading update | Trading Update
Reservations in line with expectations; discovered build defects on pre-2019 sites requiring up to £15m remediation over three years. |
−9.1% |
|
in line expectations Year-to-date open market SPOW rate 0.44SPOW rate last eight weeks to 15 March 2024 0.52Customer satisfaction rating >90%Estimated remediation cost for pre-2019 sites up to £15mFY24 completions guidance 1,800 to 2,000 homes
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| 07 Mar 24 | Director Declaration
Non-Executive Director Octavia Morley appointed to Currys plc board effective 1 April 2024. |
+0.1% | |
| 13 Feb 24 | Results | Annual Report and Notice of AGM
Crest Nicholson publishes 2023 Annual Report and Notice of AGM for 19 March 2024. |
−6.4% |
| 23 Jan 24 | Board change | Directorate Change
Peter Truscott retires as Chief Executive; Martyn Clark appointed as successor, joining later in 2024. |
−1.6% |
| 23 Jan 24 | Results | Final Results
Revenue fell 28% to £657.5m and completions dropped to 2,020 units as housing market weakened; profit down 70%. |
−1.6% |
|
Revenue £657.5m (£913.6m)Home completions 2,020 units (2,734 units)Adjusted profit before tax £41.4m (£137.8m)Net cash £64.9m (£276.5m)Forward sales GDV £434.9m (£510.8m)Dividend per share 17.0 pence (17.0 pence)
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| 15 Jan 24 | Trading update | FY23 Trading Update
FY23 adjusted profit before tax revised down to £41m due to legacy site cost overruns and legal claim. |
−0.8% |
|
FY23 Adjusted Profit Before Tax £41mIncremental cost movement - Brightwells Yard £11mExceptional charge - legal claim £13m
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| 24 Nov 23 | Board change | Directorate Change
Dr Maggie Semple OBE appointed as Non-Executive Director effective 1 January 2024. |
−0.8% |
| 16 Nov 23 | Trading update | Trading Statement
FY23 APBT £45-50m with weak housing sales; cost cutting and operational streamlining announced for FY24. |
−2.3% |
|
FY23 Adjusted Profit Before Tax £45.0m to £50.0mPrivate Sales Per Outlet Week (10-week) 0.39 (0.39)Year-end net cash position £64.9mForward sales (units) 1,710 units (2,038 units)Forward sales GDV £408.5m (£526.2m)Annualised administrative expense reduction target £3.0m
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| 13 Nov 23 | Board change | Directorate Change
William Floydd joins as Group Finance Director designate; Duncan Cooper to leave on 13 December 2023. |
+1.0% |
| 03 Nov 23 | Board change | Directorate Change
Non-Executive Director Lucinda Bell to step down from the Board on 31 December 2023 after six years. |
+3.3% |
| 13 Oct 23 | Board change | Directorate Change
William Floydd appointed Group Finance Director, effective 13 November 2023, succeeding Duncan Cooper. |
−1.1% |
Company filings. Not investment advice.