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.

Target	Promise	Said	Status
2024
30 Sep 2024	Return to a five-star customer service rating for the year to September 2024	23 Jan 2024	✓ Kept
	“on track to return to a five-star rating for the year to September 2024” Also stated 13 Jun 2024 Result 2025 satisfaction score of 95% and HBF five-star rating later reported as maintained. “Reflecting our enhanced commitment to customer service as a key focus for the business, we have consistently achieved greater than 90% customer satisfaction rating since February 2023, and are on track to return to a five-star rating for the year to September 2024”13 Jun 2024 · Half-year Results “The Group has continued to drive higher levels of customer satisfaction achieving a score of 95.0% for the 2024 survey year (2023: 87.3%).”20 Mar 2025 · Trading Update
FY24	Reduce annualised administrative expenses by about £3m in FY24	16 Nov 2023	… In progress
	“Expected overhead reduction of £3m in FY24” Also stated 23 Jan 2024 Status so far Not yet due.
31 Oct 2024	Net debt to keep tracking lower than expected through FY24	19 Mar 2024	✓ Kept
	“Net debt at the end of February 2024 is tracking lower than expected as a result of lower build and land spend and this trend is expected to continue in the remainder of the financial year.” Result Half-year net debt was better than expectations; year-end net debt was £8.5m. “Enhanced focus on improvements in cash management delivered better than expected year end net debt at £8.5m”20 Nov 2024 · FY24 in line with guidance
2025
FY25	Trade through the majority of remaining low-margin sites during FY25	13 Jun 2024	◐ Partly kept
	“the majority of the remainder expected to be traded through during FY25” Status so far Gross margin rose to 14.2% at half-year 2025 but no direct confirmation of site completion. “We have delivered improved gross profit and margin with a notable reduction in completed sites charges and NRV provisions.”12 Jun 2025 · Half-year Results “Adjusted gross profit was £35.4m (HY24: £30.8m), an increase of 14.9%. The increase in gross profit is substantially reflected by a reduction in completed site costs and NRV charges.”12 Jun 2025 · Half-year Results
31 Oct 2025	FY25 profit before tax of £28m-£38m	4 Feb 2025	✗ Missed
	“Adjusted Profit Before Tax £28m - £38m” Also stated 12 Jun 2025 Result Adjusted PBT was £26.5m, below the range. “APBT: £26.5m, reflecting a weaker than expected housing market in H2”29 Jan 2026 · Final Results
31 Oct 2025	End FY25 with net debt of £40m-£90m	4 Feb 2025	✗ Missed
	“Net debt \| £40m - £90m” Result Net debt was £38.2m, better than the range. “Net debt was at the better end of our guidance range at £38.2m.”29 Jan 2026 · Final Results “Net debt: £38.2m, better than guidance, supported by inventory reduction and disciplined cash management.”29 Jan 2026 · Final Results
31 Oct 2025	FY25 completions of 1,050-1,150 open market and 650-750 bulk and affordable	12 Jun 2025	◐ Partly kept
	“Open market units 1,050 - 1,150” Result Open market 1,095 met; total 1,691 units was below the 1,700-1,900 guidance. “FY25 volume 1,691 units, at the lower end of the guidance range of 1,700-1,900 units with c.35% of affordable and PRS units reflecting lower level of PRS in FY25 in line with our strategy”18 Nov 2025 · Trading Statement “Open market sales units increased by 5% to 1,095, demonstrating enhancements to our sales strategy”18 Nov 2025 · Trading Statement
2026
31 Jul 2026	Start 80% of affected fire remediation sites by end of July 2026	21 Apr 2026	… In progress
	“remains on track to hit the Government target of starting 80% of affected sites by the end of July” Result Not yet due.
Today · 10 Oct 2026
30 Nov 2026	Complete covenant amendment process with lenders	16 Jul 2026	… In progress
	“the Board remains focused on completing the covenant amendment process while continuing to execute Project Elevate” Status so far Not yet due.
2026	Yorkshire output of 300-350 units in 2026	16 Nov 2023	… In progress
	“now expecting 300 to 350 units in 2026” Also stated 23 Jan 2024 Status so far Not yet due.
H2 2026	Increase outlets in H2 2026 with new margin accretive sites	29 Jan 2026	… In progress
	“The Group expects to increase its outlet position in the H2 2026 with the launch of new margin accretive sites.” Status so far Not yet due.
2027
FY27	Overheads at about 7% of revenue by FY27	20 Mar 2025	… In progress
	“Overhead reduction to c.7% of revenue by FY27” Status so far Not yet due.
2027-03	Remediate pre-2019 sites over three years at up to £15m	19 Mar 2024	… In progress
	“These sites will require remediation over the next three years at an estimated cost of up to £15m.” Status so far Not yet due.
2027	Finalise new house type design by Dec 2025 and roll out in production from 2027	18 Nov 2025	… In progress
	“Adopted for all planning applications from January 2026, with production rollout from 2027” Also stated 29 Jan 2026 Status so far Not yet due.
2029
FY29	Complete fire remediation programme during FY29, funded from own cash flow and balance sheet	14 Jan 2025	… In progress
	“The remediation programme is expected to be completed during FY29, meeting the obligations of the Government's Remediation Acceleration Plan” Status so far Not yet due.
FY29	By FY29: 2,300+ completions, 20%+ gross margin and 13%+ ROCE	20 Mar 2025	✗ Missed · target changed
	“FY29 targets of 2,300 or more completions, gross margin of 20+% and return on capital employed of 13+%” Also stated 12 Jun 2025 Result 2026 guidance cut: completions 1,350-1,400 and half-year gross margin 7%, far from the path. “Adjusted gross profit margin was 7.0% (HY25: 14.2%).”16 Jul 2026 · Half-year Results “the Group now expects full-year completions to be in the range 1,350 to 1,400 (previous guidance 1,400 to 1,500) and for EBIT to be a loss of around £10m (previous guidance for EBIT profit of £5m to £10m).”3 Sep 2026 · Trading update