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
2025
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
Today · 11 Oct 2026
2029
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