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
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 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