Crest Nicholson Holdings plc
FULL YEAR RESULTS IN LINE WITH GUIDANCE
NEW STRATEGIC PRIORITIES TO DELIVER SUSTAINABLE GROWTH, ENHANCED PROFITABILITY
AND CONSISTENT SHAREHOLDER VALUE CREATION
Crest Nicholson Holdings plc (‘Crest Nicholson’ or ‘Group’) today announces its Preliminary Results for the year ended 31 October 2024:
Martyn Clark, CEO commented
‘I am pleased to report that we delivered FY24 results in line with guidance issued at the start of my tenure and finished the year with better than expected net debt. Nevertheless, this has been a very tough and disappointing year for the business. Despite this, there must be acknowledgement of the hard work and dedication of our colleagues at Crest Nicholson, and I extend my heartfelt thanks to them for their continued commitment to the Group.‘
‘Since I joined in June, we have worked with renewed vigour to make significant operational progress, revitalising our sales process, improving governance, upgrading management information to allow for better decision making, and enhancing operational rigour and cost control. We have implemented adjustments that are already delivering positive outcomes, including a strong focus on customer service which has ensured we are consistently achieving over 90% customer satisfaction rates, positioning us consistently as a 5 star service provider. We now have greater clarity relating to legacy issues with necessary provisions in place, notably via our updated fire remediation provision which includes all buildings known to be in scope. This affords us the transparency and understanding to define and deliver a clear future strategy for the business and ensure Crest Nicholson realises its full potential.’
‘I have undertaken a comprehensive review to understand the business, which has included obtaining both internal and external perspectives. This has allowed me to identify the market opportunity and craft a strategy that will allow us to maximise that opportunity and optimise the company for sustainable growth with an appropriately scaled cost base that will enhance profitability and consistent shareholder value creation. I look forward to updating you in March 2025 with the findings, which will help formulate our strategic focus for the year and beyond and our pathways to achieve our strategic goals.’
‘Our priorities are to build homes of exceptional quality efficiently, deliver outstanding service to customers and thereby optimise value from our high-quality land portfolio to ensure the delivery of sustainable returns for stakeholders. While economic and political challenges persist, I am cautiously optimistic about the year ahead. We see pent-up demand from customers seeking high-quality, well-designed homes in desirable locations. As a housebuilder with a strong land bank and brand, Crest Nicholson is well-positioned to meet this demand. Early indicators, including increased customer interest and enquiries and sales rates in January, are encouraging, though we remain mindful of macroeconomic uncertainty and the pace of
interest rate reductions and the impact this may have on 2025 profitability which remains below long term averages.’
‘With our initiatives and the anticipated stabilisation of the macroeconomic environment, we believe we are well-positioned to navigate this evolving landscape effectively.'
Analyst and investor meeting, conference call and webcast
There will be a meeting for analysts at 9.00 am today at Norton Rose Fulbright, 3 More London Riverside, London SE1 2AQ hosted by Martyn Clark, Chief Executive Officer and Bill Floydd, Chief Financial Officer.
To join the presentation, please use the following link: FY24 prelims results webcast
There is also a facility to join the presentation and Q&A session via a conference call. Participants should dial +44 203 936 2999 and use confirmation code 927132. A playback facility will be available shortly after the presentation has finished.
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Teneo
James Macey White / Giles Kernick +44 (0) 207 260 2700
Cautionary statement regarding forward-looking statements
This release may include statements that are, or may be deemed to be, ‘forward-looking statements’. These forwardlooking statements can be identified by the use of forward-looking terminology, including the terms ‘believes’, ‘estimates’, ‘plans’, ‘projects’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’ or ‘should’ or, in each case, their negative or
other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs
or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by,
any forward-looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause
developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, changes in its business strategy, political and economic uncertainty. Save as required by the Listing and
Disclosure Guidance and Transparency Rules, the Company is under no obligation to update the information contained in this release. Past performance cannot be relied on as a guide to future performance.
Crest Nicholson Holdings plc
Registered no. 6800600