Earnings release
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RNS Number : 8831HCrest Nicholson Holdings PLC18 November 2025 Crest Nicholson Holdings plc (the "Group" or "Crest Nicholson") Good progress on strategic priorities Positive progress on land sales FY25 APBT at the low end of, or marginally below, guidance Crest Nicholson today provides an update on trading for the year ending 31 October 2025. Martyn Clark, CEO commented: "We launched our new strategic priorities at our Capital Markets Day in March this year and havemade good progress in executing our transformation plan, Project Elevate. Encouragingly, progressacross a number of areas is already evident, reflecting the early benefits of actions taken. Webelieve these will convert to positive financial contributions as we progress further in ourtransformation plan. A key focus area of our strategy is the balance sheet where we have tightened our grip on inventoryand cost control. We also committed to take action to address our land bank to ensure it is right-sized and better aligned to our strategy and product offering. We are therefore pleased by thepositive progress on land sales on good economic terms in the second half of the year, which, incombination with our cash focus, has seen us finish the year with net debt at the better end of theguidance range of £40-90m. These land transactions support our ongoing efforts to strengthen thebalance sheet and provide greater flexibility to invest in and acquire mid-premium landopportunities. This positions us well to grow our outlets in the years ahead. Our Adjusted Profit Before Tax performance (APBT) for FY25 is expected to be at the low end of, ormarginally below the guidance range of £28-38m, reflecting a housing market that has remainedsubdued through the summer, and the continued uncertainty surrounding Government tax policyahead of the forthcoming Budget. While near-term market conditions are expected to remain challenging, our enhanced operatingdiscipline, improved balance sheet and clear strategic direction provide a robust platform tonavigate the current environment and deliver long-term, sustainable growth." FY25 trading and financial highlights · FY25 volume 1,691 units, at the lower end of the guidance range of 1,700-1,900 units withc.35% of affordable and PRS units reflecting lower level of PRS in FY25 in line with ourstrategy· Open market sales units increased by 5% to 1,095, demonstrating enhancements to oursales strategy· FY25 open market sales rate at 0.51 (FY24: 0.48), with the sales rate for the last 13 weeks ofthe financial year at 0.45· APBT expected to be at the low end of, or marginally below, the guidance range of £28m-38m· Anticipated opening reserves adjustment to inventory of c.£8m reflecting overstated profit inrelation to one development in the Eastern division between FY22 and FY24. The impact onAPBT in each of those years is not expected to be material· Year-end net debt at the better end of the guidance range of £40m-£90m with c.£50m ofland receipts secured for FY26 Strategic and operational highlights · Successful disposals of five land parcels from larger sites, in line with our land strategy· As part of Project Elevate, a collective consultation is underway following an announcementof the proposed closure of one divisional office and selective other roles being placed at riskof redundancy across overhead functions impacting c.50 roles· The Group is seeing some build cost inflation in line with the sector but our self-helpinitiatives are under way to drive better cost performance· Notable improvements in build quality, sales performance, and customer satisfaction scores,with external recognition from NHBC and Premier for five sites· Secured key planning wins to reinforce our high-quality strategic land pipeline, underpinningfuture outlet growth and margin expansion. We are seeing encouraging improvements in theplanning environment with 66% of our strategic land bank now allocated or in draft allocationstage (FY24: 50%)· Excellent progress on our new house type range, with the design phase to be finalised byDecember 2025· Strengthened customer experience through enhanced training, technology investment, andimproved customer journey, aligned with the expectations of the mid-premium market· Launched the Arteva upgrade range, offering personalisation options which has generatedstrong interest and early financial benefits.
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For further information, please contact: Crest Nicholson Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720 Teneo James Macey White / Ollie Simmonds +44 (0) 207 260 2700 18 November 2025 The person responsible for arranging the release of this announcement on behalf of the Company isPenny Thomas, Group Company Secretary. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the FinancialConduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the useand distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with theinformation contained in this communication, and to share such analysis on an anonymised basis with others as part of ourcommercial services. For further information about how RNS and the London Stock Exchange use the personal data youprovide us, please see our Privacy Policy. END TSTMZMMMLNLGKZM