Business
Final Results
Crest Nicholson Holdings plc reported full-year results in line with expectations, with revenue at £610.8 million, a slight decrease of 1.2% from the previous year, while operating profit increased by 18.8% to £34.7 million. The company highlighted a focus on balance sheet strengthening, leading to inventory improvements and a net debt position of £38.2 million, which was better than guidance. Crest Nicholson also successfully renewed its £250 million revolving credit facility for a four-year term to October 2029. The company noted early signs of an improving housing market, with easing interest rates and moderating inflation, positioning it for profitable growth in the upcoming year. Disclaimer*
About this update from Crest Nicholson Holdings Plc
[{"type":"text","content":"\n\nCrest Nicholson Holdings plc\n(the \"Group\" or \"Crest Nicholson\")\nFULL YEAR RESULTS IN LINE WITH NOVEMBER 2025 TRADING UPDATE\nBALANCE SHEET FOCUS DRIVING INVENTORY IMPROVEMENTS\nEARLY SIGNS OF IMPROVING HOUSING MARKET\n \nCrest Nicholson Holdings plc ('Crest Nicholson' or 'Group') today announces its Preliminary Results for the year ended 31 October 2025.\nMartyn Clark, CEO commented:\n'2025 has been a year of transition and transformation for Crest Nicholson. Despite the ongoing market challenges, we have made meaningful progress against each of the key strategic priorities set out at our Capital Markets Day, repositioning the Group to the mid-premium market segment. During the year, we took significant steps to implement our transformation plan, Project Elevate, which will support improved financial returns and underpin delivery of our medium-term ambitions.\nA key early priority has been strengthening the balance sheet. We completed several land sales on attractive economic terms and introduced tighter inventory and cash management controls across the business which saw us finish the year with an indebtedness position that was better than our guidance. Since the year end, the Group has successfully renewed its £250m revolving credit facility with its existing lenders on a four-year term to October 2029. Our land bank remains a core asset, with high-quality sites in affluent areas and strong embedded margins that underpin our confidence in the Group's ability to deliver long-term shareholder value.\nOperationally, we have continued to enhance our build quality and our customer service metrics - critical foundations for competing in the mid-premium market. The sustained implementation of our 'Right first time' initiatives will deliver greater cost improvements as the plan progresses.\nWe have made substantial progress on our fire remediation programme, achieving the survey completion date agreed by the industry with Government. Work is now well underway on the buildings requiring remediation and we continue to execute in line with our overall cost expectations.\nWhile the housing market remains subdued, we are starting to see some early signs of improvement. Interest rates are easing and inflation has moderated, which should gradually support affordability and consumer confidence. With these fundamentals improving...