Business
FY24 in line with guidance
FY24 in line with guidance.
About this update from Crest Nicholson Holdings Plc
[{"type":"text","content":"\n\nCrest Nicholson Holdings plc\n(the \"Group\" or \"Crest Nicholson\")\nFY24 in line with guidance\n \nCrest Nicholson today provides an update on trading for the year ending 31 October 2024.\nMartyn Clark, CEO commented:\n'Since joining Crest Nicholson, I have focused on reviewing our strategy, engaging with employees, and visiting our sites, all of which have reaffirmed my view that the Group has the potential to be a best-in-class housebuilder. From our excellent land portfolio, our dedicated and talented team, to our strong brand, Crest Nicholson has what it takes to offer an outstanding proposition to our customers and in doing so create value for shareholders.\nFY24 has presented challenges due to both internal and external factors, with private open market sales volumes continuing to be impacted by ongoing affordability concerns.\nFY25 will be a year of transition for Crest Nicholson. We are well-positioned with sufficient land with full planning permission to support our planned outlets and volumes. We will focus more on private sales and prioritise value over volume to enhance returns and margins.\nSince my arrival, we have started implementing numerous operational changes and enhancements to drive the business forward, as evidenced by the stronger cash performance we delivered for the full year. As we execute on many of the near term operational improvements, we will also look to further strengthen the business for the future, where we will focus on three areas in particular: optimising value from our high-quality land portfolio; building homes of exceptional quality efficiently; and, delivering outstanding service to customers.\nEncouragingly, the broader economic landscape is becoming more favourable, with a more benign interest rate environment and increased government support to improve the planning process to deliver their ambition of increasing supply of much needed homes in the UK.\nI look forward to updating the market at the Group's FY24 preliminary results on 21 January 2025, and in Q1 2025 on our strategic priorities and initiatives to maximise value for all Crest Nicholson stakeholders.'\nFY24 trading\n· FY24 volume 1,873 units, with c.45% of affordable and PRS units\n· FY24 open market sales rate at 0.48 (FY23: 0.52), with the sales rate fo...