The Crest Nicholson Board has declared an interim dividend of 4.1 pence per share, payable on 14 October 2021 to shareholders on the register on 24 September 2021. The dividend represents approximately one third of the dividend expected to be paid in respect of the financial year ending 31 October 2021.
Other financial highlights include:
Revenue in the period increased to £324.5m (HY20: £240.0m), with home completions increasing to 1,017 (HY20: 775)
Strong HY21 trading performance with sales per outlet week (SPOW) rate at 0.69 (HY20: 0.46)
Forward sales of 2,771 units and Gross Development Value (GDV) of £691.8m as at 18 June 2021 (19 June 2020: 2,715 units and £575.1m GDV):
o Robust forward order book with approximately 93% of FY21 revenue covered
Adjusted profit before tax (APBT) for HY21 of £36.1m (HY20: £4.5m)
Profit before tax for HY21 of £36.3m (HY20: £51.2m loss before tax)
Exceptional inventory impairment provision release of £7.6m (HY20: £43.2m exceptional charge), reflecting confidence in market conditions
Net exceptional charge for combustible materials provision of £7.9m (HY20: £nil) with HY21 provision now at £23.2m (HY20: £12.5m)
Transformational progress in strengthening the balance sheet:
o Net cash at £130.4m (HY20: net debt £93.3m) - operated with net cash position throughout HY21. FY21 closing net cash expected to be around £170.0m
o Land creditors at £178.5m (HY20: £223.9m)
FY21 APBT now expected to be at least £100.0m, including the Longcross Film Studio profit contribution
