Crest Nicholson Holdings have proposed a final dividend of 9.5 pence per share. Total dividend for the year of 13.6 pence per share, in line with dividend policy and reflecting confidence in outlook.
Other financial highlights include:
-Revenue at £786.6m (FY20: £677.9m), reflecting strategic progress and underlying strength of the housing market
-Strong sales momentum with sales per outlet week (SPOW) of 0.80 (FY20: 0.59) with average outlets at 59 (FY20: 63)
-Forward sales as at 14 January 2022 of 2,702 units and £719.0m Gross Development Value (GDV) (15 January 2021: 2,435 units and £564.5m GDV) with c.63% of FY22 revenue covered
-2,407 (FY20: 2,247) home completions, comprising open market completions (including bulk deals) of 1,924 (FY20: 1,741) and affordable completions of 483 (FY20: 506)
-Adjusted profit before tax at £107.2m (FY20: £45.9m) including £16.0m contribution from the sale of Longcross Film Studio. Adjusted operating margin2 at 14.6% (FY20: 8.4%)
-Exceptional inventory impairment provision credit of £8.0m (FY20: £43.2m exceptional charge)
-Net exceptional charge for combustible materials of £28.8m (FY20: £0.6m), with £42.6m (FY20: £14.8m) remaining provision
-Profit after tax increased to £70.9m (FY20: £10.7m loss after tax)
-Increased participation in the land market in the year with 4,332 plots approved for purchase at a forecast gross margin of 26.7% (after sales and marketing costs)
-Transformed balance sheet with resources to support future growth ambitions
- Net cash at £252.8m (FY20: £142.2m) and average net cash of £78.4m (FY20: £99.6m average net debt)
- Return on capital employed increased to 17.2% (FY20: 7.6%) with medium-term financial guidance reinstated to accompany growth strategy
