The Crest Nicholson Board has declared an interim dividend of 5.5 pence per share, payable on 13 October 2022 to shareholders on the register on 23 September 2022. The dividend represents approximately one third of the dividend expected to be paid in respect of the financial year ending 31 October 2022.
Other financial highlights include:
Revenue increased 12.3% to £364.3m (HY21: £324.5m), reflecting strong operating performance and underlying strength of the housing market
Home completions increased 7.8% to 1,096 (HY21: 1,017), comprising open market completions (including bulk deals) of 912 (HY21: 819) and affordable completions of 184 (HY21: 198). Sales per outlet week (SPOW) of 0.72 (HY21: 0.69) with average outlets at 58 (HY21: 57)
Forward sales as at 10 June 2022 of 2,891 units and £814.9m Gross Development Value (GDV) (18 June 2021: 2,771 units and £691.8m GDV) with over 96% of FY22 revenue covered
Adjusted operating profit margin increased by 270bps to 15.0% (HY21: 12.3%), demonstrating good progress in their profit margin recovery
Adjusted profit before tax at £52.5m (HY21: £36.1m)
Loss before tax at £52.5m (HY21: £36.3m profit before tax). Loss after tax at £42.2m (HY21: profit after tax £29.0m), after an exceptional charge before tax of £105.0m which includes obligations in respect of the Government's Building Safety Pledge
Strong cash generation with net cash at £173.3m (HY21: £130.4m)
oAverage net cash of £98.6m during the first half (HY21: £80.5m)
Land creditors at £179.9m (HY21: £178.5m)
Return on capital employed at 18.3% (HY21: 10.5%)
