The Crest Nicholson Holdings Board proposes to pay a final dividend of 11.5 pence per share for the financial year ended 31 October 2022 which, subject to shareholder approval, is expected to be paid on 5 April 2023 to shareholders on the Register of Members on 17 March 2023. This is in addition to the 5.5 pence per share interim dividend that was paid in October 2022.
Other financial highlights include:
Revenue up 16.1% at £913.6m (FY21: £786.6m), reflecting good operating performance and strength of the housing market
Home completions increased 13.6% to 2,734 (FY21: 2,407), comprising open market completions (including bulk deals) of 2,212 (FY21: 1,924) and affordable completions of 522 (FY21: 483)
Sales per outlet week (SPOW) of 0.60 (FY21: 0.80) with average outlets at 54 (FY21: 59). Eleven-week SPOW since 1 November 2022 at 0.35
Forward sales as at 13 January 2023 were 2,018 units and £510.8m Gross Development Value (GDV) (14 January 2022: 2,702 units and £719.0m GDV)
Adjusted operating profit margin1 increased by 80bps to 15.4% (FY21: 14.6%), demonstrating continued good progress in our profit margin recovery in a more challenging operating environment
Adjusted profit before tax1 at £137.8m (FY21: £107.2m) in line with guidance
Combustible materials related total exceptional charge in line with HY22 at £105.0m (FY21: £28.8m), predominantly in response to signing the Building Safety Pledge
Profit after tax at £26.4m (FY21: £70.9m)
Strong balance sheet provides resilience, flexibility and resources to deliver our growth agenda
O Net cash at £276.5m (FY21: £252.8m) and average net cash of £102.0m (FY21: £78.4m)
o New £250m Sustainability Linked Revolving Credit Facility completed in October 2022, replacing existing facility
Return on capital employed increased to 22.4% (FY21: 17.2%)
