The Crest Nicholson Holdings Plc Board proposes to pay a final dividend of 11.5 pence per share for the financial year ended 31 October 2023 which, subject to shareholder approval, is expected to be paid on 23 April 2024 to shareholders on the Register of Members on 22 March 2024. This is in addition to the 5.5 pence per share interim dividend that was paid in October 2023. The Group expects to revert to its policy of dividend cover of 2.5 times for FY24, having deviated from policy in FY23 to meet their commitment to maintain the same cash dividend as FY22.
Other financial highlights include:
Revenue down 28% at £657.5m (FY22: £913.6m), reflecting the weakness in the housing market
Home completions at 2,020 (FY22: 2,734), comprising open market completions (including bulk deals) of 1,495 (FY22: 2,212) and affordable completions of 525 (FY22: 522)
Sales per outlet week (SPOW) of 0.52 (FY22: 0.60) with average outlets at 47 (FY22: 54).
Adjusted profit before tax at £41.4m (FY22: £137.8m)
Exceptional charge of £13.0m recognised in respect of a legal claim recently received relating to 2021 fire damage of a low-rise bespoke apartment scheme built by the Group
Group's year end net cash position at £64.9m (FY22: £276.5m) with land creditors at £205.5m (FY22: £198.7m). During the year, the Group increased investment in WIP and land compared to prior year
Forward sales as at 19 January 2024 of 1,732 units and £434.9m Gross Development Value (GDV) (13 January 2023: 2,018 units and £510.8m GDV)
