The Crest Nicholson Holdings Plc Board has declared an interim dividend of 1.0 pence per share, payable on 11 October 2024 to shareholders on the register on 20 September 2024.
Other financial highlights:
Revenue at £257.5m (HY23: £282.7m), reflecting the low level of reservations at the beginning of the financial year, with H1 reservations in line with expectations. Land and commercial sales during the half of £30.8m (HY23: £4.9m)
Home completions of 788 (HY23: 894), comprising open market private of 435 (HY23: 532), bulk deals of 177 (HY23: 115) and affordable completions of 176 (HY23: 247)
Sales per outlet per week (SPOW) of 0.47 (HY23: 0.54) with average outlets at 45 (HY23: 48). Average selling prices have remained stable year on year
Review of completed site costs, supported by an external consultant, is now concluded resulting in a one-off charge of £31.4m (previous estimate £15.0m), of which £25.5m is treated as an exceptional item as it relates to developments no longer part of the core strategy, which were started prior to 2019, and the balance of £5.9m is recorded as pre-exceptional. The increased charge is due to a wider scope of the review to cover all completed sites
Adjusted operating profit after accounting for £5.9m of completed sites charges at £6.2m (HY23: £22.1m) also reflecting lower volume and a higher proportion of revenue from low margin sites as the Group makes good progress in reducing low margin inventory
Statutory loss after tax of £23.4m (HY23: profit of £21.1m)
A continued focus on cash management has enabled the Crest Nicholson Holdings Plc Board to maintain balance sheet strength with net debt at £9.4m (HY23: net cash £66.2m). £250m revolving credit facility undrawn (HY23: undrawn)
