London · Delayed Price · Currency is GBP · Price in GBX Crest Nicholson Holdings Earnings Call Transcripts
Fiscal Year 2026
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Project Elevate is advancing, with operational improvements and a new house type range targeting the mid-premium segment. H1 saw a revenue decline, operating loss, and no dividend, but cash management and cost controls are supporting stability. Market conditions remain challenging, with cautious guidance for FY 2026 and a focus on transformation and sustainability.
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Sales and land activity have slowed, prompting a reduction in volume and profit guidance. Cash generation and inventory reduction are now prioritized, with EBIT expected at £5-15 million and net debt at £100-120 million. Build cost inflation is now assumed at 4-5%.
Fiscal Year 2025
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FY 2025 results met expectations with stable revenue, improved margins, and reduced net debt. Project Elevate is driving operational and customer experience gains, while land bank realignment and fire remediation progress support future growth.
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Revenue declined 3% year-over-year to £249.5m, but gross margin improved to 14.2% and adjusted operating profit rose 92%. Project Elevate is delivering early gains in sales, customer service, and cost control, with FY25 guidance reaffirmed and strong progress on fire remediation and land optimization.
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A comprehensive transformation is underway, shifting focus to the mid-premium housing segment, optimizing the land bank, and enhancing operational efficiency. Financial targets include a gross margin increase to 20% and EBIT margin above 13% by FY 2029, with inventory reduction and stable dividends planned.
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A comprehensive transformation targets the mid-premium housing segment, focusing on value growth, operational excellence, and customer experience. Financial goals include a gross margin uplift to 20% by FY2029, reduced overheads, and optimized land use, with risks mainly from macroeconomic factors.
Fiscal Year 2024
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FY 2024 saw revenue and profit declines amid legacy issues and challenging market conditions, but operational improvements, a strong land bank, and sustainability progress position the business for a transition year in 2025 with improved margins and sales mix expected. Guidance for FY 2025 targets higher open market sales, margin recovery, and continued remediation investment.
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Revenue fell 9% year-over-year to £257.5m, with margins pressured by legacy low-margin sites and exceptional charges. Market conditions are stable but subdued, with sales volumes expected to recover post-election and after the first interest rate cut.