The Crest Nicholson Board has declared an interim dividend of 5.5 pence per share, payable on 13 October 2023 to shareholders on the register on 22 September 2023. The dividend represents approximately one third of the dividend expected to be paid in respect of the financial year ending 31 October 2023.
Other financial highlights include:
-FY23 adjusted profit before tax expected to be in line with published consensus of £73.7m1
-Revenue at £282.7m (HY22: £364.3m), reflecting the economic uncertainty and lower confidence in the housing market during the first half
-Home completions of 894 (HY22: 1,096), comprising open market completions (including bulk deals) of 647 (HY22: 912) and affordable completions of 247 (HY22: 184)
-Sales per outlet week (SPOW) of 0.54 (HY22: 0.72) with average outlets at 48 (HY22: 58). Average selling prices have remained robust
-Forward sales as at 2 June 2023 of 2,354 units and £597.4m Gross Development Value (GDV) (10 June 2022: 2,891 units and £814.9m GDV) with approximately 85% of FY23 revenue covered
-Adjusted profit before tax2 at £20.9m (HY22: £52.5m)
-Adjusted operating profit margin at 7.8% (HY22: 15.0%)
-Profit before tax at £28.4m (HY22: £52.5m loss before tax), including a £7.5m net exceptional credit relating to combustible materials
-Strong balance sheet has enabled selective investment in the land market during the first half to support future growth
-Net cash at £66.2m (HY22: £173.3m) with average net cash of £104.2m (HY22: £98.6m) during the period
-Land creditors at £148.2m (HY22: £179.9m)
-Return on capital employed at 14.6% (HY22: 18.3%)
