REG - Crest Nicholson Hdgs - FY23 Trading Update

Crest Nicholson HoldingsAnnouncement

15/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240115:nRSO6143Za&default-theme=true

RNS Number : 6143Z  Crest Nicholson Holdings PLC  15 January 2024

The information contained in this announcement is deemed by the Company to
constitute inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the
United Kingdom pursuant to the European Union (Withdrawal) Act 2018

Crest Nicholson Holdings plc

(the "Group" or "Crest Nicholson")

 

FY23 TRADING UPDATE

FY23 ADJUSTED PROFIT BEFORE TAX NOW EXPECTED TO BE £41M

 

 

Crest Nicholson today announces an update to its year end 31 October 2023
results.

FY23 performance

As announced in the November post-close trading statement Brightwells Yard,
Farnham recorded an incremental cost movement of approximately £11m in the
second half of FY23 as the Group continued to work on completing certain
legacy sites.

The Group has subsequently conducted a comprehensive review of the costs
associated with the work required on this project as well as our other legacy
sites. Consequently, further additional costs have been identified which will
impact FY23 and the Group now expects the Adjusted Profit Before Tax to be
£41m for FY23.

In addition, the Group expects to recognise an exceptional charge of £13m
(which is not cash in FY23) in respect of a legal claim that it has recently
received relating to a low rise apartment scheme built by the Group which was
damaged by fire in 2021. The Group is addressing this claim diligently and
efficiently and will provide further details in our preliminary results. This
is unrelated to the general fire remediation programme that the Group is
currently delivering.

Current Trading

The recent reduction in mortgage rates has provided a more constructive
backdrop for house buyers and the wider housing market. Although it is too
early to gauge customer behaviour, we have been encouraged by an increase in
customer interest levels and inquiries this calendar year.

The Group will provide further details at our preliminary results on 23
January 2024.

 

For further information, please contact:

Crest Nicholson

Jenny Matthews, Head of Investor Relations
                              +44 (0) 7557 842720

Teneo Communications
 

James Macey White / Giles Kernick
 
+44 (0) 20 7353 4200

The person responsible for arranging the release of this announcement on
behalf of the Company is Penny Thomas, Group Company Secretary.

15 January 2024

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBIMMTMTABTMI