REG - Crest Nicholson Hdgs - Half-year Report
08/06/2023 07:00
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RNS Number : 0205C Crest Nicholson Holdings PLC 08 June 2023
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
EXPANSION PLANS ON TRACK AND LAND ACQUISITIONS SUPPORT FUTURE GROWTH
STRONG BALANCE SHEET MAINTAINED
FY23 DIVIDEND PER SHARE HELD AT FY22 LEVEL
Crest Nicholson Holdings plc ('Crest Nicholson', the 'Company' or the 'Group')
today announces its unaudited interim results for the six months ended 30
April 2023:
HY23 Financial Highlights
- FY23 adjusted profit before tax expected to be in line with published
consensus of £73.7m(1)
- 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 tax(2) at £20.9m (HY22: £52.5m)
- Adjusted operating profit margin(2) 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(2,3) 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(4) at 14.6% (HY22: 18.3%)
- Interim dividend of 5.5 pence per share (HY22: 5.5 pence)
- Total dividend for FY23 to be in line with prior year at 17.0 pence per share
( )
Key financial metrics
£m (unless otherwise stated) HY23 HY22 % Change
Adjusted basis(2)
Operating profit 22.1 54.5 (59.4)
Operating profit margin 7.8% 15.0% -720bps
Profit before tax 20.9 52.5 (60.2)
Basic earnings per share (p) 6.1 15.7 (61.1)
Statutory basis
Revenue 282.7 364.3 (22.4)
Operating profit/(loss) 30.7 (50.5) (160.8)
Operating profit/(loss) margin 10.9% (13.9)% +2480bps
Profit/(loss) before tax 28.4 (52.5) (154.1)
Basic earnings/(loss) per share (p) 8.2 (16.5) (149.7)
Other metrics
Home completions (number) 894 1,096 (18.4)
Net cash(2,3) 66.2 173.3 (61.8)
Dividend per share (p) 5.5 5.5 -
(1) (https://www.crestnicholson.com/investors/consensus-estimates
(https://www.crestnicholson.com/investors/consensus-estimates) )
(2) (Adjusted basis represent the HY23 and HY22 statutory figures adjusted for
exceptional items as disclosed in note 5. Adjusted performance metrics are
non-statutory alternative performance measures (APMs) used by the Directors to
manage the business which they believe should be shared for a greater
understanding of the performance of the Group. The definitions of these APMs
and the reconciliation to the statutory numbers are included below.)
(3) (Net cash is defined as cash and cash equivalents less interest-bearing loans
and borrowings. See note 14 to the condensed consolidated half year financial
statements.)
(4) (Return on capital employed equals rolling 12-month adjusted operating profit
before joint ventures divided by the average of opening and closing capital
employed over the same 12 months (capital employed = equity shareholders'
funds plus net borrowing or less net cash). Adjusted performance metrics are
disclosed below.)
HY23 Strategic Highlights
- Good progress with divisional expansion
- Yorkshire office now active and operational. Six sites being progressed with a
further pipeline of other high quality sites being reviewed
- Business leader in East Anglia joined in November 2022 and establishing a new
team in the region. Divisional office now open with three sites being
progressed for purchase
- Our disciplined approach to acquiring land enabled the Group to add several
high quality sites to our land portfolio
- 1,957 plots approved for purchase at a forecast gross margin of 26.2% after
sales and marketing costs
- 1,539 plots added to the short-term land portfolio
- On 13 March 2023 the Group signed the Government's Developer Remediation
Contract. HY23 provision of £139.2m remains materially in line with FY22
- Five-star customer service recovery plan implemented with additional resources
and processes now in place
Peter Truscott, Chief Executive, commented:
We started our first half amidst the worst of the economic uncertainty arising
from the September 2022 mini-budget. Rapidly falling consumer confidence and
rising interest rates immediately translated into softer demand in the housing
market. At the time we outlined that, with a package of sensible measures to
restore economic stability and trust, the market would remain resilient and
this has proven to be the case.
As we traded through the period, confidence started to return and this has
been reflected in our trading metrics, which have sequentially improved
throughout the period. Unemployment remains low and mortgage availability
remains good albeit at more expensive rates. The ongoing lack of housing
supply is continuing to support house prices and these factors are also
driving strong levels of rental inflation. The economic case for buying a home
therefore remains compelling, but for many first time buyers the higher cost
of borrowing and the cessation of Help to Buy are prohibitive to realising
this ambition. If interest rates continue to rise, and remain elevated for a
sustained period of time, this will undoubtedly exacerbate this issue even
further and start to impact demand and confidence again. We continue to call
on Government to recognise this challenge and provide further support to these
potential homeowners.
Our disciplined approach in continuing to acquire land during the period,
supported by our strong balance sheet, has enabled us to add several high
quality sites in desirable locations that support our expansion plans and
position us for future growth. I would like to thank all Crest Nicholson
colleagues for their ongoing hard work and efforts in delivering today's
results.
Analyst and investor meeting, conference call and webcast
There will be a meeting for analysts at 9.00 am today at Norton Rose
Fulbright, 3 More London Riverside, London SE1 2AQ hosted by Peter Truscott,
Chief Executive and Duncan Cooper, Group Finance Director.
To join the presentation, please use the following link:
https://www.investis-live.com/crest-nicholson/646cbe07796b42130069d620/ndye
(https://www.investis-live.com/crest-nicholson/646cbe07796b42130069d620/ndye)
There is also a facility to join the presentation and Q&A session via a
conference call. Participants should dial +44 (0)203 936 2999 and use
confirmation code 465346. A playback facility will be available shortly after
the presentation has finished.
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations
+44 (0) 7557 842720
Teneo
James Macey White / Giles Kernick
+44 (0) 20 7353 4200
8 June 2023
Cautionary statement regarding forward-looking statements
This release may include statements that are, or may be deemed to be,
'forward-looking statements'. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects',
'intends', 'may', 'will' or 'should' or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They appear in a
number of places throughout this release and include, but are not limited to,
statements regarding the Group's intentions, beliefs or current expectations
concerning, among other things, the Group's results of operations, financial
position, liquidity, prospects, growth, strategies and expectations of the
industry.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances. Forward-looking
statements are not guarantees of future performance and the development of the
markets and the industry in which the Group operates may differ materially
from those described in, or suggested by, any forward-looking statements
contained in this release. In addition, even if the development of the markets
and the industry in which the Group operates are consistent with the
forward-looking statements contained in this release, those developments may
not be indicative of developments in subsequent periods. A number of factors
could cause developments to differ materially from those expressed or implied
by the forward-looking statements including, without limitation, general
economic and business conditions, industry trends, competition, commodity
prices, changes in law or regulation, changes in its business strategy,
political and economic uncertainty. Save as required by the Listing and
Disclosure Guidance and Transparency Rules, the Company is under no obligation
to update the information contained in this release. Past performance cannot
be relied on as a guide to future performance.
Chief Executive's Statement
Business Review - challenging first half but well set for future growth
The housing market is undoubtedly experiencing softer demand than the previous
year. As we emerged from the restrictive impacts of the pandemic, home movers
were searching for more space and were encouraged by the temporary cut in
stamp duty. However, by the end of 2022 the sector was facing the start of a
succession of interest rate rises to combat inflation, with peak rates
forecast to reach their highest level in over 20 years. This was accompanied
by the end of the Help to Buy scheme and a general deterioration in economic
confidence driven by a cost-of-living crisis and fears of another major
adjustment in house prices.
This backdrop was reflected in our 11-week SPOW rate from the start of our
trading year on 1 November 2022 of 0.35. Our priorities during this time were
to convert our forward order book, deliver a great customer experience,
maintain a sharp focus on operational efficiency and be disciplined on our
cost and capital commitments.
In line with our own forecasts, the market started to recover as we entered
the spring of 2023. Against a backdrop of rising interest rates, mortgage
availability started to increase and competition over fewer transactions and
new mortgage applications meant that mortgage rates started to reduce.
Customers with good levels of equity or deposits were able to move with
confidence again.
This improving trading environment ensured we were able to deliver a first
half SPOW rate of 0.54. Cancellation rates have continued to normalise and
pricing has remained robust with minimal discounting or incentives being
offered to achieve this outcome. We start the second half with a robust
forward sales position, as at 2 June 2023 of 2,354 units and £597.4m GDV with
approximately 85% of FY23 revenue covered.
Investing for growth - selectively acquiring new sites
Investing in high quality sites is a key driver of our future growth, whether
in our new divisions, Yorkshire and East Anglia, or our existing ones that
focus on Southern England where land supply is scarce. The Group continues to
benefit from a strong balance sheet which has provided us with operational
flexibility and choices in the way we allocate capital. We continue to believe
that investing for growth is the best way to create value for shareholders
over the medium term.
Our experienced management team have a proven track record in navigating and
managing through evolving economic conditions and the cyclical nature of the
housing market. We made a strategic decision to be less active in the land
market during the summer of 2022 as the market was becoming increasingly
competitive.
Following the period of acute economic uncertainty in the autumn of 2022, most
of our housebuilding peers signalled their intention to withdraw from the land
market until stability returned. Given our perspectives on how we expected the
housing market to evolve in 2023, and supported by our strong balance sheet,
we made the decision to re-engage with land sellers and were well placed to
step in and acquire several highly attractive sites in superior market
locations including Windsor and Oxford. We were able to achieve more
favourable economic terms given the decline in demand and our insistence that
sites were valued on prevailing market assumptions.
Our continued activity in the land market also reflects our expectation of a
likely tightening in the supply of available land in the future following the
Government's decision to eliminate its top-down housing targets. This has
already resulted in delays to new site allocations in 2023. Additionally,
the development control process that leads to implementable approvals is now
increasingly difficult and complex as under-resourced planning departments are
battling with regulatory requirements. We believe our decision to remain
active in the land market will mean that these delays are mitigated with a
higher number of outlets being in place when market conditions improve in the
future.
During the half year we approved 1,957 plots for purchase at a forecast gross
margin (after sales and marketing expenses) of 26.2% and have added 1,539
plots to the short-term land portfolio.
Geographical expansion - good progress and on track
We have made good progress with our geographical expansion plans in the period
and are on track with our original expectations. Yorkshire now has all the
necessary functional capabilities in place and is a fully operational
division. We have agreed six sites in excellent, sought after locations in
Yorkshire. These are expected to contribute to our FY24 financial performance.
In East Anglia, our business leader is similarly establishing a new team and
an office has now been set up in Bury St Edmunds. We have approved two sites
for purchase which are being progressed with several further opportunities
under negotiation.
Build cost inflation and administrative expenses
The first half has seen a high inflationary backdrop which has impacted our
construction costs, in line with the rest of the sector. In previous years
housebuilders have been able to offset this impact through higher selling
prices in an environment of strong demand. However, in a more benign sales
environment this has not been possible and has consequently impacted our
margin performance in the first half. Overall build cost inflation has
remained at high single digit percentages throughout the period.
From a materials perspective we have, where possible, successfully mitigated
this impact via centrally negotiated procurement contracts and if appropriate
the use of alternative materials. Our decision to move to a standard house
type range in 2020 has helped insulate these impacts through greater
consistency and scale of purchasing. However, we still have some non-standard
schemes in construction, such as Brightwells Yard, Farnham, which are more
exposed to specific material price movements.
We are starting to see signs of this inflation abating and in some cases price
reductions are now being offered by suppliers. Blocks, trusses and timber for
example have all seen recent reductions in price. In addition, the general
slowdown in construction activity has helped mitigate some of the materials
shortages experienced last year as supply chains continued to recalibrate post
COVID-19 and in response to the disruption caused by the Ukraine war.
From a labour and subcontractor perspective we have seen a more immediate
adjustment to lower levels of construction output. Since the beginning of
2023, we have seen a much greater volume of tender returns and competitive
rates increasingly being offered. Again, the lower level of construction
activity has helped cushion the impact caused by the shortage of skilled
labour in recent years.
We expect build cost inflation will continue to moderate in the second half in
line with broader economic forecasts.
At our preliminary results in January 2023, we outlined that our
administrative expenses would grow by over 10.0% in FY23 compared to FY22.
This increase has been driven by investments in two new divisions to support
our geographical expansion, resources dedicated to successfully complying with
the new quality and customer standards and broader regulatory changes and
technology upgrades. We have also chosen to give our colleagues a pay increase
which recognised the inflationary backdrop and cost of living crisis. We
remain committed to our strategic priority of operational efficiency and are
always looking for ways to work more productively. We now expect FY23
administrative expenses to be circa £60.0m.
Building safety
As a consequence of signing the Developer Remediation Contract on 13 March
2023, the Group has now become legally responsible for the identification and
remediation of those buildings it has developed with possible life-critical
fire safety defects. The Group is currently working on circa 90 buildings in
various stages of design, procurement and works and managed to recover £11.1m
from third parties during the period in respect of defective design and
workmanship.
Sustainability
Our sustainability strategy is split into three priority areas - protect the
environment, make a positive impact on our communities and operate the
business responsibly. These three priority areas guide our commitment to drive
positive action across our activities and value chain and we continue to make
good progress against our sustainability targets.
An area of focus in HY23 has included a continued drive to reduce greenhouse
gas emissions assisted by improved management reporting, a gradual increase in
the use of hydrotreated vegetable oil (HVO) to power plant and equipment, a
continued increase in the procurement of renewable electricity tariffs and
developing solutions to achieve the Future Homes Standard.
People
We are pleased to announce that Crest Nicholson has been accredited as a
Living Wage Employer. This is a significant step towards our commitment to our
employees' well-being and directly aligns with our values and aspirations for
fairness and social responsibility. The Real Living Wage exceeds the
Government's National Minimum Wage, is independently calculated based on the
cost of living, and extends to all direct Crest Nicholson employees and
subcontractors.
Capital allocation and dividend policy
The Group communicated its long-term investment proposition at its Capital
Markets Day in October 2021. Creating value for all stakeholders is centred
on:
- Maintain a robust balance sheet
- Geographical expansion
- Sustainable dividend policy
- Capital efficiency
At the time the Group announced it was opening two new divisions in Yorkshire
and East Anglia and committed to announcing a third new division in FY24.
Following the rapid deterioration in the economic backdrop in the autumn of
2022, coupled with the increasingly challenging planning environment and
ability to secure new sites, the Group announced in November 2022 that it was
taking the decision to defer the opening of a third new division for the
foreseeable future.
The Board remains confident that the best way to create value for shareholders
is to expand the Group's operations, and to give more customers in the UK the
chance to own a Crest Nicholson home. This conviction is reflected in the
investments the Group has made in HY23 to successfully launch its operations
in Yorkshire and East Anglia.
However, the Board also recognises the importance of dividend payments to
shareholders and has carefully considered the market outlook and current
financial position. Although the housing market is softer than in previous
years, the market fundamentals remain strong, and the Group has managed to
secure the land it needs for its medium-term growth aspirations while
maintaining a robust financial position. Given this backdrop the Board will
hold the dividend payment at the same level as FY22, paying 17.0 pence per
ordinary share for FY23.
Outlook
We have successfully navigated a difficult first half and continue to lay the
foundations for future growth. Our decision to remain active in the land
market was the right one. We now have a land pipeline to deliver our growth
ambitions over the medium term, including our expansion into new geographies.
We expect the second half trading environment to be more stable and conducive
to moving home. Employment levels remain good, inflation should start to
recede and economic growth forecasts continue to be revised upwards. However,
if interest rates continue to rise, and remain elevated for a sustained period
of time, this will undoubtedly start to impact demand and confidence again.
A strong and vibrant housing market is in everyone's interests. The Group
continues to participate in active dialogue with Government to highlight the
challenges in both the planning environment as well as affordability for first
time buyers and remains hopeful that political solutions can be deployed to
address both in the near term.
Despite the lower first half contribution compared to the prior year, and
assuming that trading conditions remain stable in the second half, we expect
FY23 adjusted profit before tax to be line with published consensus of
£73.7m.
Financial Review
Completions and revenue
During the first half open market (private) completions were 532 (HY22: 754),
affordable completions were 247 (HY22: 184) and bulk completions were 115
(HY22: 158). Total home completions were therefore 894 (HY22: 1,096), down
18.4%, reflecting the economic uncertainty and fall in confidence in the
housing market in the period.
Open market (private) average selling price (ASP) increased slightly to £433k
(HY22: £409k), up 5.9%. This reflects the effect of the continuing inflation
of average selling prices in the second half of the prior year which started
to ease in HY23 as inflation became broadly neutral. Pricing is remaining
robust due to the lack of available housing stock to purchase and the
improving economic conditions as the half progressed.
Affordable ASP was in line with prior year at £179k (HY22: £179k) and bulk
ASP was 2.8% lower at £273k (HY22: £281k).
Sales
Sales rates as measured by SPOW, were 0.54 for the first half compared to 0.72
in the prior half. The economic uncertainty that followed the mini-budget in
September 2022 had an immediate impact on prospective home movers' confidence
levels. Against an already rising interest rate backdrop, forecasts of peak
mortgage rates being their highest in over 20 years and widespread commentary
suggesting the housing market would undergo a significant pricing adjustment,
saw housing transactions contract sharply as customers adopted a more cautious
position. As the Group traded through the spring of 2023 sales rates started
to improve as mortgage availability remained good, available housing stock
continued to be limited and pricing was robust.
Average sales outlets were 48 (HY22: 58) in the first half. The strong demand
environment of the past two years has depleted most housebuilders land
portfolios and led to a reduction in outlets. At a time when acquiring new
land has been necessary to support future supply, the economic and market
uncertainty has actually led to a lower risk appetite for more land. In
addition, those sites that are planned for development are taking longer to
progress to operational development because of other issues such as
environmental impacts associated with water neutrality and nutrients.
Forward sales as at 2 June 2023 of 2,354 units and £597.4m GDV (10 June 2022:
2,891 units and £814.9m GDV) with approximately 85% of FY23 revenue
covered.
Operating profit and margin
Adjusted operating profit fell 59.4% to £22.1m (HY22: £54.5m), with adjusted
operating profit margin also falling to 7.8% (HY22: 15.0%).
The Group recorded a lower number of legal completions in the first half
reflecting the challenging trading environment and economic uncertainty. While
demand started to recover in the spring of 2023 it has remained at a lower
level than in previous years. In addition, those lower housing transaction
levels have also seen neutral levels of house price inflation, which in
previous years has offset or surpassed the build cost inflation also being
experienced. The combination of a lower number of completions, persistent
build cost inflation and no selling price growth has reduced gross profit and
gross margin in HY23 compared to prior year, which in turn has reduced
adjusted operating profit and margin as well.
At 31 October 2022 the Group held a £12.6m NRV provision relating to several
unprofitable legacy schemes. During the half, a further £3.2m NRV charge was
recorded, principally related to the Group's scheme at Brightwell's Yard,
Farnham. This scheme has previously been highlighted as being unprofitable. It
is a complex, urban regeneration and mixed-use development scheme. During the
half costs to complete on the scheme increased and hence a further charge was
necessary. At 30 April 2023 the Group's remaining NRV provision was £14.6m,
of which £11.6m relates to Farnham. Approximately a fifth of this provision
is currently forecast to be utilised in the second half. This additional NRV
charge in the half also contributed to the decline in adjusted operating
margin.
Finally, the Group recorded net administrative expenses of £28.3m (HY22:
£20.7m) in the first half, an increase of 36.7% on prior year. The drivers
for this increase were highlighted at the Group's Preliminary Results in
January 2023 and include additional resources to drive the geographical
expansion plans, further investments into customer service and quality roles
and processes, IT system upgrades and readying the Group for various
regulatory and compliance changes. Although this increase is significant
compared to the prior half it is comparable in magnitude terms to the second
half of the prior year, when administrative expenses had recovered to a more
normalised level post the pandemic. Accordingly, the Group expects FY23 net
administrative expenses to be around £60.0m, nearly 8% below the FY19 charge
for the Group despite the additional activity burden highlighted above. This
movement has also contributed to a reduction in adjusted operating margin.
Operating profit after a net exceptional credit of £7.5m for the first half
was £30.7m (HY22: £50.5m operating loss after an exceptional charge of
£105.0m).
Exceptional items
As a consequence of signing the Developer Remediation Contract on 13 March
2023, the Group has now become legally responsible for the identification and
remediation of those buildings it has developed with possible life-critical
fire safety defects. The Group is currently working on circa 90 buildings in
various stages of design, procurement and works. During the half the Group
recorded a further £1.4m charge to adjust its provision to reflect the latest
estimate of costs to complete these remedial works. £11.1m was also received
from third parties in respect of defective design and workmanship.
Tax charge on exceptional items is £2.0m (HY22: £22.4m credit).
Further detail on exceptional items can be found in note 5 and note 12 of the
condensed consolidated financial statements.
Financing and liquidity
At 30 April 2023 the Group had net cash of £66.2m (HY22: £173.3m). Net debt
including land creditors was £82.0m (HY22: £6.6m). Average net cash during
the period was £104.2m (HY22: £98.6m). Return on capital employed (ROCE) for
the first half was 14.6% (HY22: 18.3%) reflecting the lower adjusted operating
profit compared to prior year and the lower net cash position on the balance
sheet.
The Group has steadily rebuilt its financial position since 2019 and
communicated a clear capital allocation framework at its Capital Markets Day
in October 2021. This has been reflected throughout our business including in
our decision to remain active in the land market in the first half as we
believe this is the best way to create future value for shareholders. However,
given our confidence in the long-term fundamentals of the housing market, and
its relative resilience through the economic uncertainty of the first half, we
are also pleased to be able to maintain the same level of dividend as HY22.
Pension
The Group operates a defined benefit pension scheme. At 30 April 2023 the
retirement benefit surplus under IAS 19 was £14.1m (HY22: £35.4m).
Taxation
The effective tax rate applied to profit before tax for the period was 25.7%
(HY22: 19.6%). This reflects the best estimate of the weighted average annual
effective tax rate which is expected to apply to the Group for the year ending
31 October 2023. Over the next two years the Group's effective tax rate will
increase in line with the statutory rate increases and also reflects the
effect of the Residential Property Developer Tax (RPDT) of 4.0%, effective
from 1 April 2022.
Earnings per share
Adjusted basic earnings per share was 6.1 pence (HY22: 15.7 pence), reflecting
the decrease in the Group's earnings on prior year. Basic earnings per share
was pence 8.2 pence (HY22: loss per share 16.5 pence), as the £105.0m
exceptional charge relating to combustible materials in HY22 was not repeated
in the half.
Dividend
The 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.
Land and planning
During the first half the Group approved 1,957 plots for purchase at a
forecast gross margin of 26.2% after sales and marketing costs.
At 30 April 2023 the short-term land portfolio includes 15,011 (FY22: 14,250)
plots. 1,539 plots were added in the half. The Group's strategic land
portfolio ended the half with 22,461 (FY22: 22,450) plots meaning the total
land portfolio at 30 April 2023 was 37,472 plots (FY21: 36,700). The total GDV
of the portfolio is £12.5bn (FY22: £12.3bn).
The Group has been able to add several high quality sites to the short-term
land portfolio in the first half which position it well for growth in FY24 and
beyond. The withdrawal from the land market from many of our major peers has
enabled the Group to step in and secure terms on several sites with
competitive financial metrics. In turn, this has led to land agents and
sellers deciding to wait until greater demand returns and accordingly we
expect the lack of available supply, and appetite for outlet growth from
developers, will mean that the land market remains highly competitive for the
foreseeable future.
Principal Risks and Uncertainties
The Group's financial and operational performance and reputation is subject to
a number of potential risks and uncertainties. These risks could, either
separately or in combination, have a material impact on the Group's
performance and shareholder returns.
Our divisional boards consider their divisional risk registers on a
half-yearly basis. The divisional risk reviews, alongside the Group's
principal and emerging risks are carefully considered by the Executive
Leadership Team. Both the Audit and Risk Committee and the Board have
oversight of the Group's emerging and principal risks.
We have continued to face political uncertainty and economic headwinds which
has led to significant increases in mortgage rates and a slowdown in the
housing market. This has affected housing buying affordability and reservation
activity. We have also seen continued build cost inflation through raw
material prices and subcontractor pricing. There have also been continued
challenges in the planning environment. These areas impact a number of the
Group's principal risks including market conditions, build cost management and
land availability and planning, although there are clear mitigations and
actions to address these risks.
Our principal risks are unchanged from those set out on pages 58 to 64 of the
Company's Annual Integrated Report for the year ended 31 October 2022.
Statement of Directors' Responsibilities
The Directors confirm that these condensed consolidated half year financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the United Kingdom
and that the interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred during the first six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
- material related-party transactions in the first six months and any material
changes in the related party transactions described in the last Annual
Integrated Report.
The current Directors of Crest Nicholson Holdings plc are listed in the Annual
Integrated Report for the year ended 31 October 2022.
A list of Directors is maintained on the Crest Nicholson website:
www.crestnicholson.com (http://www.crestnicholson.com) .
By order of the Board
Peter Truscott
Chief Executive
8 June 2023
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
CONDENSED CONSOLIDATED INCOME STATEMENT
Note Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended Full year ended Full year ended Full year ended
30 April 30 April 30 April 30 April 30 April 30 April 31 October 31 October 31 October
2023 2023 2023 2022 2022 2022 2022 2022 2022
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited
Pre-exceptional items Exceptional items (note 5) Total Pre-exceptional items Exceptional items (note 5) Total Pre-exceptional item Exceptional item (note 5) Total
£m £m £m £m £m £m £m £m £m
Revenue 4 282.7 - 282.7 364.3 - 364.3 913.6 - 913.6
Cost of sales (232.1) 8.6 (223.5) (286.8) (105.0) (391.8) (719.3) (102.5) (821.8)
Gross profit/(loss) 50.6 8.6 59.2 77.5 (105.0) (27.5) 194.3 (102.5) 91.8
Net administrative expenses 6 (28.3) - (28.3) (20.7) - (20.7) (51.1) - (51.1)
Net impairment losses on financial assets (0.2) - (0.2) (2.3) - (2.3) (2.3) - (2.3)
Operating profit/(loss) 6 22.1 8.6 30.7 54.5 (105.0) (50.5) 140.9 (102.5) 38.4
Finance income 2.0 - 2.0 1.3 - 1.3 3.1 - 3.1
Finance expense (4.5) (2.2) (6.7) (5.2) - (5.2) (10.2) (1.0) (11.2)
Net finance expense (2.5) (2.2) (4.7) (3.9) - (3.9) (7.1) (1.0) (8.1)
Share of post-tax result of joint ventures using the equity method 1.3 1.1 2.4 1.9 - 1.9 4.0 (1.5) 2.5
Profit/(loss) before tax 20.9 7.5 28.4 52.5 (105.0) (52.5) 137.8 (105.0) 32.8
Income tax (expense)/credit 7 (5.3) (2.0) (7.3) (12.1) 22.4 10.3 (28.8) 22.4 (6.4)
Profit/(loss) for the period attributable to equity shareholders 15.6 5.5 21.1 40.4 (82.6) (42.2) 109.0 (82.6) 26.4
Earnings/(loss) per ordinary share
Basic 8 6.1p 8.2p 15.7p (16.5)p 42.5p 10.3p
Diluted 8 6.1p 8.2p 15.7p (16.5)p 42.3p 10.2p
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 Unaudited 2022 Unaudited 2022
Audited
£m £m £m
Profit/(loss) for the period attributable to equity shareholders 21.1 (42.2) 26.4
Other comprehensive income/(expense):
Items that will not be reclassified to the consolidated income statement:
Actuarial gains/(losses) of defined benefit schemes 2.5 16.4 (8.4)
Change in deferred tax on actuarial gains/(losses) of defined benefit schemes (0.7) (5.6) 1.6
Other comprehensive income/(expense) for the period net of income tax 1.8 10.8 (6.8)
Total comprehensive income/(expense) for the period attributable to equity 22.9 (31.4) 19.6
shareholders
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium account Retained earnings Total
£m £m £m £m
Half year ended 30 April 2023 (Unaudited)
Balance at 1 November 2022 12.8 74.2 796.1 883.1
Profit for the period attributable to equity shareholders - - 21.1 21.1
Actuarial gains of defined benefit schemes - - 2.5 2.5
Change in deferred tax on actuarial gains of defined benefit schemes - - (0.7) (0.7)
Total comprehensive income for the period - - 22.9 22.9
Transactions with shareholders:
Equity-settled share-based payments - - 1.0 1.0
Deferred tax on equity-settled share-based payments - - 0.1 0.1
Purchase of own shares - - (1.0) (1.0)
Dividends paid - - (29.5) (29.5)
Balance at 30 April 2023 12.8 74.2 789.6 876.6
Share capital Share premium account Retained earnings Total
£m £m £m £m
Half year ended 30 April 2022 (Unaudited)
Balance at 1 November 2021 12.8 74.2 814.6 901.6
Loss for the period attributable to equity shareholders - - (42.2) (42.2)
Actuarial gains of defined benefit schemes - - 16.4 16.4
Change in deferred tax on actuarial gains of defined benefit schemes - - (5.6) (5.6)
Total comprehensive expense for the period - - (31.4) (31.4)
Transactions with shareholders:
Equity-settled share-based payments - - 1.2 1.2
Deferred tax on equity-settled share-based payments - - (0.3) (0.3)
Purchase of own shares - - (0.4) (0.4)
Dividends paid - - (24.4) (24.4)
Balance at 30 April 2022 12.8 74.2 759.3 846.3
Share capital Share premium account Retained earnings Total
£m £m £m £m
Year ended 31 October 2022 (Audited)
Balance at 1 November 2021 12.8 74.2 814.6 901.6
Profit for the year attributable to equity shareholders - - 26.4 26.4
Actuarial losses of defined benefit schemes - - (8.4) (8.4)
Change in deferred tax on actuarial losses of defined benefit schemes - - 1.6 1.6
Total comprehensive income for the year - - 19.6 19.6
Transactions with shareholders:
Equity-settled share-based payments - - 1.9 1.9
Deferred tax on equity-settled share-based payments - - (0.4) (0.4)
Purchase of own shares - - (1.1) (1.1)
Dividends paid - - (38.5) (38.5)
Balance at 31 October 2022 12.8 74.2 796.1 883.1
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note As at As at As at
30 April 30 April 31 October
2023 2022 2022
Unaudited Unaudited Audited
ASSETS £m £m £m
Non-current assets
Intangible assets 29.0 29.0 29.0
Property, plant and equipment 2.2 1.0 0.9
Right-of-use assets 4.7 2.8 3.7
Investments in joint ventures 10.4 8.0 9.0
Financial assets at fair value through profit and loss 1.4 2.7 3.3
Deferred tax assets 4.4 5.1 4.8
Retirement benefit surplus 14.1 35.4 11.1
Trade and other receivables 14.1 32.7 35.0
80.3 116.7 96.8
Current assets
Inventories 10 1,108.1 1,129.6 990.1
Financial assets at fair value through profit and loss 2.7 2.1 1.3
Trade and other receivables 104.4 102.6 116.3
Current income tax receivable 3.2 17.4 1.1
Cash and cash equivalents 11 163.6 271.6 373.6
1,382.0 1,523.3 1,482.4
Total assets 1,462.3 1,640.0 1,579.2
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings 11 (97.4) (98.3) (97.1)
Trade and other payables (42.4) (50.6) (41.8)
Lease liabilities (3.1) (2.0) (2.3)
Deferred tax liabilities (4.1) (10.2) (3.2)
Provisions 12 (67.9) (82.1) (70.8)
(214.9) (243.2) (215.2)
Current liabilities
Trade and other payables (296.8) (484.5) (407.1)
Lease liabilities (1.7) (1.7) (1.6)
Provisions 12 (72.3) (64.3) (72.2)
(370.8) (550.5) (480.9)
Total liabilities (585.7) (793.7) (696.1)
Net assets 876.6 846.3 883.1
EQUITY
Share capital 15 12.8 12.8 12.8
Share premium account 15 74.2 74.2 74.2
Retained earnings 789.6 759.3 796.1
Total equity 876.6 846.3 883.1
Crest Nicholson Holdings plc Registered number 6800600. These condensed
consolidated half year financial statements were approved by the Board of
Directors on 8 June 2023.
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
Unaudited Unaudited Audited
£m £m £m
Cash flows from operating activities
Profit/(loss) for the period attributable to equity shareholders 21.1 (42.2) 26.4
Adjustments for:
Depreciation on property, plant and equipment 0.2 0.3 0.4
Depreciation on right-of-use assets 1.1 0.7 1.9
Retirement benefit obligation administrative expenses 0.5 - 0.9
Net finance expense 4.7 3.9 8.1
Share-based payment expense 1.0 1.2 1.9
Share of post-tax result of joint ventures using the equity method (2.4) (1.9) (2.5)
Impairment of inventories movement 2.0 (8.5) (8.1)
Net impairment of financial assets 0.2 2.3 2.3
Income tax expense/(credit) 7.3 (10.3) 6.4
Operating profit/(loss) before changes in working capital, provisions and 35.7 (54.5) 37.7
contribution to retirement benefit obligations
Decrease/(increase) in trade and other receivables 34.2 6.7 (17.0)
(Increase)/decrease in inventories (120.0) (83.6) 55.5
(Decrease)/increase in trade and other payables, and provisions (114.6) 79.9 (13.4)
Contribution to retirement benefit obligations (0.7) (2.6) (3.4)
Cash (used by)/generated from operations (165.4) (54.1) 59.4
Finance expense paid (2.9) (3.2) (6.3)
Income tax paid (8.8) (1.4) (1.4)
Net cash (outflow)/inflow from operating activities (177.1) (58.7) 51.7
Cash flows from investing activities
Purchases of property, plant and equipment (1.5) (0.1) (0.1)
Disposal of financial assets at fair value through profit and loss 0.3 0.3 0.7
Dividends received from joint ventures - 0.9 2.4
Funding to joint ventures (4.4) (3.4) (7.5)
Repayment of funding from joint ventures 3.4 7.5 18.8
Finance income received 1.1 - 0.1
Net cash (outflow)/inflow from investing activities (1.1) 5.2 14.4
Cash flows from financing activities
Principal elements of lease payments (1.3) (0.8) (2.1)
Dividends paid (29.5) (24.4) (38.5)
Purchase of own shares (1.0) (0.4) (1.1)
Debt arrangement and facility fees - - (1.5)
Net cash outflow from financing activities (31.8) (25.6) (43.2)
Net (decrease)/increase in cash and cash equivalents (210.0) (79.1) 22.9
Cash and cash equivalents at the beginning of the period 373.6 350.7 350.7
Cash and cash equivalents at end of the period 163.6 271.6 373.6
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR FINANCIAL STATEMENTS (unaudited)
1 BASIS OF PREPARATION
Crest Nicholson Holdings plc (the Company) is a public limited company
incorporated, listed and domiciled in the UK. The address of the registered
office is 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey
KT15 2HJ. The condensed consolidated half year financial statements
consolidate the results of the Company and its subsidiaries (together referred
to as the Group) and include the Group's interest in jointly controlled
entities.
These condensed consolidated half year financial statements for the six months
ended 30 April 2023 have been prepared in accordance with the Disclosure
Guidance and Transparency Rules of the UK Financial Conduct Authority and with
UK-adopted International Accounting Standard 34 'Interim financial reporting'.
These condensed consolidated half year financial statements do not include all
of the information required for full annual consolidated financial statements
and should be read in conjunction with the Group's Annual Integrated Report
for the year ended 31 October 2022, which has been prepared in accordance with
UK-adopted international accounting standards in conformity with the
requirements of the Companies Act 2006.
These condensed consolidated half year financial statements do not constitute
statutory financial statements within the meaning of Section 434 of the
Companies Act 2006. Statutory financial statements for the year ended 31
October 2022 were approved by the Board of Directors on 17 January 2023 and
delivered to the Registrar of Companies. The report of the auditor on those
accounts was (i) unqualified, (ii) did not include a reference to any matters
to which the auditor drew attention by way of emphasis without qualifying
their report, and (iii) did not contain a statement under section 498 (2) or
(3) of the Companies Act 2006.
These condensed consolidated half year financial statements are unaudited but
have been reviewed by PricewaterhouseCoopers LLP, the Company's auditors in
accordance with International Standard on Review Engagements (UK) 2410 'Review
of Interim Financial Information performed by the Independent Auditor of the
Entity', issued by the Auditing Practices Board. The auditor's review report
for the period to 30 April 2023 is set out below.
Going Concern
The Directors have considered the impact of the Group's current principal
risks and uncertainties to confirm the appropriateness of the going concern
assumption in these condensed consolidated half year financial statements. The
Directors do not consider that any material or significant changes have
occurred to the risks identified and outlined in the Group's Annual Integrated
Report for the year ended 31 October 2022, and as discussed in the Financial
Review.
The Group benefits from a £250.0m revolving credit facility, which expires
October 2026, and £100.0m of senior loan notes, which mature between 2024 and
2029. Both of these arrangements are subject to three financial covenant
tests. The Group was compliant with all three tests throughout the six month
period ended 30 April 2023.
At 30 April 2023 the Group had net cash of £66.2m (HY22: £173.3m). Given
this strong liquidity position the Directors consider the impact of breaching
one of its covenants as being the first indication that the Group could be in
distress and should be the basis of assessing its going concern basis.
The base case scenario for the going concern assessment is the Group's latest
forecast, which reflects current market experience and is reviewed by the
Directors periodically. The Directors have then considered a severe but
plausible downside scenario that stress tests whether the Group would remain
compliant with its covenants as a result of some principal risks starting to
crystallise:
Severe but plausible downside case
The following assumptions were applied in combination to the base case without
double counting:
• An immediate reduction in new reservations to a sales per outlet week of
0.37 (HY23 SPOW was 0.54)
• An immediate 12.0% fall in forecast average selling prices
In assessing the impact of this severe but plausible downside scenario, the
Directors have also assessed the extent of available mitigating actions within
the Group's control which would offset the deterioration in financial
performance. These mitigating actions could be enacted in good time, and are
consistent with those disclosed in the Group's 2022 Annual Integrated Report.
Conclusion on going concern
In reviewing the assessment outlined above the Directors are confident that
the Group has the necessary resources and mitigations available to continue
trading for at least 12 months from the date of approval of the condensed
consolidated half year financial statements. Accordingly, the condensed
consolidated half year financial statements continue to be prepared on a going
concern basis.
Critical accounting estimates and judgements
The preparation of the condensed consolidated half year financial statements
under IFRS requires the Directors to make estimates and assumptions that
affect the application of policies and reported amounts of assets and
liabilities, income and expenses and related disclosures. In applying the
Group's accounting policies, the key judgements that have a significant impact
on the financial statements, including those involving estimates, are as
follows; the judgement to present certain items as exceptional (see note 5),
certain revenue policies relating to part exchange sales, the identification
of performance obligations where a revenue transaction involves the sale of
both land and residential units with revenue on the units subsequently
recognised over time and the recognition of the defined benefit pension scheme
surplus.
The Group has made a judgement to not recognise revenue on the proceeds
received on the disposal of properties taken in part exchange against a new
property as they are incidental to the main revenue-generating activities of
the Group. As part exchange sales are deemed incidental, the income and
expenses associated with part exchange properties are recognised in other
operating income and other operating expenses which are presented within net
administrative expenses in the condensed consolidated income statement. Income
is recognised when legal title is passed to the customer. Previously the
income and associated costs arising on these sales was presented net within
cost of sales. Previous periods have not been restated since the net result is
immaterial to the Group and there is no change to the operating profit/(loss)
realised in each period.
Estimates and associated assumptions affecting the financial statements are
based on historical experience and various other factors that are believed to
be reasonable under the circumstances. The estimates and underlying
assumptions are reviewed on an ongoing basis. Changes in accounting estimates
may be necessary if there are changes in the circumstances on which the
estimate was based or as a result of new information.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of revision and future period if the revision affects both current and future
periods.
The Directors have made estimates and assumptions in reviewing the going
concern assumption as detailed above. The Directors consider the key sources
of estimation uncertainty that have a risk of causing a material adjustment to
the carrying value of assets and liabilities are the carrying value of
inventories, estimation of development profitability, valuation of the pension
scheme assets and liabilities and the valuation of the combustible materials
provision. These are detailed within the Group's consolidated financial
statements for the year ended 31 October 2022.
Accounting policies
The principal accounting policies adopted in the condensed consolidated half
year financial statements are consistent with those applied by the Group in
its consolidated financial statements for the year ended 31 October 2022
except in respect of taxation which is based on the expected effective tax
rate that would be applicable to expected annual earnings and part exchange
income and associated costs as disclosed within critical accounting estimates
and judgements.
Adoption of new and revised standards
There are no new standards, amendments to standards and interpretations that
are applicable to the Group and are mandatory for the first time for the
financial year beginning 1 November 2022 which have a material impact on the
Group.
Alternative performance measures
The Group has adopted various Alternative Performance Measures (APM), as
presented below. These measures are not defined by IFRS and therefore may not
be directly comparable with other companies' APM, and should be considered in
addition to, and are not intended to be a substitute for, or superior to, IFRS
measurements.
2 SEGMENTAL REPORTING
The Executive Leadership Team (ELT), as disclosed in the Group's consolidated
financial statements for the year ended 31 October 2022 on page 72 is
accountable to the Board and has been identified as the chief operating
decision-maker for the purposes of determining the Group's operating segments.
The ELT approves investment decisions, allocates group resources and performs
divisional performance reviews. The Group operating segments are considered to
be its divisions, each of which has its own management board. All divisions
are engaged in residential-led, mixed use developments in the United Kingdom
and therefore, with consideration of relevant economic indicators such as the
nature of the products sold and customer base, and, having regard to the
aggregation criteria in IFRS 8, the Group identifies that it has one
reportable operating segment.
3 SEASONALITY
In common with the rest of the UK housebuilding industry, activity occurs
throughout the year, with peaks in sale completions in spring and autumn. This
creates seasonality in the Group's trading results and working capital.
4 REVENUE
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
Revenue type £m £m £m
Open market housing including specification upgrades 235.7 328.3 803.7
Affordable housing 42.1 19.6 76.9
Total housing 277.8 347.9 880.6
Land and commercial sales 4.9 15.5 32.0
Freehold reversions - 0.9 1.0
Total revenue 282.7 364.3 913.6
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
Timing of revenue recognition £m £m £m
Revenue recognised at a point in time 242.8 342.5 842.6
Revenue recognised over time 39.9 21.8 71.0
Total revenue 282.7 364.3 913.6
5 EXCEPTIONAL ITEMS
Exceptional items are those which, in the opinion of the Directors, are
material by size and/or non-recurring in nature and therefore require separate
disclosure within the condensed consolidated income statement in order to
assist the users of the financial statements to better understand the
performance of the Group, which is also how the Directors internally manage
the business. Where appropriate, the Directors consider that items should be
considered as categories or classes of items, such as any credits/costs
impacting the condensed consolidated income statement which relate to
combustible materials, notwithstanding where an item may be individually
immaterial. Where appropriate, a material reversal of these amounts will be
reflected through exceptional items.
Exceptional items for the half year ended 30 April 2023 relate to the same
category of items recognised in previous financial periods.
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
Cost of sales £m £m £m
Combustible materials charge 1.4 105.0 102.5
Combustible materials credit (10.0) - -
Net combustible materials (credit)/charge (8.6) 105.0 102.5
Net finance expense
Combustible materials imputed interest 2.2 - 1.0
Share of post-tax loss of joint ventures
Combustible materials (credit)/charge of joint ventures (1.1) - 1.5
Total exceptional (credit)/charge (7.5) 105.0 105.0
Tax charge/(credit) on exceptional (credit)/charge 2.0 (22.4) (22.4)
Total exceptional (credit)/charge after tax charge/(credit) (5.5) 82.6 82.6
Net combustible materials (credit)/charge
As a consequence of signing the Developer Remediation Contract on 13 March
2023, the Group has now become legally responsible for the identification and
remediation of those buildings it has developed with possible life-critical
fire safety defects. The Group is currently working on circa 90 buildings in
various stages of design, procurement and works. The combustible materials
charge represents forecast changes in build costs and in the provision
discount. The Group has recovered £10.0m from third parties in the period in
respect of defective design and workmanship. See note 12 for additional
information.
Net finance expense
The combustible materials imputed interest reflects the unwind of the imputed
interest on the provision to reflect the time value of the liability.
Share of post-tax loss of joint ventures
The combustible materials (credit)/charge of joint ventures represents the
Group's share of exceptional combustibles materials (credit)/charge in its
joint venture Crest Nicholson Bioregional Quintain LLP. The joint venture
recognised a provision in the prior period and the current period credit
represents a recovery from third parties.
Taxation
An exceptional income tax charge of £2.0m (30 April 2022: credit of £22.4m,
31 October 2022: credit of £22.4m) has been recognised in relation to the
above exceptional items using the actual tax rate applicable to these items.
6 NET ADMINISTRATIVE EXPENSES AND OPERATING PROFIT/(LOSS)
Operating profit of £30.7m (30 April 2022: operating loss of £50.5m, 31
October 2022: £38.4m) from continuing activities is stated after
(crediting)/charging:
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Administrative expenses 28.2 20.7 51.1
Other operating income (13.7) (20.1) (48.9)
Other operating expenses 13.8 19.5 47.4
Net administrative expenses 28.3
Other operating income and other operating expenses shown above relate to the
income and associated costs arising on the sale of part exchange properties.
For the half year ended 30 April 2023, both the income and associated costs of
these sales has been presented within net administrative expenses in the
condensed consolidated income statement. Previously the income and associated
costs arising on these sales was included within cost of sales. Previous
periods have not been restated since the net result is immaterial to the Group
and there is no change to the operating profit/(loss) realised in each period.
7 TAXATION
The rate of taxation on profit for the half year ended 30 April 2023 is 25.7%
(30 April 2022: 19.6%, 31 October 2022: 19.5%) and reflects the best estimate
of the weighted average annual effective tax rate which is expected to apply
to the Group for the year ending 31 October 2023. The change in the Group's
effective tax rate reflects the increase in the statutory tax rate and the
full year effect of the Residential Property Developer Tax. This calculation
uses rates substantively enacted by 30 April 2023 as required by IAS 34
'Interim Financial Reporting'.
8 EARNINGS/(LOSS) PER ORDINARY SHARE
Basic earnings/(loss) per share is calculated by dividing profit/(loss)
attributable to equity shareholders by the weighted average number of ordinary
shares in issue during the period. For diluted earnings per share, the
weighted average number of shares is increased by the average number of
potential ordinary shares held under option during the period. This reflects
the number of ordinary shares which would be purchased using the difference in
value between the market value of shares and the share option exercise price.
The market value of shares has been calculated using the average ordinary
share price during the period. Only share options which have met their
cumulative performance criteria have been included in the dilution
calculation. The earnings/(loss) and weighted average number of shares used in
the calculations are set out below.
Earnings / Weighted Per
(loss) average share
number of amount
shares
£m millions pence
Half year ended 30 April 2023 - Total
Basic earnings per share 21.1 256.1 8.2
Effect of share options - 1.6
Diluted earnings per share 21.1 257.7 8.2
Half year ended 30 April 2023 - Pre-exceptional items
Basic earnings per share 15.6 256.1 6.1
Effect of share options - 1.6
Adjusted diluted earnings per share 15.6 257.7 6.1
Half year ended 30 April 2022 - Total
Basic loss per share (42.2) 256.5 (16.5)
Effect of share options - -
Diluted loss per share (42.2) 256.5 (16.5)
Half year ended 30 April 2022 - Pre-exceptional items
Basic earnings per share 40.4 256.5 15.7
Effect of share options - 0.9
Adjusted diluted earnings per share 40.4 257.4 15.7
Full year ended 31 October 2022 - Total
Basic earnings per share 26.4 256.4 10.3
Dilutive effect of share options - 1.3
Diluted earning per share 26.4 257.7 10.2
Full year ended 31 October 2022 - Pre-exceptional items
Basic earnings per share 109.0 256.4 42.5
Dilutive effect of share options - 1.3
Adjusted diluted earnings per share 109.0 257.7 42.3
9 DIVIDENDS
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Dividends recognised as distributions to equity shareholders in the period:
Final dividend for the year ended 31 October 2022 of 11.5 pence per share 29.5 24.4 24.4
(2021: 9.5 pence per share)
Interim dividend for the year ended 31 October 2022: 5.5 - - 14.1
pence per share (2021: 4.1 pence per share)
29.5 24.4 38.5
The Board approved an interim dividend of 5.5 pence per share on 8 June 2023.
The interim dividend will be paid on 13 October 2023 to ordinary shareholders
on the Register of Members on 22 September 2023. In accordance with IAS 10
'Events After the Reporting Period' the proposed dividend has not been
included as a liability in this condensed consolidated half year financial
information.
10 INVENTORIES
As at As at As at
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Work-in-progress 1,021.9 1,056.5 942.8
Completed buildings including show homes 68.4 58.6 30.1
Part exchange inventories 17.8 14.5 17.2
1,108.1 1,129.6 990.1
Total inventories are stated after a net realisable value provision of £14.6m
(30 April 2022: £12.2m, 31 October 2022: £12.6m).
£3.2m NRV was charged in the period, principally related to the Group's
scheme at Brightwell's Yard, Farnham. This scheme has previously been
highlighted as being unprofitable. It is a complex, urban regeneration and
mixed-use development scheme. During the period costs to complete on the
scheme increased requiring a further NRV charge.
Of the £14.6m remaining NRV provision at 30 April 2023 it is currently
forecast that around a fifth will be used in the second half of the 2023
financial year.
Movements in the NRV provision As at As at As at
30 April 30 April 31 October
2023 2022 2022
£m £m £m
At beginning of the period 12.6 20.7 20.7
Pre-exceptional NRV charged in the period 3.2 1.8 9.6
Pre-exceptional NRV used in the period (0.9) (3.2) (7.2)
Exceptional NRV used in the period (0.3) (7.1) (10.5)
Total movement in NRV in the period 2.0 (8.5) (8.1)
At end of the period 14.6 12.2 12.6
11 CASH AND CASH EQUIVALENTS, INTEREST-BEARING LOANS AND BORROWINGS
As at As at As at
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Cash and cash equivalents 163.6 271.6 373.6
Non-current interest-bearing loans and borrowings
Senior loan notes - maturing 2024 to 2029 (100.0) (100.0) (100.0)
Revolving credit facility and senior loan notes issue costs 2.6 1.7 2.9
(97.4) (98.3) (97.1)
The first repayment of £15.0m of senior loan notes is due in August 2024.
At 30 April 2023, the Group had undrawn revolving credit facilities of
£250.0m (30 April 2022: £250.0m, 31 October 2022: £250.0m).
12 PROVISIONS
As at As at As at As at As at As at As at As at As at
30 April 30 April 30 April 30 April 30 April 30 April 31 October 31 October 31 October
2023 2023 2023 2022 2022 2022 2022 2022 2022
Combustible materials Other provisions and joint ventures Total Combustible materials Other provisions Total Combustible materials Other provisions and joint ventures Total
£m £m £m £m £m £m £m £m £m
At beginning of the period 140.8 2.2 143.0 42.6 0.5 43.1 42.6 0.5 43.1
Provided in the period 1.4 - 1.4 105.0 - 105.0 102.5 0.3 102.8
Imputed interest 2.2 - 2.2 - - - 1.0 - 1.0
Utilised in the period (5.2) - (5.2) (1.5) (0.2) (1.7) (5.3) - (5.3)
Released in the period - - - - - - - (0.4) (0.4)
Funding commitment recognised - - - - - - - 1.2 1.2
Funding commitment released - (1.2) (1.2) - - - - - -
Reclassification - - - - - - - 0.6 0.6
At end of the period 139.2 1.0 140.2 146.1 0.3 146.4 140.8 2.2 143.0
Of which:
Non-current 67.6 0.3 67.9 82.1 - 82.1 70.5 0.3 70.8
Current 71.6 0.7 72.3 64.0 0.3 64.3 70.3 1.9 72.2
139.2 1.0 140.2 146.1 0.3 146.4 140.8 2.2 143.0
Combustible materials
As a consequence of signing the Developer Remediation Contract on 13 March
2023, the Group has now become legally responsible for the identification and
remediation of those buildings it has developed with possible life-critical
fire safety defects. The signing of the contract did not materially alter the
provision required. The Group is currently working on circa 90 buildings in
various stages of design, procurement and works.
The combustible materials provision reflects the estimated costs to complete
the remediation of life-critical fire safety issues on identified buildings.
The Directors have used a combination of Buildings Safety Fund (BSF) costed
information, other external information and internal assessments as a basis
for the provision, which is a best estimate at this time.
The Group recorded a further net combustible materials charge of £1.4m in the
period predominantly related to changes in forecast build cost inflation over
the duration of remediation, net of the change in discounting. The provision
is stated after a related discount of £5.5m, which unwinds to the condensed
consolidated income statement as finance expense over the expected duration of
the provision using the effective interest rate method.
The provision of £139.2m represents the Group's best estimate of future costs
at 30 April 2023. The Group will continue to assess the magnitude and
utilisation of this provision in future reporting periods. The Group
recognises that required remediation works could be subject to further
inflationary pressures and cash outflows. If forecast remediation costs on
buildings currently provided for are 20.0% higher than provided, the pre-tax
exceptional items charge in the condensed consolidated income statement would
be £27.8m higher. If further buildings are identified this could also
increase the required provision, but the potential quantity of this change
cannot be readily determined without further claims or investigative work.
The Group spent £5.2m in the period across several buildings requiring
further investigative costs, including balcony and cladding related works. The
Group expects to have completed any required remediation within a five-year
period, using £71.6m of the remaining provision within one year, and the
balance within one to five years. The timing of the expenditure is based on
the Directors best estimates of the timing of remediating buildings and
repaying the BSF incurred costs. Actual timing may differ due to delays in
agreeing scope of works, obtaining licences, tendering works contracts and the
BSF payment schedule differing to our forecast.
The Group is continuing to review the recoverability of costs incurred from
third parties where it has a contractual right of recourse. In the period
£10.0m was recovered from third parties by the Group. The Group also
recognised its share of recoveries from third parties in its joint venture
Crest Nicholson Bioregional Quintain LLP of £1.1m. See note 5 for condensed
consolidated income statement disclosure.
13 FINANCIAL ASSETS AND LIABILITIES
As at As at As at
30 April 30 April 31 October
2023 2022 2022
Financial assets £m £m £m
Sterling cash deposits 163.6 271.6 373.6
Trade receivables 46.2 43.8 59.1
Amounts due from joint ventures 29.4 51.0 27.1
Other receivables 16.3 5.5 29.6
Total financial assets at amortised cost 255.5 371.9 489.4
Financial assets at fair value through profit and loss 4.1 4.8 4.6
Total financial assets 259.6 376.7 494.0
Financial assets at fair value through profit and loss are held at fair value
and categorised as level three within the hierarchical classification of IFRS
13 'Fair Value Measurement'. The carrying value of cash and cash equivalents,
trade and other receivables and amounts due from joint ventures is a
reasonable approximation of fair value which would be measured under a level 3
hierarchy.
As at As at As at
30 April 30 April 31 October
2023 2022 2022
Financial liabilities £m £m £m
Senior loan notes 100.0 100.0 100.0
Land payables on contractual terms carrying interest 16.7 57.3 29.8
Land payables on contractual terms carrying no interest 131.5 122.6 168.9
Amounts due to joint ventures 1.3 0.2 0.1
Lease liabilities 4.8 3.7 3.9
Other trade payables 46.8 40.2 41.1
Other payables 3.5 5.7 5.5
Accruals 119.4 275.5 175.7
Total financial liabilities at amortised cost 424.0 605.2 525.0
The carrying amounts of the Group's financial liabilities is deemed a
reasonable approximation to their fair value.
14 (NET DEBT)/NET CASH INCLUDING LAND CREDITORS
As at As at As at
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Cash and cash equivalents 163.6 271.6 373.6
Non-current interest-bearing loans and borrowings (97.4) (98.3) (97.1)
Net cash 66.2 173.3 276.5
Land payables on contractual terms carrying interest (16.7) (57.3) (29.8)
Land payables on contractual terms carrying no interest (131.5) (122.6) (168.9)
(Net debt)/net cash including land creditors (82.0) (6.6) 77.8
15 SHARE CAPITAL
Shares Nominal Share Share
issued value capital premium
account
number pence £m £m
As at 30 April 2023, 30 April 2022 and 31 October 2022 256,920,539 5 12.8 74.2
16 RELATED PARTY TRANSACTIONS
Transactions between fellow subsidiaries, which are related parties, are
eliminated on consolidation, as well as transactions between the Group and its
subsidiaries during the current and prior period.
There were no transactions between the Group and key management personnel
other than remuneration during the current and prior period.
The Group pays contributions to the Crest Nicholson Group Pension and Life
Assurance Scheme to improve the Scheme's funding position as determined by
regular actuarial valuations.
The Company's Directors and Non-Executive Directors have associations other
than with the Company. From time to time the Group may trade with
organisations with which a Director or Non-Executive Director has an
association. Where this occurs, it is on normal commercial terms and without
the direct involvement of the Director or Non-Executive Director.
The Group had the following transactions with its joint ventures in the
period:
Half year ended Half year ended Full year ended
30 April 30 April 31 October
2023 2022 2022
£m £m £m
Interest income on joint venture funding 0.6 1.4 2.1
Project management fees received 0.8 1.0 2.0
Amounts due from joint ventures, net of expected credit losses 29.4 51.0 27.1
Amounts due to joint ventures 1.3 0.2 0.1
Funding to joint ventures (4.4) (3.4) (7.5)
Repayment of funding from joint ventures 3.4 7.5 18.8
Dividends received from joint ventures - - 2.4
17 CONTINGENCIES AND COMMITMENTS
There are performance bonds and other engagements, including those in respect
of joint venture partners, undertaken in the ordinary course of business. It
is impractical to quantify the financial effect of performance bonds and other
arrangements. The Directors consider the possibility of a cash outflow in
settlement of performance bonds and other arrangements to be remote and
therefore this does not represent a contingent liability for the Group.
In the ordinary course of business, the Group enters into certain land
purchase contracts with vendors on a conditional exchange basis. The
conditions must be satisfied for the Group to recognise the land asset and
corresponding liabilities within the condensed consolidated statement of
financial position. No land payable in respect of conditional land
acquisitions has been recognised.
The Group provides for all known material legal actions, where having taken
appropriate legal advice as to the likelihood of success of the actions, it is
considered probable that an outflow of economic resource will be required, and
the amount can be reliably measured. No material contingent liability in
respect of such claims has been recognised since there are no known claims of
this nature.
As a consequence of signing the Developer Remediation Contract on 13 March
2023, the Group has now become legally responsible for the identification and
remediation of those buildings it has developed with possible life-critical
fire safety defects. Accordingly, whilst the Group believes that most
significant liabilities will have been identified through the process of
building owners assessing buildings and applying for BSF funding, contingent
liabilities exist where additional buildings have not yet been identified
which require remediation. Due to the enduring challenges of developing a
reliable estimate of these possible costs, the Group continues to not disclose
an expected range.
The Group is reviewing the recoverability of costs incurred from third parties
where it has a contractual right of recourse. As reflected in these interim
financial results the Group has a track record of successfully obtaining such
recoveries, however no contingent assets have been recognised in these
condensed consolidated financial statements for such items.
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
The Group uses a number of alternative performance measures (APM) which are
not defined within IFRS. The Directors use the APMs, along with IFRS measures,
to assess the operational performance of the Group. Definitions and
reconciliations of the financial APMs used compared to IFRS measures, are
included below:
Adjusted performance metrics
Adjusted performance metrics as shown below comprise statutory metrics
adjusted for the exceptional items as presented in note 5 of the condensed
consolidated financial statements. In the view of the Directors, the
exceptional items have a material impact to reported performance and arise
from recent, unforeseen events. As such, the Directors consider these adjusted
performance metrics reflect a more accurate view of its core operations and
business performance.
Half year ended 30 April 2023 Statutory Exceptional items Adjusted
Gross profit £m 59.2 (8.6) 50.6
Gross profit margin % 20.9 (3.0) 17.9
Operating profit £m 30.7 (8.6) 22.1
Operating profit margin % 10.9 (3.1) 7.8
Net finance expense £m (4.7) 2.2 (2.5)
Share of post-tax profit/(loss) of joint ventures using the equity method £m 2.4 (1.1) 1.3
Profit before tax £m 28.4 (7.5) 20.9
Income tax (expense)/credit £m (7.3) 2.0 (5.3)
Profit after tax £m 21.1 (5.5) 15.6
Basic earnings per share Pence 8.2 (2.1) 6.1
Diluted earnings per share Pence 8.2 (2.1) 6.1
Half year ended 30 April 2022 Statutory Exceptional items Adjusted
Gross (loss)/profit £m (27.5) 105.0 77.5
Gross (loss)/profit margin % (7.5) 28.8 21.3
Operating (loss)/profit £m (50.5) 105.0 54.5
Operating (loss)/profit margin % (13.9) 28.8 15.0
(Loss)/profit before tax £m (52.5) 105.0 52.5
Income tax credit/(expense) £m 10.3 (22.4) (12.1)
(Loss)/profit after tax £m (42.2) 82.6 40.4
Basic (loss)/earnings per share Pence (16.5) 32.2 15.7
Diluted (loss)/earnings per share Pence (16.5) 32.2 15.7
Full year ended 31 October 2022 Statutory Exceptional items Adjusted
Gross profit £m 91.8 102.5 194.3
Gross profit margin % 10.0 11.3 21.3
Operating profit £m 38.4 102.5 140.9
Operating profit margin % 4.2 11.2 15.4
Net finance expense £m (8.1) 1.0 (7.1)
Share of post-tax profit/(loss) of joint ventures using the equity method £m 2.5 1.5 4.0
Profit before tax £m 32.8 105.0 137.8
Income tax expense £m (6.4) (22.4) (28.8)
Profit after tax £m 26.4 82.6 109.0
Basic earnings per share Pence 10.3 32.2 42.5
Diluted earnings per share Pence 10.2 32.1 42.3
Land creditors as a percentage of net assets
The Group uses land creditors as a percentage of net assets as a core
management measure to ensure that the Group is maintaining a robust financial
position when entering into future land commitments. Land creditors as a
percentage of net assets is calculated as land creditors divided by net
assets, as presented below. Land creditors as a percentage of net assets has
reduced to 16.9% from 21.3% at 30 April 2022.
As at As at As at
30 April 30 April 31 October
2023 2022 2022
Land creditors £m 148.2 179.9 198.7
Net assets £m 876.6 846.3 883.1
Land creditors as a percentage of net assets % 16.9 21.3 22.5
Net cash
Net cash is cash and cash-equivalents plus non-current and current
interest-bearing loans and borrowings. Net cash Illustrates the Group's
overall liquidity position and general financial resilience. Net cash has
reduced to £66.2m from £173.3m at 30 April 2022.
As at As at As at
30 April 30 April 31 October
2023 2022 2022
Cash and cash equivalents £m 163.6 271.6 373.6
Non-current interest-bearing loans and borrowings £m (97.4) (98.3) (97.1)
Net cash £m 66.2 173.3 276.5
Return on capital employed (ROCE)
Return on capital employed equals rolling 12 month adjusted operating profit
before joint ventures divided by the average of opening and closing capital
employed over the same 12 months (capital employed = equity shareholders'
funds plus net borrowing or less net cash).
Half year ended 30 April 2023 Half year ended 30 April 2022 Full year ended 31 October 2022
Adjusted operating profit - rolling 12 month £m 108.5 129.1 140.9
Average of opening and closing capital employed over same 12 months £m 741.7 705.9 627.7
ROCE % 14.6 18.3 22.4
Half year ended 30 April 2023 Half year ended 30 April 2022 Half year ended 30 April 2021 Full year ended 31 October 2022 Full year ended 31 October 2021
Adjusted operating profit
For reporting period/year £m 22.1 54.5 40.0 140.9 114.6
Second half of the prior year where applicable £m 86.4 74.6 n/a
Rolling 12 month £m 108.5 129.1 140.9
As at As at As at As at As at
30 April 30 April 30 April 31 October 31 October
2023 2022 2021 2022 2021
Capital employed £m £m £m £m £m £m
Equity shareholders' funds £m 876.6 846.3 869.1 883.1 901.6
Net (cash)/net debt (note 14) £m (66.2) (173.3) (130.4) (276.5) (252.8)
Closing capital employed £m 810.4 673.0 738.7 606.6 648.8
Average closing capital employed £m 741.7 705.9 627.7
CREST NICHOLSON HOLDINGS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2023
Independent review report to Crest Nicholson Holdings plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Crest Nicholson Holdings plc's condensed consolidated interim
financial statements (the "interim financial statements") in the unaudited
interim results of Crest Nicholson Holdings plc for the 6 month period ended
30 April 2023 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the Condensed Consolidated Statement of Financial Position as at
30 April 2023;
· the Condensed Consolidated Income Statement and the Condensed
Consolidated Statement of Comprehensive Income for the period then ended;
· the Condensed Consolidated Cash Flow Statement for the period then
ended;
· the Condensed Consolidated Statement of Changes in Equity for the
period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the unaudited interim results of
Crest Nicholson Holdings plc have been prepared in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the unaudited interim results
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The unaudited interim results, including the interim financial statements, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the unaudited interim results in accordance with
the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority. In preparing the unaudited interim
results, including the interim financial statements, the directors are
responsible for assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the unaudited interim results based on our review. Our
conclusion, including our Conclusions relating to going concern, is based on
procedures that are less extensive than audit procedures, as described in the
Basis for conclusion paragraph of this report. This report, including the
conclusion, has been prepared for and only for the company for the purpose of
complying with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
8 June 2023
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