REG - Crest Nicholson Hdgs - Revised date for 2024 preliminary results

Crest Nicholson HoldingsAnnouncement

14/01/2025 07:00

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RNS Number : 1653T  Crest Nicholson Holdings PLC  14 January 2025

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018

Crest Nicholson Holdings plc

Revised date for 2024 preliminary results

Crest Nicholson Holdings plc ("Crest Nicholson" or the "Company"), today
announces a revised date for the publication of its preliminary financial
results for the year ended 31 October 2024.

Following a request from the Company's auditors for additional time to
complete standard procedures and audit the appropriateness of the fire
remediation provision, the Company will now announce its results on 4 February
2025 and not on 21 January 2025 as previously planned.

The Company has made significant progress and is nearing completion of its
assessment of all buildings within the scope of the Self Remediation Terms and
is therefore now in a position to account for the expected costs for all 291
buildings. As a result, the total fire remediation provision at the FY24 year
end is expected to be approximately £245m - £255m and compares to £145m at
HY24 which was in respect of c.45% of buildings within scope. This is an
overall increase in the future expected cost of remediation of £120m -
£130m.  In determining the quantum of the provision, the Company has applied
its experience to date and the most plausible risk scenario to ensure it
accounts for its probable liabilities and maintains a prudent and responsible
approach to fire safety remediation provisions. The provision does not include
any third-party recoveries or contributions that could offset these costs. The
remediation programme is expected to be completed during FY29, meeting the
obligations of the Government's Remediation Acceleration Plan, and is intended
to be funded from the Company's cash flow and balance sheet.

In line with the trading update on 20 November 2024, the Company continues to
expect adjusted profit before tax for FY24 to be at the lower end of the
guidance range (£22m - £29m), subject to any final audit adjustments to the
financial results.

With expected fire remediation costs fully provided for, the Company believes
this will provide greater clarity for the business going forward and allow the
new management team to re-invigorate the business on firmer foundations
focused on its three key priorities: optimising value from the high-quality
land portfolio; building homes of exceptional quality efficiently; and
delivering outstanding service to customers.

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) 207 260 2700

 

 

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