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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Crest Nicholson
Crest Nicholson (CRST) investor relations material
Crest Nicholson Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary3 Sep, 2026
Debt reduction and cash optimisation progress
Net debt at year-end now expected between £70m and £90m, an improvement of about £30m from previous guidance due to successful cash optimisation and fire remediation recovery.
Additional land disposal completed at expected value, with potential for one or two more transactions before year-end.
Trading and market conditions
Market conditions remained subdued over the summer, with affordability constraints and competitive pricing impacting sales rates.
Net open market sales rate over the last six weeks was 0.35, down from 0.48 in H1 and 0.55 in the same period last year.
Pricing pressure is particularly strong in bulk sales, leading to a disciplined and selective approach.
Profit guidance and operational outlook
Full-year completions now expected between 1,350 and 1,400, down from previous guidance of 1,400 to 1,500.
EBIT now forecasted to be a loss of around £10m, compared to previous guidance of a £5m–£10m profit, due to lower completions and continued pricing pressure.
Build cost inflation remains at 3–4%, mainly on materials.
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Latest events from Crest Nicholson
- Revenue and profit fell, with operating loss and rising net debt amid tough market conditions.CRST
H1 2026 - Guidance cut as uncertainty slows sales, land deals, and shifts focus to cash and cost control.CRSTTrading update
- Sales rates and customer satisfaction are up, with strategy and operational improvements ongoing.CRSTTrading update
- Profitability improved, margins up, and balance sheet strengthened for future growth.CRSTH2 2025
- Revenue and profit fell on legacy charges, but margin recovery and stable outlook expected.CRSTH1 2024
- Gross margin rose to 14.2% and adjusted operating profit surged 92% as transformation advanced.CRSTH1 2025
- Mid-premium focus drives margin growth, efficiency, and higher returns by FY29.CRSTCMD 2025
- Mid-premium focus drives margin gains, operational excellence, and improved returns by FY29.CRSTCMD 2025
- Revenue and profit fell in 2024, but margin and sales improvements are targeted for 2025.CRSTH2 2024
Next Crest Nicholson earnings date
H2 202628 Jan, 2027
Crest Nicholson
Next Crest Nicholson earnings date
H2 202628 Jan, 2027
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Frequently asked questions
Crest Nicholson Holdings plc is a residential property development company that focuses on designing and building sustainable homes and communities across the United Kingdom. The company specializes in the development of a wide range of properties, including apartments, houses, and mixed-use developments, targeting both private buyers and affordable housing sectors. The company is headquartered in Surrey, United Kingdom, and its shares are listed on the London Stock Exchange.