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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.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.
- 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.CRST
Trading update - Sales rates and customer satisfaction are up, with strategy and operational improvements ongoing.CRST
Trading update - Profitability improved, margins up, and balance sheet strengthened for future growth.CRST
H2 2025 - Revenue and profit fell on legacy charges, but margin recovery and stable outlook expected.CRST
H1 2024 - Gross margin rose to 14.2% and adjusted operating profit surged 92% as transformation advanced.CRST
H1 2025 - Mid-premium focus drives margin growth, efficiency, and higher returns by FY29.CRST
CMD 2025 - Mid-premium focus drives margin gains, operational excellence, and improved returns by FY29.CRST
CMD 2025 - Revenue and profit fell in 2024, but margin and sales improvements are targeted for 2025.CRST
H2 2024
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