Crest Nicholson: Profit triples as housing market recovers Property Housebuilder Crest Nicholson has reaffirmed its annual guidance as it reported a jump in half-year profit. The London-listed firm said adjusted pre-tax profit more than tripled to £7.9m in the six months ended 30 April. On a statutory basis, the company swung to a £9.4m profit after posting losses of £30.9m in 2024. Revenue declined [...]
Crest Nicholson: Housebuilder upbeat despite ‘tough and disappointing year’ Property Housebuilder Crest Nicholson has said it is “well-positioned” to meet housing demand with a new strategy, despite lower-than-expected profit this year. Revenue at the housebuilder fell six per cent for the full year to October 31, to £618m, while operating profit fell 38.4 per cent to £31.3m. Profit before tax fell 53.3 per cent year [...]
Crest Nicholson: Housebuilder pivots away from low-margin affordable homes Property Housebuilder Crest Nicholson has said it will trade away from low-margin sites – like affordable homes – as it looks to shore up its balance sheet after a tough year. Crest told markets this morning, it built 1,873 homes in the year ended October 31, of which 45 per cent were affordable – just under the [...]
Fears over cladding costs behind Bellway’s decision to drop Crest bid September 8, 2024 London-listed housebuilder Bellway has cited fears of Crest Nicholson's bulging bill to fix hazardous cladding as its reasoning for pulling out of its £720m takeover deal.
Crest Nicholson shares slump as Bellway walks away from £720m takeover August 13, 2024 London-listed housebuilder Bellway has announced it will not make a firm offer to buy rival Crest Nicholson with the company stating that its “strong balance sheet” and land bank would be sufficient to fuel growth independently. Following the announcement Crest Nicholson’s shares slumped by just over 16 per cent to 221p per share. Bellway first [...]
Crest Nicholson rejects approach from Elliott-backed Avant July 5, 2024 The board of Crest Nicholson has rejected an approach from the Elliott-backed Avant Homes, saying it was "not currently minded to engage" in negotiations with the firm.
Crest Nicholson and Bellway tie-up shows ‘logic’ say investors June 17, 2024 Housebuilders are consolidating to expand their land banks ahead of a potential market upturn, expected once higher interest rates stabilise.
Crest Nicholson: Bellway’s bid ‘significantly undervalued’ housebuilder June 14, 2024 Bellway yesterday went public with the news it had tabled a bid on 7th May for its smaller rival in the latest of a flurry of consolidation efforts
Crest Nicholson shares drop as housebuilder says it will build 11 per cent fewer homes March 19, 2024 Crest Nicholson has identified defects in construction on four sites completed before 2019, estimated to cost around £15m.