Crest Nicholson Holdings PLC FY23 Trading Update (6143Z)
15 Januar 2024 - 8:00AM
UK Regulatory
TIDMCRST
RNS Number : 6143Z
Crest Nicholson Holdings PLC
15 January 2024
The information contained in this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 which
forms part of domestic law in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018
Crest Nicholson Holdings plc
(the "Group" or "Crest Nicholson")
FY23 TRADING UPDATE
FY23 ADJUSTED PROFIT BEFORE TAX NOW EXPECTED TO BE GBP41M
Crest Nicholson today announces an update to its year end 31
October 2023 results.
FY23 performance
As announced in the November post-close trading statement
Brightwells Yard, Farnham recorded an incremental cost movement of
approximately GBP11m in the second half of FY23 as the Group
continued to work on completing certain legacy sites.
The Group has subsequently conducted a comprehensive review of
the costs associated with the work required on this project as well
as our other legacy sites. Consequently, further additional costs
have been identified which will impact FY23 and the Group now
expects the Adjusted Profit Before Tax to be GBP41m for FY23.
In addition, the Group expects to recognise an exceptional
charge of GBP13m (which is not cash in FY23) in respect of a legal
claim that it has recently received relating to a low rise
apartment scheme built by the Group which was damaged by fire in
2021. The Group is addressing this claim diligently and efficiently
and will provide further details in our preliminary results. This
is unrelated to the general fire remediation programme that the
Group is currently delivering.
Current Trading
The recent reduction in mortgage rates has provided a more
constructive backdrop for house buyers and the wider housing
market. Although it is too early to gauge customer behaviour, we
have been encouraged by an increase in customer interest levels and
inquiries this calendar year.
The Group will provide further details at our preliminary
results on 23 January 2024.
For further information, please contact :
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Teneo Communications
James Macey White / Giles Kernick +44 (0) 20 7353 4200
The person responsible for arranging the release of this
announcement on behalf of the Company is Penny Thomas, Group
Company Secretary.
15 January 2024
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