Crest Nicholson has been building new homes for over four decades and is firmly established as a leading developer with a passion for not just building homes, but creating vibrant sustainable communities. Our mission is to improve the quality of life for individuals and communities, both now and in the future, by providing better homes, work places, retail and leisure spaces. Most importantly, we place our customers at the heart of everything we do.

Our development portfolio ranges from contemporary city centre apartments and townhouses to traditional detached family homes and complex regeneration schemes. The success of long term partnership developments such as Park Central in Birmingham, as well as innovative low carbon developments including One Brighton, ICON and Avante, underline the Group's determination to lead the industry in its quest to create innovative development solutions which positively contribute towards achieving a sustainable future.

In today's low carbon world, it is our unrivalled vision and values in design, customer service, innovation and environmental stewardship that set us apart. Responding to the challenges posed by climate change and urban renewal forms an integral part of our approach, positioning us well to lead in the complex and challenging process of delivering sustainable communities.

I am particularly proud of the recognition that we have achieved for our contribution to the built environment. To be bestowed with The Queens Award for Enterprise in Sustainable Development category in 2007 was a real honour. This 5 year accolade is proof of our continued commitment to producing high quality developments that champion the very best principles in sustainability and design. It demonstrates our unquestionable passion in delivering communities where people genuinely want to live, work and play.

Ultimately however, the greatest accolade comes directly from our purchasers and nine out of ten have said that they would be happy to recommend Crest Nicholson to a friend. While both the House Builders Federation and our own independent consultants verify that our customer satisfaction is improving year on year, we will not become complacent. Our priority is to continue to build on this track record and deliver our customers with a home and level of service that continues to surpass expectations.

http://www.crestnicholson.com/

Half Yearly Report

Performance Highlights - all figures pre-exceptional

· Housing legal completions up 35% at 1,091 (2013: 810).

· Sales per outlet week up 8% at 0.83 (2013: 0.77).

· Housing revenue up 31% on 2013 reflecting volume growth and higher open market Average Selling Prices (ASP).

· Gross profit margins up 90bps at 28.7% (2013: 27.8%); operating profit margins up 40bps at 18.5% (2013: 18.1%).

· Earnings per share up 32%.

· Strong balance sheet position; net debt/equity ratio of 12.5% (2013: 2.4%).

· 784 plots added to the short-term pipeline at an ASP of £338,000.

· Over 2,000 plots added to the strategic land bank across 6 sites.

· Forward sales at mid-June 2014 of £347.3m (2013: £330.9m), 5% ahead of prior year.

· Interim dividend proposed of 4.1p per share (2013: nil).

· New division and higher ASP's in housing mix to drive revenue growth of 70-80% in three years.


a href="http://www.moneyam.com/action/news/showArticle?id=4830604">http://www.moneyam.com/action/news/showArticle?id=4830604

IC - Recent concern over interest rates have trimmed Crest Nicholson's share price by around a fifth since April peak. On Numis estimates, this leaves them trading on 1.4 times net tangible assets or 2015, with a forecast PE ratio of 7 and dividend yield of 4.8%. That looks cheap.

INVESTMENT EXTRA: UK builders now safe as houses - and recent share sell-offs present golden buying opportunity in sector

By Hugo Duncan

Published: 21:56, 11 July 2014 | Updated: 09:37, 12 July 2014

Back at HSBC, Davis rates Bellway, Crest Nicholson and Taylor Wimpey as the ‘top picks’ in the sector and believes dividend yields of nearly 11 per cent are possible by 2017. ‘The recent sell-off presents a golden buying opportunity,’ he says.



http://www.dailymail.co.uk/money/investing/article-2689069/INVESTMENT-EXTRA-Building-shares-safe-houses.html

Interim Management Statement

RNS


RNS Number : 7428R

Crest Nicholson Holdings PLC

16 September 2014










16th September 2014

Crest Nicholson Holdings plc

Interim Management Statement



Crest Nicholson Holdings plc (Crest Nicholson) today issues its Interim Management Statement for the period from 1st May 2014 to 5th September 2014. The results for the full financial year ending 31st October 2014 are expected to be announced on Tuesday 27th January 2015.



Current trading

A strong reservation and delivery performance throughout the year has positioned the business well to meet its volume aspirations for 2014. At 5th September, all reservations required for 2014 legal completion have been secured and the business expects to deliver an approximately 15% increase in volumes over the prior year.

In line with normal seasonal trends, the sales environment has shown a moderate slowing in recent months. This compares with the very high levels of sales that were experienced in the immediate aftermath of the launch of Help to Buy in the Spring of 2013.

Accordingly, open-market reservation rates over the period since 1st May 2014 have averaged 0.87 per outlet week, down 8% on the figure of 0.95 achieved in the equivalent period in 2013.

Total forward sales at 5th September were £348m, up 11% on the £314m in 2013. Forward sales for future years are lower, at £138m, (2013: £145m) reflecting the adoption of a strategy of releasing product for sale when it is at a more advanced stage of construction.

Stephen Stone, Chief Executive commented "Strong purchaser demand for new homes continues to underpin a buoyant housing market. The business is well positioned to deliver volume growth in a disciplined manner, helping many first-time buyers to get on the housing ladder, generating significant employment opportunities across our areas of operation and securing excellent shareholder returns."


Land and Planning

Selective additions have been made to the short-term land pipeline, reflecting the investment in strong locations with higher average selling prices (ASPs).

In the year to date, 17 new sites and 1,779 plots have been acquired, along with a further 5 sites and 885 plots which have been converted from the strategic land bank over the same period. These acquisitions and conversions have contributed to a 21% increase in the gross development value of the Group's short-term pipeline to £4,690m (2013: £3,886m). Sites in Marlow, Cambridge and Cheltenham have been acquired as well as projects in Putney and Borough in London, all of which are contributing to an increase in ASP in the land pipeline.

At 5th September 2014, all land required to meet our 2015 forecasts has been secured with planning in place; land for 2016 unit delivery is also wholly secured, mostly with planning. As a result, the volume and ASP projections in our medium term forecasts are significantly underpinned, in line with guidance provided at the time of our half year announcement.

Our strategic land pipeline continues to develop, increasing by 2,495 plots in the year-to-date, net of the impact of transfers and re-plans. From a total of 16,820 strategic plots, 4,022 (24%) are allocated within a local plan and a further 5,389 (32%) included in a draft allocation.

In addition, 5 other sites have planning applications currently submitted or due for submission before the end of October 2014.

Our healthy land pipelines enable the group to maintain its focus on investing in opportunities which deliver attractive financial returns. Hurdle rates for new land acquisitions have recently been increased in support of this objective, with minimum hurdle rate returns on capital employed in the range of 22-24%, depending on location.


New division

The new Chiltern division, based in St. Alban's, Hertfordshire, is on track to open for business in November 2014. All key divisional board appointments have now been made, with the majority of candidates identified internally, providing further opportunities for advancement to our employees.

The new division will be pump-primed with a number of operational sites as well as securing its own new projects and will provide additional management bandwidth to support outlet growth in 2015.


Financial position

The group maintains a strong equity base and uses bank borrowings to manage working capital movements through the year. Sufficient borrowing facilities exist to meet the operational requirements of the business.


Outlook

Prospects for the continuation of a strong and sustainable housing market are generally favourable. Cross-party support for new housing delivery, combined with good mortgage access and improved purchaser confidence in the light of economic recovery are all helpful factors.

Whilst there has been a slight moderation of sales rates in the last few months, rates of sale remain significantly above historic norms. Production capacity, clearance of planning conditions and skills availability remain the critical constraints on volume delivery.

Land supply remains plentiful, with plots being drawn from both short-term and strategic land pipelines and providing good forward visibility for our business forecasts. Sales price inflation continues to offset pressures from cost increases in the supply chain.

As a result, the Board is confident that the business is well positioned to deliver a strong operational and financial performance.

16 Sep Numis 471.00 Buy

13 Oct Deutsche Bank 367.00 Hold

29 Oct JP Morgan... 400.00 Overweight

5 Dec Deutsche Bank N/A Hold

StockMarketWire.com
Crest Nicholson Holdings reports another excellent financial performance in a buoyant housing market.

The group says it is on target to achieve revenue growth of 70-80% over 2013 by 2016 and it says the volume target set at the IPO was reached well ahead of schedule with completions up 16% at 2,530 homes (2013: 2,172).

Other highlights:
· Open-market average selling prices (ASP) up 15% to £287,000

· Further expansion of operating profit margin to 20.1% (2013: 18.5%*)

· Return on capital employed of 26.0% (2013: 24.1%*) exceeding IPO commitment of 20%

· 3,730 plots added to the short-term land pipeline, across 25 sites; Short-term land pipeline now 6.8 years

· Continued focus on strategic land with 44% of the short term land pipeline strategically sourced

· Forward sales at mid-January of £399.8m (2013: £329.5m), 21% ahead of prior year with 41% of this year's forecast secured (2013: 51%)

· Intention to move dividend cover towards 2.0x over the next three years reflects strong cash generation as the business moves towards natural scale

Chief executive Stephen Stone said: "I am delighted to report that the Group has produced another excellent financial performance in a buoyant housing market in which we focused on bringing forward additional new homes to increase housing supply.

Wholehearted thanks to all our employees who have been instrumental in these results. They bring their expertise to everything we do - working effectively with partners to create masterplans, homes and places that reflect our ambition to provide our customers with high levels of quality and service, good design and sustainable outcomes.

"To name just a few highlights, I was delighted with progress at Swindon this year where we have been working with local authorities to deliver the first implementation of a Crest Nicholson Garden Village. Tadpole Garden Village is one of the first developments of its kind in the country and an exemplar of the benefits of low-density family housing. Our work there this year included speedily delivering a fully functioning temporary school which is serving local needs while we go about creating the permanent facilities.

"Meanwhile, our Oakgrove development in Milton Keynes was chosen as the location for the launch of the Labour Party's Lyons Housing Review. Being delivered through a public-private sector partnership and having achieved an average of two sales per week over the last 18 months - over 80% of them to MK postcode buyers - Oakgrove illustrates how development can meet the housing needs of an existing community.

"Sensitive design and place making can also restore pride to inner city areas and nowhere shows this better than Park Central in the heart of Birmingham. Park Central was judged Best Regeneration Project in the 2014 Housebuilder Awards and we were equally delighted to be judged Sustainable Housebuilder of the Year and Large Housebuilder of the Year in 2014."

2 Feb Deutsche Bank N/A Hold
29 Jan Deutsche Bank 355.00 Hold

Crest Nicholson Holdings PLC (CRST:LSE) set a new 52-week high during today's trading session when it reached 427.00. Over this period, the share price is up 14.46%.

Annual Financial Report
RNS
RNS Number : 0378F
Crest Nicholson Holdings PLC
16 February 2015


Crest Nicholson Holdings plc



2014 ANNUAL INTEGRATED REPORT & NOTICE OF ANNUAL GENERAL MEETING



Crest Nicholson Holdings plc ("the Company") has today published its 2014 Annual Integrated Report for the period ending 31 October 2014, and Notice of the 2015 Annual General Meeting which is to be held on 19 March 2015. Hard copy versions of these documents have been posted to shareholders who have elected to receive them in paper form.









27 January 2015


Crest Nicholson Holdings plc Annual Results Announcement for the year ended 31st October 2014



Highlights
On target to achieve revenue growth of 70-80% over 2013 by 2016
Volume target set at the IPO reached well ahead of schedule with completions up 16% at 2,530 homes (2013: 2,172)
Open-market average selling prices (ASP) up 15% to £287,000
Further expansion of operating profit margin to 20.1% (2013: 18.5%*)
Return on capital employed of 26.0% (2013: 24.1%*) exceeding IPO commitment of 20%
3,730 plots added to the short-term land pipeline, across 25 sites; Short-term land pipeline now 6.8 years
Continued focus on strategic land with 44% of the short term land pipeline strategically sourced
Forward sales at mid-January of £399.8m (2013: £329.5m), 21% ahead of prior year with 41% of this year’s forecast secured (2013: 51%)
Intention to move dividend cover towards 2.0x over the next three years reflects strong cash generation as the business moves towards natural scale




crest-nicholson-holdings-plc-annual-results-announcement-for-the-year-ended-31st-october-2014

Crest Nicholson & Persimmon downgraded by JP Morgan
StockMarketWire.com
JP Morgan Cazenove has downgraded its recommendation on sustainable housing group Crest Nicholson (LON:CRST) to 'neutral' from 'overweight', citing the share price outperformance as its main reason for doing so.

The broker pointed out that the stock has outperformed the sector by 15 per cent since the start of quarter four, leaving a rather meagre 5 per cent potential upside to its new price target of 465 pence a share (previously 400 pence).

The City heavyweight also cut its rating on Persimmon (LONPSN) to 'neutral' from 'overweight', despite saying that it still sees upside potential to earnings (on margin) and dividends at FY results on Tuesday (24 Feb).

Nevertheless, JPMC increased its price target to 1,780 pence a share from 1,650 pence.

In terms the wider UK Housebuilding sector, analysts highlighted Taylor Wimpey (16% upside potential) among the large-caps and Bovis in the small-cap space (22% upside potential) as its 'Top Picks'.



At 1:14pm:
(LON:CRST) Crest Nicholson Holdings Plc share price was -5.9p at 436.6p
(LON:PSN) Persimmon PLC share price was -24p at 1685p

StockMarketWire.com
Crest Nicholson has maintained the strong start to the Spring selling season, shareholders at the annual general meeting today will be told.

Chairman William Rucker will say: "Cumulative reservations are 766 units, from 44 outlets, representing an open-market sales rate per outlet week of 0.92. This compares with a sales rate of 0.84 for the equivalent period last yea, an increase of 10%.

"This encouraging level of sales underpins the board's confidence that the business is continuing to make good progress in delivering on its stated growth objectives."

IC- With a well stocked land bank , the company is planning to return more of the proceeds of this growth to shareholders by lowering the dividend cover ratio from the current level off 2.75 times to 2 times. Broker Peel Hunt reckons that, based on its forecasts of 70% earnings growth over the next three years, the reduction in cover will result in 130% dividend growth over the period. That means a payout of 19.2p this year,
28.3p in 2016 and 33.2p in 2017, equivalent to respective prospective yields of 4.5%, 6.6% and 7.8%.

Jefferies International lifts Crest Nicholson to buy from hold, target raised from 370p to 530p

StockMarketWire.com
Crest Nicholson's trading during the first six months has been strong, buoyed initially by revisions to the stamp duty regime and then further by increasingly competitive pricing in the mortgage market.

Sales per outlet week for the six month period to the end of April were 0.93, a 12% increase on the 0.83 achieved for the first six months of 2014.

In addition, Crest Nicholson sold 97 units at Bath Riverside to M&G Real Estate, who have purchased the homes for private rental. This transaction is intended to form part of a longer term relationship between the parties.

An update says: "The business continues to grow its outlet breadth and operated from 44 sales outlets year-to-date (2014: 42), an increase of 5%.

"Unit completions of 1,124 are 3% ahead of prior year, with open market completions up 8%."

Average open-market selling prices of £322,000 are 20% higher than the £269,000 achieved in the first half of 2014, reflecting an element of price inflation but also as the product and location mix of the business evolves in line with our intended strategy.

Chief executive Stephen Stone said: "Purchaser appetite to secure a new home remains strong and conditions to support this level of demand are very favourable. The business is well positioned to continue to grow volumes and revenues in line with our previously stated targets and make its contribution to the delivery of the new homes that the country needs."

20 May Beaufort... N/A Buy
20 May Barclays... 445.30 Overweight
20 May Deutsche Bank 402.00 Hold

IC - Crest Nicholson was a late guest at the UK housebuilders' party, having partially floated just over two years ago. But its progress since then has been little short of meteoric and a trading update suggests that there is plenty more to come.

Half year results