Crest Nicholson

Crest Nicholson said it now expects an operating loss of about £10m for the year to 31 October after completions are downgraded to 1,350–1,400 homes. The housebuilder cited a “more subdued” summer market, slower sales over the past six weeks, affordability constraints and competitive pricing. It has cut costs including closing a divisional office and 50 jobs, reduced borrowings faster than expected and expects net debt of £70–90m at the end of October, while covenant renegotiations with lenders are ongoing. The company reported a pre-tax loss of £35.2m for the six months to April and its shares fell more than 10% on the update. » More on theguardian.com

Crest Nicholson reported an adjusted operating loss of £11.9m for the half-year, compared with an adjusted operating profit of £11.9m a year earlier, and cut its full-year EBIT forecast to the lower end of the £5–15m range. Revenue fell to £197.6m (previous year £249.5m), completed private homes declined from 739 to 584, and the adjusted operating margin collapsed to -6.0%. Negotiations over a waiver of loan covenants with the lending syndicate are not yet concluded; temporary waivers have been extended until 30 September 2026. The combination of the earnings fall, downgrade and unresolved loan issues pushed the share close to its 52-week low. » More on de.investing.com

Crest Nicholson reported an adjusted profit before tax of £26.5m for fiscal year 2025 (+30.5%) on slightly lower revenue of £610.8m. Gross margin improved to 14.0%, overheads fell and adjusted earnings per share rose to 7.8p, leading to a dividend increase to 3.1p. The company continues with fire-safety remediation (estimated total cost £305.3m; remaining provision £202.8m) and expects net completions of 1,100–1,200 private-market units in 2026. For FY26 Crest Nicholson forecasts an adjusted pre-tax profit of £32–40m and plans to reposition in the mid-premium housing market with Project Elevate. » More on de.investing.com