Overview

• Crest Nicholson posted an adjusted pre-tax profit of £7.9m in the six months to April 30, up from £2.6m a year earlier, and recorded a statutory profit of £9.4m against a loss of £30.9m.
• Group revenue dipped to £249.5m as home completions dropped to 739 from 788, reflecting a strategic shift away from bulk sales toward the higher-margin mid premium segment.
• The company boosted its cladding provision to £223m and said remediation at its complex Farnham development is nearing completion.
• Shares trade at 0.7 times book value, leaving Crest Nicholson undervalued relative to peers despite a roughly 13% rise in its stock this year.
• CEO Martyn Clark has set goals to lift gross margins above 20% and exceed 2,300 annual completions by 2029, and expects to tap into the government’s £39bn affordable housing fund.