Crest makes “strong” strategic progress

Crest Nicholson has made “strong strategic progress,” with early operational improvements in its first half, it said in its half year results.

Reporting on the six months to April 30 2025, the housebuilder said its statutory pre-tax profit had recovered to £9.4 million from a loss of £30.9 million during HY24.

On an adjusted basis, pre-tax profit improved from last year’s £2.6 million to £7.9 million. Adjustments were made for exceptional items, including changes in estimates to costs related to completed sites which “are no longer part of the core strategy”.

But revenue dipped to £249.5 million from HY24’s £257.5 million.

Crest saw a challenging 2024 of profit warnings and a £144 million full year loss. Martyn Clark, Crest’s ceo, highlighted Crest’s strategic and operational progress so far, following the launch of its new strategy at its Capital Markets Day in March. Within this, it aims for mid-single digit percentage growth in home completions over five years to 2,300-plus units annually.

Its strategic priorities include building exceptional quality homes efficiently, and “operational and commercial excellence”.

During the half year, Crest’s open market sales per outlet per week were 0.53 against HY24’s 0.47, with a sales rate …