Crest revises profit down; Gleeson expects sales pickup

Crest Nicholson and Gleeson have issued trading statements today (November 16), with Crest streamlining its group operations and downgrading profit expectations. Meanwhile, Gleeson has seen a slight uptick in reservation rates.

As stated in its previous trading statement of August 21, Crest confirmed in an update for its year ending October 31 2023 that it would move its East Anglia division, established only last year, into its existing Eastern division with “revised boundaries”.

It will also now moderate growth in its Yorkshire region to 300 to 350 units in 2026 and adjust headcount and resources in existing divisions according to the expected level of output for its 2024 financial year.

Crest said changes to its operations would reduce annualised administrative expenses by around £3 million in FY 2024. They would also require a one-off £0.5 million cash charge in adjusted pre-tax profit for its 2023 financial year to implement.

Crest expects 2023’s adjusted pre-tax profit to be in the range of £45 million to £50 million, potentially down on the £50 million quoted in August after the business adjusted it downwards from the originally anticipated £73.7 million for the year.

The expected profit also includes …