"Our commitment to operational and commercial excellence has underpinned the better sales rates we have delivered, with a notable increase in sales rates since January, which are now more in line with industry standards"
- Martyn Clark - Crest Nicholson
Housebuilder Crest Nicholson has reported early signs of progress from its revised strategy, returning to a statutory pre-tax profit of £9.4m for the six months to 30 April 2025. This marks a turnaround from a £30.9 million loss in the same period last year.
On an adjusted basis, pre-tax profit rose to £7.9m, up from £2.6m in HY24. The adjustments reflect exceptional items, including revised cost estimates for completed sites that are no longer part of the company’s core strategy.
Revenue dipped slightly to £249.5m, compared to £257.5m a year earlier. The company described the first half as in line with expectations and said it remains on track to meet its full-year 2025 guidance. This includes an adjusted pre-tax profit of between £28m and £38m and up to 1,900 total home completions.
Crest’s open market sales rate rose to 0.53 per outlet per week, compared to 0.47 in HY24. Since mid-January, the rate has improved further to 0.61 as the company begins to see the impact of improved sales execution.
Home completions fell slightly to 739 from 788 in the previous year as the housebuilder shifted its focus toward higher-margin open-market homes in the mid-premium segment. Open market completions remained flat at 435.
Average outlet numbers dropped to 40 during the period, down from 45 in HY24. Crest attributed this to ongoing delays in planning, despite recent reforms, and said it expects progress on new site approvals to remain slow.
Martyn Clark, Crest Nicholson’s chief executive, commented on the company’s interim performance: “Our commitment to operational and commercial excellence has underpinned the better sales rates we have delivered, with a notable increase in sales rates since January, which are now more in line with industry standards.”
He added: “We have taken swift action to reduce administrative expenses with the merger of the Midlands and Yorkshire divisions, amongst other initiatives delivering a 6% adjusted administrative expenses reduction year-on-year. Customer appetite for the mid premium segment of the market, which is characterised by high-quality, well-designed homes in sought-after locations, and which is our focus segment remains robust. This places Crest Nicholson in a strong position to navigate the market with confidence and clarity of purpose.”
Exceptional items also included £11.8m recovered for combustible materials remediation. The figure relates to settlements with three parties over three separate buildings. Crest’s 2024 full-year results were delayed after auditors requested additional time to assess historic fire safety issues.
Earlier in the year, the company said internal control failings, particularly around legacy operational matters on complex developments, had weighed on its 2024 financial performance. Crest said these issues were being addressed as part of a wider restructuring plan introduced following its March 2025 Capital Markets Day.
As part of this plan, the housebuilder is targeting mid-single-digit annual growth in completions over five years, aiming to reach over 2,300 units per year. Strategic priorities include efficient delivery of high-quality homes and achieving operational and commercial excellence.
