Crest Nicholson Holdings plc (LSE:CRST) reported fiscal year 2025 results broadly in line with guidance and outlined an FY26 outlook that matches current market expectations, as the UK housebuilder continues to reset its operating model and product mix.
In FY25, the group completed 1,691 homes at an average selling price of £323,000, a 6% decline reflecting changes in sales mix. Total revenue reached £610m, including £78.8m from land sales. Adjusted operating profit was £34.7m, while adjusted profit before tax came in at £26.5m, which management described as meeting guidance at the lower end of its previously stated £28m–£38m range. Net debt at year end stood at £38.2m, below the company’s prior guidance range of £40m–£90m.
Looking ahead to FY26, Crest Nicholson expects to deliver 1,100–1,200 open market homes alongside 450–500 bulk and affordable units. The group anticipates a reversal of the adverse mix impact seen in 2025, with average selling prices projected to rise by around 6%. Land revenue is forecast in the range of £75m–£110m, adjusted gross margin at 15–16%, and adjusted profit before tax of £32m–£40m. Net debt is expected to fall within a range of £15m–£65m.
Operationally, the company completed the planned closure of its Chiltern division in December 2025. From January 2026, all new planning submissions will incorporate Crest Nicholson’s refreshed housing product, with production rollout scheduled to begin in 2027. During the year, the group also settled a legal claim relating to a fire-damaged block broadly in line with existing provisions, alongside a £4.1m increase in its Building Safety Provision.
Since Boxing Day, management has seen early signs of improving market activity, including higher website traffic, increased customer enquiries and stronger appointment conversion rates. January sales rates have recovered to levels comparable with the early weeks of 2025. The forward order book for FY26 stands at 848 units, down from 1,051 a year earlier, although it now contains a higher proportion of open market homes following a weaker second half in 2025.
Crest Nicholson reported a short-term land bank of 11,083 plots, equating to 6.3 years of supply, alongside a strategic land bank of 18,461 plots. The proportion of strategic land allocated or at draft allocation stage has risen to 66%, up from 50%, supporting longer-term delivery visibility.
More about Crest Nicholson Holdings plc
Crest Nicholson Holdings plc is a UK-based residential property developer focused on building high-quality homes across the South of England and the Midlands. The group operates across open market, affordable housing and bulk sales, with an emphasis on design-led developments, disciplined land investment and capital management to support sustainable returns through the housing cycle.
Leave a Reply