Crest Nicholson (LON:CRST) Releases Earnings Results

Key Points

• Crest Nicholson reported a half-year revenue of £197.6 million but also an adjusted operating loss of £11.9 million, and the board canceled the FY 2026 dividend.
• Management said Project Elevate is on track as the company reshapes itself toward a mid-premium market position, but trading conditions remain weak and no meaningful market improvement is expected this year.
• The company is working to strengthen liquidity through land disposals, slower build activity, and reduced work-in-progress, while also negotiating with lenders and extending covenant waivers to 30 September.

Crest Nicholson (LON:CRST - Get Free Report) released its quarterly earnings data on Thursday. The company reported GBX (10.10) earnings per share for the quarter, Digital Look Earnings reports. Crest Nicholson had a return on equity of 0.30% and a net margin of 0.36%.

Here are the key takeaways from Crest Nicholson's conference call:

• Project Elevate is progressing on track, with management saying the business is being reshaped toward a mid-premium positioning through better product design, customer experience, and operational discipline.
• Trading conditions remain weak, with the open market sales rate around 0.48 for the half and roughly 0.5 since April, while management expects no material market improvement for the rest of the year.
• The company reported a HY revenue of £197.6 million and an adjusted operating loss of £11.9 million, leading the board to cancel the FY 2026 dividend.
• Crest Nicholson said it remains in constructive talks with lenders to amend its facility agreement and has extended temporary covenant waivers to 30 September while the transaction is finalized.
• Cash and balance-sheet actions are progressing, including land disposals, slower build activity, and WIP reductions, with management targeting further cash generation and a year-end reduction in remediation obligations to around £140 million.

Crest Nicholson Stock Down 2.6%

CRST stock opened at GBX 67.90 on Friday. The company has a 50 day moving average of GBX 70.49 and a two-hundred day moving average of GBX 105.74. The company has a market cap of £174.33 million, a price-to-earnings ratio of 75.44, a PEG ratio of 0.51 and a beta of 1.33. Crest Nicholson has a 12-month low of GBX 59.60 and a 12-month high of GBX 192.10. The company has a quick ratio of 0.71, a current ratio of 2.63 and a debt-to-equity ratio of 24.15.

Analyst Ratings Changes

CRST has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on Crest Nicholson from GBX 160 to GBX 80 and set a "neutral" rating on the stock in a research note on Tuesday, June 16th. Deutsche Bank Aktiengesellschaft downgraded shares of Crest Nicholson to a "hold" rating and cut their price objective for the company from GBX 228 to GBX 79 in a research report on Wednesday, April 22nd. Stifel Nicolaus reissued a "hold" rating and set a GBX 125 target price on shares of Crest Nicholson in a research note on Tuesday, April 21st. Berenberg Bank cut their price target on Crest Nicholson from GBX 160 to GBX 86 and set a "hold" rating on the stock in a report on Wednesday, April 22nd. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a GBX 95 price objective on shares of Crest Nicholson in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of GBX 109.57.

Crest Nicholson Company Profile

Crest Nicholson Holdings plc engages in building residential homes in the United Kingdom. It develops and sells apartments, houses, and commercial properties. The company was founded in 1963 and is headquartered in Addlestone, the United Kingdom.

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