Highlights

  • Crest Nicholson share price jumped by 8.5%, followed by release of its Final Results.
  • The company returned to statutory profitability in FY2025 with improved margins.
  • Net debt declined to GBP 38.2 million, supported by inventory reduction and land sales.
  • The company’s Adjusted operating margin expanded to 5.7% despite a subdued housing market.
  • The Group proposed a higher dividend of GBX 3.1 per share for FY2025.

Crest Nicholson Holdings PLC (LSE:CRST) shares surged 8.56% to GBX 147.32 in the morning session on 29 January 2026 after the UK homebuilder released its preliminary results for the year ended 31 October 2025. The update reaffirmed prior guidance and highlighted balance sheet improvements, operational progress, and early signs of recovery in housing market activity.

On an adjusted basis, Crest Nicholson reported revenue of GBP 610.8 million in FY25, marginally lower than GBP 618.2 million in FY2024. Adjusted operating profit increased to GBP 34.7 million, up from GBP 29.2 million in FY24, while the operating margin expanded to 5.7% from 4.7%.

Adjusted profit before tax rose to GBP 26.5 million in FY25, reflecting improved cost control despite softer market conditions in the second half. Basic earnings per share on an adjusted basis increased to GBX 7.8 in FY25, compared with GBX 5.0 a year earlier.

On a statutory basis, the Group returned to profitability, reporting GBP 24.2 million in operating profit and GBP 2.9 million in profit before tax, compared with losses recorded in FY2024.

Debt Reduction and Liquidity Actions Take Shape

Net debt at year end stood at GBP 38.2 million in FY25, an improvement versus prior guidance, supported by tighter inventory controls and land sales. Inventory was reduced by GBP 73.0 million to GBP 1,056.1 million in FY25, with reductions across land, part exchange, and completed units.

Land creditors declined to GBP 73.2 million from GBP 131.6 million in FY2024. Following the reporting period, Crest Nicholson renewed its GBP 250 million revolving credit facility on a four-year term running to October 2029.

The Group proposed a dividend of GBX 3.1 per share, up from GBX 2.2 in the prior year.

Operational Update and Project Elevate

Crest Nicholson completed 1,691 home completions during FY2025. The Group secured key planning consents, with 66% of the strategic land bank now allocated or in draft allocation, compared with 47% in FY2024.

Four new land sites comprising 483 units were acquired, while cost actions included the closure of one divisional office in December 2025. Build quality metrics improved, with NHBC reportable items declining to 0.26 per inspection.

Management Perspective and Forward-Looking Guidance

Chief Executive Martyn Clark described FY2025 as a period of transition, noting progress in strengthening the balance sheet, repositioning the business toward the mid-premium segment, and implementing the Group’s Project Elevate transformation programme. He highlighted inventory discipline, land sales, and operational improvements as key developments during the year.

Trading conditions in early FY2026 remain subdued; however, management reported improved website traffic, enquiries, and appointment conversions since late December. The forward order book stood at 848 units as of 25 January 2026.

For FY2026, Crest Nicholson expects adjusted profit before tax in the range of GBP 32 million to GBP 40 million, with net debt guidance of GBP 15 million to GBP 65 million.

Crest Nicholson’s FY2025 update reflects stabilising financial performance, ongoing balance sheet repair, and early demand indicators that may support trading conditions as FY2026 progresses.