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· Adjusted profit before tax · Exceptional charge net of tax of £48.1m (FY19: £14.9m), including £43.2m non-cash inventory impairment charge · Loss after tax at £10.7m (FY19: £82.5m profit after tax) · Good trading performance since the spring lockdown and reservation levels in line with expectations during January 2021. Year to date sales per outlet week (SPOW) of 0.60 · Forward sales as at 15 January 2021 of 2,435 units and £564.5m Gross Development Value (GDV) c.55% of FY21 covered (17 January 2020: 2,346 units and £503.5m GDV) · FY20 SPOW of 0.59 (FY19: 0.76) · Average outlets at 63, up from 59 in FY19, in line with our strategic priority to grow outlets · Excellent progress strengthening balance sheet through better WIP management and control ....
Crest Nicholson beats guidance with smaller than expected profit drop Building sites were forced to close for weeks early in the pandemic (Chris Ison/PA) Crest Nicholson has revealed that it took a huge profit hit last year as Covid-19 ripped through the economy, but still managed to beat its even gloomier expectations. The housebuilder said that its adjusted pre-tax profit dropped 62% in the year ending October 31. However, the £45.9 million figure was still a little ahead of the guidance that the company had provided, of £35 million to £45 million. Shares rose 1.7% on the news. The share performance might have been better, had not analysts already been heavily predicting that Crest would hit the upper end of its expectations. An average of all analysts found they believed pre-tax adjusted profit would reach £44 million. ....
Crest Nicholson fell to a £13.5m pre-tax loss, down from a more-than-£100m profit, in its last financial year. The housebuilder said this morning that it suffered the £13.5m pre-tax loss in its financial year ended 31 October 2020. This was down from £103m in its previous financial year. Its revenue decreased from £1.1bn in 2019 to £678m in 2020. It put the results down to Brexit uncertainty and a decrease in operations during the first lockdown, categorising £59.4m of the total loss as exceptional. The group said that, despite construction activities being permitted, the supply chain was “increasingly unable” to service its needs, and customer levels began to dwindle. ....