Company
Crest Nicholson PLC
LON:CRST
Crest Nicholson is a leading residential developer operating in the Southern half of England with an emphasis on creating well designed homes in sustainable communities. The Group has a wide product range, varying from homes for first time buyers through to large family homes, and includes a mixture of houses, apartments and supporting commercial premises as part of its larger developments. The Group, which has established a brand over 50 years also has a history of 39 years’ on the Official List and trading on the London Stock Exchange’s main market between 1968 and 2007. The Group re-listed on the London Stock Exchange in 2013.
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Archive
FTSE 100 Live: Stocks end in the red as housebuilders creak
At the close, London's lead index was down 4.61 points, 0.1%, at 7,257.82
Archive
FTSE 100 rallies but comes up just short at the close
The UK's main index's comeback attempt fell just short by the close, finishing at a respectable 7,851 points for a 0.1% loss on the day
Builders and building materials
Crest Nicholson holds guidance but delays opening of new division
The current macro-economic uncertainties have prompted the housebuilder to delay plans to open a third new division in 2023 until further notice
Builders and building materials
Crest Nicholson looks most vulnerable as predators circle the housebuilding sector
“Should the current cocktail of strong levels of demand, high land price inflation but low company valuation persist, then M&A could present some attractive opportunities for management teams"
Builders and building materials
Crest Nicholson swings to loss due to govt levy but ups dividend and guidance
The housebuilder reported strong underlying momentum and a resilient housing market, leading it to lift profit expectations for the full year
Builders and building materials
Crest Nicholson PLC looks cheap as remediation bill is lower than feared, Liberum opines
“This may lead to the industry paying out around £1bn in the second phase of this saga, but this is around half the amount the stock market appears to have discounted,” Liberum reported.
Crest Nicholson counts the cost of signing the Building Safety Pledge
The deadline for signing the pledge is today and coincidentally (or not) most of the big players in the sector are weaker today
Builders and building materials
Crest Nicholson on track to meet revenue targets on favourable housing market
The housebuilder expects cost inflation to rise because of higher energy costs and is already seeing raw material supply disruption caused by the war in Ukraine
Builders and building materials
Construction sector can build on exceptional year, says broker
For the first time in years the demand outlook is favourable across most end-markets
Berkeley Group and Crest Nicholson upgraded despite Grenfell Tower levy
There are many reasons for investors to be bearish on the sector but equally, there is "no need for bears to hibernate", according to Deutsche Bank
Builders and building materials
Are Persimmon, Berkeley and rest of the building stocks as good bet? See what this leading bank has to say
Barclays Capital weighed in with two upgrades and a downgrade
Shell, Crest Nicholson, Marks & Spencer and many more could benefit from rising bond yields
European equities have historically had a positive correlation with US bond yields, UBS noted, while analysts at Berenberg have looked at who might benefit most
Can't afford a second home? Buy shares in a housebuilder instead
Crest Nicholson was the latest in a long line of housebuilders to report robust trading. So long as there are votes in boosting house prices, the sector is likely to remain a good long-term investment.
Crest Nicholson upgraded as Jefferies says UK housebuilders a strong play in post-pandemic recovery
The broker said the company was seeing a “strong selling rate” and that a “more upbeat view on the underlying margin of the land bank” had driven “meaningful upgrades”
Builders and building materials
Crest Nicholson ups profit target as housing market stays strong
“As of 22 March, our order book is over 70% covered for FY21, up from 55% as reported at our preliminary results in January."
Builders and building materials
Crest Nicholson in red after write-off on London sites
The housebuilder will only buy renewably-generated electricity from 2025
Builders and building materials
Crest Nicholson says results will top market forecasts, to reinstate dividend
The builder’s portfolio is concentrated in Southern England and the commuter belt to major towns and cities
Builders and building materials
Crest Nicholson impairment charge not a read-through for housebuilding sector, says UBS
“We think Crest may have taken a somewhat more cautious approach"
Builders and building materials
Crest Nicholson subsides after crashing to first half loss
The company swung to a £51.2mln loss compared to a £64.4mln profit a year ago as the pandemic forced the housebuilding sector into lockdown
Archive
Crest Nicholson to unveil interims on Wednesday
The mid-point of the week will also include final results from Mr Kipling and Bird's custard owner Premier Foods
Builders and building materials
Crest Nicholson to resume work next week after new government guidance
All the housebuilder’s sites and operations have been shut since early April
Builders and building materials
Plunging shares in housebuilders offer “significant opportunity”
Earlier on Thursday, Crest Nicolson was one of the first housebuilders to put its head above the parapet since the government announced plans for a coronavirus lockdown
Builders and building materials
Crest Nicolson pulls dividend to prepare for coronavirus lockdown
The housebuilder said it considered it was “prudent to protect the company's cash position and maintain a robust balance sheet”
Builders and building materials
Crest Nicholson profits subside 28% as key numbers all fall
New boss Peter Truscott unveiled new 2022 targets, including increasing the operating profit margin and maintaining the dividend this coming year and then increasing it by RPI in the next two years
Builders and building materials
Crest Nicholson offers "hidden value", says Liberum
The broker resumed coverage with a target price of 379p, making the shares a ‘buy’ on its rating system
Builders and building materials
UBS cuts Crest Nicholson, to 'neutral', says decline more severe than estimated
While the latest profit warning may not have come as a complete surprise given the change in management, the quantum of the downgrade was nevertheless surprising"
Builders and building materials
Crest Nicholson Holdings issues profit warning, only expects pick up in 2021
A 33p dividend will still be paid next year provided “the business does not see a significant deterioration in trading conditions”
Housebuilders' pay big yields but do they offer value any more?
“Given the attractive yields on offer, the question of sustainability becomes more hazy the further out you look”
Builders and building materials
Crest Nicholson profits fall but shares gain as it maintains guidance
Following a slowdown in London and the south-east, the housebuilder has been focusing more on partnerships and joint ventures
Investments and investor services
FTSE 100 closes higher despite continued trade fears
China has pledged to spend more on infrastructure to offset any downturn caused by Trump’s trade tariffs
Archive
Cost pressures to be a key factor in updates from housebuilders Bellway and Crest Nicholson
The Day Ahead also brings updates from FTSE 100-listed smoke detector firm Halma and new and used car retailer Motorpoint Group, plus the latest UK jobs data
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Tesco to provide the nibbles as the markets continue to eye US trade and Tory leadership battles
Aide from Tesco's latest update, a number of lesser-known blue chip firms will also report in the Week Ahead including British American Tobacco, Ferguson, DS Smith, and Halma
Intu turns to former Crest Nicholson man to fill CFO role
Robert Allen left Crest Nicholson last year when the housebuilder issued a profit warning.
Builders and building materials
Crest Nicholson maintains full-year guidance after 'resilient' first-half
“Improved forward sales in residential, commercial and land, and increased outlet breadth, provide a good platform as we enter into the second half of 2019," said chief executive Chris Tinker.
Stobart names Speedy Hire's David Shearer as new chairman
The former accountant previously chaired infrastructure specialist Mouchel Group and builder Crest Nicholson
Archive
FTSE 100 closes higher as Trump trade fears ease
The mid-cap FTSE 250 was also a shade higher - adding around two points at 19,369
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More turbulence likely from first-half numbers from travel firm TUI on Wednesday
Aside from the TUI numbers, blue-chip firms including DIY stores group Kingfisher, contract caterer Compass Group and credit checking firm Experian will also issue updates on Wednesday
Galliford Try shares crumble on huge profit warning
The housebuilder is writing down the value of some of its big construction contracts, including the Queensferry Crossing, which has run well over budget
Absence of provisions makes Bellway stand out from rival UK housebuliders
Many UK housebuilders have had to put aside money to tackle issues such as poorly built homes and Grenfell Tower-style cladding
Persimmon and Barratt Developments among those flying higher after a triple dose of good news for the builders
A raft of broker upgrades, some Brexit cheer and the strong performance of one of the sector's minor players helped boost sentiment
Crest Nicholson surges as it nabs Galliford Try's chief executive officer
The managerial merry-go-round does another circuit. Expect a bit of comment in the press about directors' remuneration.
Archive
FTSE 100 closes higher as global growth fears ease, but Carnival shares sink
The UK's premier index closed up nearly 19 points at 7,169, while FTSE 250 added over 96 at 8,896
Builders and building materials
Crest Nicholson drops as JPMorgan Cazenove cuts its target price in sector review, noting near 20% rise in year-to-date
The US bank has reduced its target for the FTSE 250-listed firm to 400p from 440p, albeit with the stock currently trading at 354.20p, down 8.9% on Wednesday’s close
Builders and building materials
Crest Nicolson appoints Sainsbury executive as new group finance director
Duncan Cooper, the director of group finance at Sainsbury’s, will replace Robert Allen, who left the company in October 2018 following a profit warning
Builders and building materials
Barratt and Bovis knocked to ‘Hold’ by Liberum on valuation grounds, says no-deal Brexit discounting “no longer the case”
In a note on UK housebuilders, analysts said the shares had risen around 20% from lows in December, and now the risk/reward had become “less favourable”
Crest Nicholson still struggling in London but says build cost inflation has moderated
Management has changed tack. It will now shift its focus from growth towards greater cash generation, with a strong emphasis on partnering to deliver more homes
Investments and investor services
FTSE 100 closes higher; British American Tobacco lights up
The UK's blue-chip benchmark finished over 86 points higher at 6,833, while FTSE 250 closed nearly 168 points higher
Archive
Royal Mail update expected to delivery another decline; second Brexit parliamentary vote key
Aside from the Royal Mail update, investors will also have an eye on news from Hargreaves Lansdown, Crest Nicholson and Domino's Pizza
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Quality and quantity on the company news front, but Brexit vote, Fed rates, US jobs to be key
The cream of the corporate updates will likely come from blue-chips BT Group, Royal Mail, Royal Dutch Shell, Unilever and Diageo
Builders and building materials
Crest Nicholson weak as Redburn downgrades in otherwise positive UK housebuilding review
Redburn’s analysts said: “Popular commentary continues to paint the UK housing market as weak, but we view activity as remarkably resilient considering Brexit uncertainties"
Archive
Countryside Properties weak as JPMorgan cuts to ‘underweight’ on valuation grounds in upbeat housebuilders review
The US bank adjusted target prices for a number of other sector players, cutting those for Taylor Wimpey, Crest Nicholson PLC, and Bovis Homes, but raising the target for Redrow
Canaccord sees housebuilding sector bouncing back after tough 2018
The broker said with the housebuilding sector pricing in significant risk after a challenging 2018, it now presents an attractive potential value opportunity
Builders and building materials
Peel Hunt thinks Brexit uncertainty will stop house prices from rising in 2019
The City broker has slashed price targets for almost every UK housebuilder, while it has also downgraded a handful of companies in the sector
Builders and building materials
Liberum upgrades three housebuilders to 'Buy' as it sees upside from smooth Brexit outweigh no-deal risks
In a note to clients, the broker upgraded Barratt, Bovis Homes, and Crest Nicholson to ‘Buy’ from ‘Hold’ off what it said was an upside of “at least 20%” if a smooth Brexit materialised
FTSE 100 closes lower as G20 summit begins and trade worries continue; housebuilders fall
The premier index of UK shares finished down nearly 59 points at 6,980. Mid-cap cousin FTSE 250 shed over 128 points at 18,480.
Archive
Don't bet your house on the housebuilders
Another profit warning from Crest Nicholson plus the previously buoyant East Anglia housing market joining London and the South-East in the doghouse is further evidence the sector has peaked
Builders and building materials
Crest Nicholson CFO steps down as tough London housing market hits profits
In an effort to address its weak performance, Crest Nicholson announced a new strategy that includes cutting costs, slowing down build rates and reducing land expenditure
Derwent London reports higher rental incomes as London's office rental market remains robust despite Brexit worries
The FTSE 250 real estate group reported net rental income in the first half had risen 1.6% to £80.6mln, however pre-tax profit for the period was down to £134mln from £145.8mln
House-builders have fallen into buying range
Berenberg has initiated coverage on 11 house-builders and not one of them is a 'sell' in its book
Builders and building materials
Now the roof has fallen in a bit, is it time to buy house-builders?
After years of riding the gravy train, investors have turned their backs on house-builders this year. They have lots of reasons to do so but have they now become cheap from a historical perspective?
Carclo shares jump after rejecting a 116p a share takeover approach from Consort Medical
In a statement, Consort - which makes drug delivery devices such as inhalers - said Carclo has also rejected subsequent requests from it for a meeting to discuss its proposal
Plus500 shares jump as it increases annual expectations for 2018
A look at some of the top risers and fallers in London on Monday
Builders and building materials
Crest Nicholson’s recent sell-off has been “overdone”, says City analyst
Liberum’s Charlie Campbell has kicked off his coverage of the housebuilder with a ‘buy’ rating, claiming that margins are set to stabilise over the coming months
Investments and investor services
FTSE 100 closes higher as European Central Bank message cheers markets
The FTSE 100 has clawed back all of this morning's losses and some, while the ECB has unveiled plans to end its quantitative easing programme in December
Builders and building materials
UK housebuilders feel the pinch as sector stagnation pressures margins
Despite a contrasting set of numbers today from Crest Nicholson and Bellway, there remains similarity regarding the housing markets’ slowdown and its effect on their balance sheets
Builders and building materials
Crest Nicholson shares crumble as profits dip and margins contract in first half
The FTSE 250 housebuilder reported a pre-tax profit for the period of £74.8mln, down from £76.2mln the year before, while revenues rose to £473.8mln from £419.7mln
FTSE 100 closes in red as resource stocks lag and Brexit debate goes on
With the Trump-Kim meeting and various pieces of economic data behind us, all eyes are turning to Parliament, which is set to vote on amendments to the EU Withdrawal Bill today and tomorrow
Archive
Housebuilders in focus on Tuesday, but fashion updates eyed too
The day ahead includes updates from housebuilders Bellway and Crest Nicholson, plus trading news from fashion group Ted Baker and online clothing firm Boohoo.com
Archive
All eyes to be on trading news from Tesco - although investors have to wait until Friday
Aside from a first-quarter update from Tesco, the week ahead will include an annual meeting for rival Morrison's, plus the latest US Federal Reserve and ECB policy meetings
Crest Nicholson's dividend under threat as it warns on margins
A subdued housing market is hurting Crest Nicholson's ability to sell some of its pricier units
Archive
Falanx Group higher as global security provider wins new contracts with UK Government
A look at some of the top risers and fallers in London on Wednesday