Crest Nicholson Holdings plc (CRST.L), on Tuesday, reported FY23 statutory profit before tax of £23.1 million or 7.0p per share versus £32.8 million or 10.3p per share last year.
Adjusted profit before tax was £41.4 million or $12.3p per share compared to £137.8 million or 42.5p per share in the year 2022.
Revenue for fiscal 2023 declined 28% to £657.5 million from the previous year's revenue of £913.6 million, reflecting the weakness in the housing market.
The company stated that it has entered the new year with a forward order book which is 52% covered for FY24 revenue, and has contracted several PRS and private Registered Providers' partners' deals to be delivered over the next few years.
"It is encouraging to see the reduction in mortgage rates, and despite the seasonal lull, as expected we have seen some uptick in customer activity… Our focus in 2024 is to drive sales and margins growth, controlling costs, obtaining timely planning consents, restoring five-star customer services and continue to maintain a robust balance sheet," the company said.
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