Crest Nicholson Holdings PLC Capital Markets Day (5811P)
20 Octubre 2021 - 1:00AM
UK Regulatory
TIDMCRST
RNS Number : 5811P
Crest Nicholson Holdings PLC
20 October 2021
This announcement contains inside information for the purposes
of Article 7 of the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of
domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Crest Nicholson Holdings plc
CAPITAL MARKETS DAY - READY FOR GROWTH
GEOGRAPHICAL EXPANSION TO CREATE SIGNFICANT SHAREHOLDER
VALUE
STRONG EARNINGS ACCRETION TO BE DELIVERED FROM ENLARGED
GROUP
NEW CLIMATE CHANGE TARGETS
Crest Nicholson Holdings plc ('Crest Nicholson', or the 'Group')
is hosting an investor and analyst event today which will include a
site visit and a series of presentations from management.
The Group has successfully completed a turnaround of its
financial and operational performance. It has established a strong
operating platform and has assembled an experienced leadership team
to deliver the next phase of growth. The Group has introduced a new
house type range, achieved a five-star customer satisfaction rating
and built upon its commitment to placemaking and build quality. At
the same time a strong focus on operational efficiency, cash flow
generation and a disciplined approach to capital allocation has
transformed the balance sheet.
Given the significant and rapid progress made in financial and
operational performance and building on the foundations of a strong
balance sheet, the Group is now outlining an ambitious growth
strategy which will see it expand into new geographies.
To help guide understanding of how we will deliver our plans,
the Group is today pleased to announce the following medium term
targets:
-- A two-phase plan
- Phase one: gross margin rate accretion and volume growth from existing divisions (FY22-FY24)
- Phase two: volume growth from the three new divisions (FY24-FY26)
Medium term targets FY24 FY26
----------------
In excess of In excess of
Home completions (units) 3,000 4,200
---------------------------- ---------------- -------------
Divisions 5+ 8
---------------------------- ---------------- -------------
Operating profit margins 18-20%
---------------------------- -------------------------------
Return on capital employed 22-25%
---------------------------- -------------------------------
Land Creditors Less than 30%
(% of Net Assets)
---------------------------- -------------------------------
Dividend Policy
(cover) 2.5x
---------------------------- -------------------------------
New climate change targets
Today we are also announcing new targets in respect of climate
change:
-- Signatory to the United Nation's Race to Zero campaign
-- Developing ambitious interim science-based targets, validated
by the Science Based Targets initiative (SBTi)
-- Achieving net zero emissions across our value chain by 2050 at the latest
Becoming signatories to the Business Ambition for 1.5degC and
joining the Race to Zero demonstrates the Group's strong commitment
to climate action and builds on our existing targets and the
progress we have already made in reducing emissions. This includes
a transition to the exclusive use of renewable electricity and
driving significant reductions in operational emissions. The new
targets will go further and include scope 3 emissions from our
supply chain and the 'in-use' phase of our homes. Further detail on
the targets will be provided in the first half of 2022.
Commenting on today's announcement, Peter Truscott, Chief
Executive said:
'Our turnaround is now complete. We have developed an efficient
operating platform and assembled a highly capable leadership team.
The rapid progress we have made, supported by our strong balance
sheet and favourable market context, gives us confidence to set out
today's ambitious growth plans. The leadership team has a clear
focus on delivering strong earnings accretion and creating
substantial value for shareholders over the medium term. We are
excited about the opportunities that lie ahead.
Climate change is one of the greatest challenges of our time and
we have already taken positive steps to reduce emissions in our
operations. Ahead of COP26, we are accelerating our ambition by
joining the Race to Zero and committing to set science-based
targets, ensuring that our roadmap to net zero is ambitious, robust
and in line with climate science to limit warming to 1.5degC.'
Our Capital Markets Day will be held in Maldon, Essex today for
pre-registered sell side analysts and investors. A recording of
today's event will be available on our corporate website later
today. www.crestnicholson.com/investors
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Tulchan Communications
James Macey White / Giles Kernick +44 (0) 20 7353 4200
The person responsible for arranging the release of this
announcement on behalf of the Company is Kevin Maguire, General
Counsel and Company Secretary.
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END
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