The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The combined impact of the political uncertainty, and the sales deferrals associated with COVID-19, significantly reduced profitability in the first half. Assuming that the lockdown continues to carefully unwind with supportive measures in place to facilitate building and selling homes, the Group expects profit in the second half of the year to be significantly higher than the first. On this basis the Group expects FY20 APBT to be in the range of £35m-£45m.
So, with a bump up in property transactions and competitors showing that business is recovering nicely it is up to CRST management team to deliver. If they cannot match this kind of performance and resume the dividend they only have themselves to blame!
effect will help CRST share price today
Crest Nicholson Holdings PLC
CRST
199.10 GBX
+4.60 (2.37%)
The Group has had an excellent start to the second half with a c. 49% year on year increase in average weekly private sales rates per site since the start of July and a current forward order book of c. £2.5bn, a 21% increase on last year. Our strong opening work in progress position and excellent build rate through the summer give us confidence in a positive second half outturn. We expect that by the end of September, we will have delivered c. 45% of our anticipated second half new home legal completions.
"As a result of the continuing strong performance of the business through this challenging period, together with our cautious optimism on the Group's prospects for the second half, we are pleased to announce that the Board is proposing a modest interim dividend of 40p per share. Further dividend payments this year will remain under close review.
July saw the highest number of house sales for 10 years and record asking prices in most UK regions, according to @rightmove.
some huge trades gone through this morning. £960k first (i thought was positive, many CEO buying) but then two £1m sells. anyone have any insights on what these are? are they actual buys/sells?
This time the Director buying is a bit bigger 11K yesterday
Sally Nicholson - Chief Operating Officer
Buys 11,000 shares at 186.058p
Date of the transaction 04 - 08- 2020
Quickly near me
Top up at 1.82 today
BBC NEWS
New homes to get 'automatic' permission in England planning shake-up
6 hours ago
Yes can only be good news.
UK House Prices Rebound In July Amid Pent Up Demand, Lifestyle Change
Good finished at around 200p
the bounce back was by most builders
Today's poor results from TW. got the housebuilders on the way down and now looking for a bounce from the lows.
CRST @ 195p is at bottom of the Bollinger Band ( buy signal )
chart... https://tinyurl.com/wubgyx4
that didn't last, who is next after TW.
The Homebuyers Federation estimates that the planned taper would reduce scheme use by 40%, although we believe it is more like 33%. Any extension would be positive for the whole sector, but especially those with a higher proportion of sales to movers and at higher price points - like Crest Nicholson and Redrow," he said.
Market cap now at a level that would make a meaningful placing very difficult
MARKET REPORT: Housebuilders on the move as buyers begin to return and sales prices for new-build homes hold firm
By FRANCESCA WASHTELL FOR THE DAILY MAIL
PUBLISHED: 21:50, 9 July 2020 | UPDATED: 07:37, 10 July 2020
CRST playing catch up to rest of the house-builders ,and it is doing a very good job so far , 10% up in a week .
Both stamp duty announcement and people's search for bigger properties due to more frequent working from home in future means more property transactions and demand. Perfect time to get in IMO and hold for 1 year to get at least 50-60% out of this and other house builders.
If there is stamp duty holiday announcement today future demand for the property go up . Then good times ahead for CREST.
UBS CUTS CREST NICHOLSON PRICE TARGET TO 210 (220) PENCE - 'NEUTRAL'
Taken a few shares today
see where we are in 12 months time
Well the directors may well have pulled a blinder by devaluing their portfolio by 7.5%.
From UBS: "NRV is a function of costs and selling prices, says UBS, and the builder is assuming deflation of minus 7.5% for house and minus 32% for commercial property.
The broker says while the possibility of other housebuilder’s taking doing the same cannot be ruled out, the assumptions are subjective and Crest appears to be being careful.
“We think Crest may have taken a somewhat more cautious approach," said the broker.
“Historically, better-realised prices vs the assumptions made at the time of NRV provisions have been booked through ordinary operating profit rather than as an exceptional charge.
“In that regard, NRV provisions may have the impact of favourably impacting profitability in future years, although cash flow would be unaffected by this.”
Seems the Directors are happy to put their own money in at these levels. I guess you can't read too much into it, but at least it is a small sign of confidence from those in charge.
Hi Strictly
Interesting to see the results of the ‘acid test’ calcs, and the result is surprising. But I’m not expecting any FTSE 100, 250 House builders to go bust – so not looking at that aspect too much. They have extra financing if needed over the coming months, so things seem OK. Fingers crossed as always these days.
CRST has lots to do, but they know that and are tackling it head on. If they get it right there will be good gains from getting things back on track. Key question is to what extent will the turnaround be successful, and how long will it take? My takeaway from the HY results is that it will be a long slog, but if they can show regular progress it will be rewarded. The new Management Team look good to my inexperienced eyes so I'm hanging in there, but having to do it in a Covid world is a tough call.