Crest Nicholson readies for a year of transition

Recently installed Crest Nicholson chief executive Martyn Clark is readying the housebuilder for a year of transition Clark, who took up the role in the summer, joining from rival housebuilder Persimmon, said that 2025 would be a year of change for the business as it focused more on private sales and prioritised “value over volume” to enhance returns and margins. Clark said the business had the potential to be a “best -in-class housebuilder” and while trading in 2024 had presented challenges due to internal and external factors, with private open market sales volumes continuing to be impacted by ongoing affordability concerns, he believed the business was well-positioned for the future. “Since my arrival, we have started implementing numerous operational changes and enhancements to drive the business forward, as evidenced by the stronger cash performance we delivered for the full year,” said Clark. “As we execute on many of the near term operational improvements, we will also look to further strengthen the business for the future, where we will focus on three areas in particular: optimising value from our high-quality land portfolio; building homes of exceptional quality efficiently; and delivering outstanding service to customers.” He added: “Encouragingly, the broader economic landscape is becoming more favourable, with a more benign interest rate environment and increased government support to improve the planning process to deliver their ambition of increasing supply of much needed homes in the UK.” Clark said the business had delivered 1,873 homes during the 2024 financial year, with around 45% being affordable and private rented sector units. As a result of the higher proportion of affordable homes delivered, the group said it expected profits to be at the lower end of its £22m-£29m guidance range when it announces its annual results on 21 January. Photo © Geoff Robinson Photography/Shutterstock