Crest Nicholson ready to start paying dividends again

Crest Nicholson said during the summer it had seen good trading. 

It added: “The release of pent-up demand, whether due to customers putting off moving because of Brexit uncertainty or subsequent Covid-19 disruption, and the benefits of the stamp duty holiday, have supported near-term confidence levels in the housing market.”

Forward sales as at October 31 stood at 2289 homes worth £480.5 million, up from 2013 homes at £378 million last year.

During the period the firm made a number of cost savings, with boss Peter Truscott focusing on areas such as reducing building costs by using fewer suppliers  

Truscott said: “The introduction of another national lockdown will undoubtedly bring fresh challenges, but we welcome the Government's support to maintain construction activity and for the housing market to remain open for business.”

He said: “Although the macro-economic outlook is uncertain our strategy will remain unchanged. We will maintain our strong focus on delivering operational efficiencies and if our trading becomes significantly disrupted we will act decisively again to protect our enhanced balance sheet.”

In March Crest Nicholson scrapped its final dividend amid disruption from the coronavirus crisis. It now expects to reinstate a dividend effective from the interim 2021 results.