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    CRST   GB00B8VZXT93

CREST NICHOLSON HOLDINGS PLC

(CRST)
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UK mid-sized homebuilders expect sustained demand beyond tax break

07/07/2021 | 05:28am EDT

* Redrow sees fiscal 2021 turnover to rise about 45%

* Vistry says will meet market consensus on FY21 profit

* Redrow shares up more than 4% in morning trade

July 7 (Reuters) - UK homebuilders Redrow and Vistry Group signaled on Wednesday that sales would be strong even after the expiry of a tax exemption that supported the market over the past year.

Smaller rival Crest Nicholson Holdings also predicted demand to be resilient after the property tax break for first-time buyers ends in September.

The government incentives, including a mortgage guarantee scheme, coupled with increasing demand for spacious properties during lockdowns, have helped homebuilders outshine the wider real estate sector during the pandemic.

Redrow, which exited its London operations to focus on other regional businesses, said it expects turnover to rise about 45% to 1.94 billion pounds for fiscal 2021, and 2 billion pounds in fiscal 2022.

However, the targets are still lower than the 2.11 billion pounds it booked in its last fiscal year before the pandemic.

"The group has entered the 2022 financial year with a very strong order book and the sales market remains robust," the company said.

FTSE 250-listed Redrow's shares rose more than 4% by 0810 GMT, while Vistry's inched up 0.5%.

Vistry said it was confident of meeting its 2021 market consensus, which forecasts profit more than doubling when compared with 2020.

Analysts expect a pre-tax profit of 328.7 million pounds for 2021, compared with reported earnings of 143.9 million pounds in 2020 and 188.2 million pounds in pre-pandemic 2019, according to Refinitiv IBES data.

"Housebuilding remains on track to deliver a significant step-up in completions to about 6,500 units, and an improvement in adjusted gross margin to about 22% in full year 2021," Vistry said.

The company completed 4,652 units in fiscal 2020 and reported a gross margin of 17.6%. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREST NICHOLSON HOLDINGS PLC -1.69% 406.6 Delayed Quote.26.95%
REDROW PLC -1.23% 708.2 Delayed Quote.25.46%
VISTRY GROUP PLC -1.33% 1227.5 Delayed Quote.32.14%
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Analyst Recommendations on CREST NICHOLSON HOLDINGS PLC
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Financials
Sales 2021 849 M 1 159 M 1 159 M
Net income 2021 83,2 M 114 M 114 M
Net cash 2021 168 M 229 M 229 M
P/E ratio 2021 13,1x
Yield 2021 2,96%
Capitalization 1 044 M 1 427 M 1 426 M
EV / Sales 2021 1,03x
EV / Sales 2022 0,98x
Nbr of Employees 657
Free-Float 94,7%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 413,60 GBX
Average target price 438,08 GBX
Spread / Average Target 5,92%
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Managers and Directors
Peter Martin Truscott Chief Executive Officer & Director
Duncan John Cooper Group Finance Director & Director
Iain G. T. Ferguson Non-Executive Chairman
Tom Marshall Nicholson Chief Operating Officer & Director
Octavia Kate Morley Senior Independent Non-Executive Director
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