CREST NICHOLSON OPERATIONS LIMITED

• ⚠

  Material uncertainty over going concern

  In a severe but plausible downside scenario there is a material uncertainty in respect of compliance with the interest cover covenant and the ability of the Group to secure the necessary covenant amendments which may be required and may cast significant doubt on the Group's ability to continue as a going concern. As a result, a material uncertainty related to going concern is also identified for the Company. See note 1 of the financial statements for further information.

1. CREST NICHOLSON OPERATIONS LIMITED 1991-10-31 → present
2. PEARCE DEVELOPMENTS LIMITED 1974-04-26 → 1991-10-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“In a severe but plausible downside scenario there is a material uncertainty in respect of compliance with the interest cover covenant and the ability of the Group to secure the necessary covenant amendments which may be required and may cast significant doubt on the Group's ability to continue as a going concern. As a result, a material uncertainty related to going concern is also identified for the Company. See note 1 of the financial statements for further information.”

Group structure

1. CREST NICHOLSON OPERATIONS LIMITED · parent
   1. Bath Riverside Estate Management Company Limited 100% · England and Wales
   2. Building 7 Harbourside Management Company Limited 58.33% · England and Wales
   3. Crest Estates Limited 66.67% · England and Wales
   4. Crest Homes (Westerham) Limited 50% · England and Wales
   5. Crest Nicholson (South East) Limited 50% · England and Wales
   6. Crest Nicholson Regeneration Limited 99% · England and Wales

Significant events

• “It has been a year of renewal, transition and strategic progress for Crest Nicholson.”
• “In 2025 we delivered 1,673 homes (2024: 1,851) with an adjusted profit before tax at £9.8m (Restated 2024: adjusted profit before tax of £38.0m).”
• “On fire safety, our assessment programme was completed by the July 2025 deadline set out in the government's Remediation Acceleration Plan targets. We recouped £12.4m in the year.”
• “The combustible materials and legacy obligations risk remains high but has evolved in the year. The Group has transitioned from identifying affected sites and buildings and completing assessments, to executing remediation works.”
• “Our cyber security risk has increased from medium to high, reflecting the growing sophistication of attacks seen on others and the impact one would have if successful, particularly given our increasing reliance on systems in the sales and customer experience cycles.”
• “A new principal risk [Execution and success of Project Elevate] has been recognised in the year, reflecting the level of change being pursued as part of the Project Elevate business transformation plan, and the impact this could have on our people and operations in the short term.”
• “The climate change risk has been expanded to recognise wider sustainability aspects, particularly with respect to emerging reporting requirements, and risks associated with the need to deliver biodiversity net gain.”
• “Marked improvements have been made around customer service levels and build quality assessments on completed homes in the period, reflected in a reduction to the risk assessment.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -0.7%

  £604,800,000 → £600,400,000

• Cash

  +37.9%

  £22,400,000 → £30,900,000

• Net assets

  -1.5%

  £656,000,000 → £646,400,000

• Employees

  -2.9%

  696 → 676

• Operating profit

  +117%

  -£135,400,000 → £23,000,000

• Profit before tax

  +92.6%

  -£128,100,000 → -£9,500,000

• Wages

  -4.2%

  £49,800,000 → £47,700,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers