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Crest Nicholson profit misses consensus by 20.8% in fiscal H2

Crest Nicholson Holdings PLC said its normalized net income for the fiscal second half ended Oct. 31, 2015, came to 23 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 29 pence per share.

EPS climbed 22.1% year over year from 19 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £59.8 million, an increase of 22.2% from £48.9 million in the year-earlier period.

Total revenue increased 19.3% on an annual basis to £471.6 million from £395.2 million, and total operating expenses increased 19.3% year over year to £373.2 million from £312.9 million.

Reported net income grew 13.8% on an annual basis to £77.5 million, or 30 pence per share, from £68.1 million, or 27 pence per share.

For the year, the company's normalized net income totaled 38 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 48 pence.

EPS rose 31.5% from 29 pence in the prior year.

Normalized net income was £96.3 million, a rise of 32.0% from £72.9 million in the prior year.

Full-year total revenue grew 26.5% year over year to £804.8 million from £636.3 million, and total operating expenses rose 26.2% on an annual basis to £642.8 million from £509.3 million.

The company said reported net income grew 25.5% year over year to £124.2 million, or 48 pence per share, in the full year, from £98.9 million, or 39 pence per share.