Crest Nicholson Holdings plc has provided a trading update for the year ending October 31, 2023, and announced a streamlining of its operations for FY24. The company reported a previous 10-week private Sales Per Outlet Week (SPOW) excluding bulk of 0.39, reflecting the continued weakness in the housing market but on an upward trend. The FY23 Adjusted Profit Before Tax (APBT) is expected to be in the range of £45.0m to £50.0m, including a £0.5m charge for restructuring activities. The company's year-end net cash position is £64.9m. Crest Nicholson has strong strategic relationships with institutional investors, delivering 273 unit completions in FY23. The company's forward sales as of November 10, 2023, are 1,710 units and £408.5m Gross Development Value (GDV), compared to 2,038 units and £526.2m GDV on November 11, 2022. The company plans to reduce land activity significantly in FY24 and take a rigorous approach to work-in-progress to align with expected sales rates. The company has added several high-quality sites to its portfolio in the first half, with planning approvals underway. Build cost inflation is starting to reduce, and the company expects this trend to continue into FY24. Crest Nicholson is on track with its sustainability targets and has made good progress with its fire safety remediation program. The company has conducted a thorough review of all activities within the group and will reduce annualized administrative expenses by approximately £3.0m in FY24. The company will moderate the pace of growth in Yorkshire and incorporate the newly created East Anglia division into the existing Eastern division with revised boundaries. The headcount and resources in existing divisions will be aligned to the expected level of output in FY24. The streamlining of operations will require a one-off £0.5m cash charge in FY23 APBT to implement. The company expects the housing market to remain challenging in 2024, with elevated interest rates and the absence of government support for first-time buyers impacting affordability. However, the company remains optimistic, citing a halving of year-on-year inflation and real wage growth in households across the UK. Crest Nicholson has acquired excellent sites that are at advanced stages in the planning process, positioning the company well to trade in any market conditions that emerge.