Trading Statement

Crest Nicholson PLC
25 November 2003

25 November 2003



CREST NICHOLSON PLC

Year end trading statement

Crest Nicholson Plc (Crest), the residential development and urban regeneration
specialist, is providing the following trading update in advance of its results
for the 12 months to 31 October 2003 which will be announced on 29 January 2004.



TRADING



At our interim results announcement on 1 July 2003, we commented that, after
several years of house price inflation, the market was showing real signs of
settling down. We welcome the more stable market that is emerging as it provides
the base for future sustainable growth.



We expect to announce results for the year in line with market expectations.
Unit sales volumes for the year to 31 October 2003 were slightly ahead of 2002
and the average sales price per unit was £239,000, about 6% up on last year's
average sales price of £225,000.  Open market reservation volumes for the second
half of the year were 36% up on the comparative period last year. After a slower
first half, this leaves open market reservation volumes for the full year 6%
ahead of 2002.   The forward sales position remains solid at £193m, equating to
about 5 months worth of 2003 housing sales.



Over the last 12 months, we have continued to grow our short term residential
landbank both by securing new development opportunities and bringing sites
through from the strategic land portfolio. As a result, the short term landbank
has grown to over 12,000 plots. Based on 2003 housing sales turnover, this
represents about 5 years supply.



CHERTSEY JOINT VENTURE



In November 2003, Crest entered into a 50:50 joint venture with Morley Fund
Management to acquire a 315 acre site, the former Defence Estates Research
Agency at Chertsey which straddles the M3 near its intersection with the M25.
The 100 acre site to the north of the M3 has the capacity to accommodate a
premier Office Business Park in excess of 1m sq ft.  The joint venture will
promote a substantial mixed use development on the remaining 215 acres to the
south of the M3.  After a master planning period of two to three years, the
development is expected to deliver profits over a ten year period.



OUTLOOK



We remain focused on delivering shareholder value by implementing a corporate
strategy which achieves profit growth and good returns on capital whilst
minimising risk.  Crest's ability to master plan and deliver complex
residential, mixed use and urban regeneration schemes means that it is well
positioned to meet householder, business user and governmental demands for the
sustainable communities of the future.



In 2004 we will benefit from the impact of strategic decisions taken two years
ago to reduce Crest's exposure to the central London market, to increase the
capacity of the Midlands region and to increase the proportion of housing
association units.   We expect to see a significant increase in unit volumes,
with housing association units expected to more than double. While the increased
proportion of housing association units will lower average sales prices, we
believe the risk and cash flow advantages of these units to be attractive in the
current market.



Our financial position remains strong. The quality, length and diversity of our
landbank provides a solid foundation for future growth. While growing the land
bank, we have significantly reduced year end gearing.  We are therefore well
placed both to operate in the current market and to take advantage of land
buying opportunities which match our benchmark returns. We look forward with
confidence to delivering further shareholder value in the year ahead.



ANALYST SITE VISIT



On Thursday, 27 November 2003, Crest will host a visit for sell-side analysts
and investors to two of its sites in the South West (Port Marine in Portishead
and Bristol Harbourside) to demonstrate Crest's planning and development skills
on major projects and illustrate how they relate to its strategy as a specialist
in sustainable development on recycled brown and urban land. No material new
information will be disclosed in the presentations which will form part of this
visit, nor will there be any further statement on current trading. The site
visit presentations will be available from Thursday 27 November on the Crest
website, www.crestnicholson.com



Enquiries to:


John Callcutt, Chief Executive                      Andrew Fenwick/
Peter Darby, Finance Director                       Kate Miller/ Robert Gardener
Crest Nicholson PLC                                 Brunswick Group Limited
Tel: [phone]                                   Tel: [phone]




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