Housebuilder Crest Nicholson has posted a 13% drop in pre-tax profit from 拢80.1m to 拢69.7m in the year ended 31 October 2007.

Turnover at the company, which was taken private in March 2007 as part of a 拢715m deal led by HBOS and Scottish entrepreneur Sir Tom Hunter, dropped 2% from 拢690.7m to 拢676.6m. Meanwhile, the salary of the highest-paid director more than doubled from 拢939,000 in 2006 to 拢2.1m in 2007.

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