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External consultants brought in earlier this year by Crest Nicholson to run the rule over build defects at completed jobs that the housebuilder thought was going to cost it 拢15m have found the bill has more than doubled.

In March, the firm said build defects on four sites carried out by its now closed regeneration and London divisions could cost it up to 拢15m to put right.

At the time, it said it had brought in consultants to look over the work in order to 鈥減rovide greater assurance on the adequacy of current provisions鈥�.

This review was widened to include 140 sites which Crest said were jobs where it 鈥渕aintains an obligation to carry out remediation or maintenance prior to adoption by the relevant local authority or management company鈥�.

This has now concluded with it deciding the amount Crest will have to shell out fixing the problems will be 拢31.4m. It did not say how long it would take to carry out the repairs but said it was 鈥減rioritising鈥� the work which would be completed in a 鈥渢imely manner鈥�.

The cost of the snags sent the firm nosediving to a 拢31m pre-tax loss in the six months to April from a 拢28m profit last time. Revenue was down 9% to 拢257.5m.

Crest said the provision to fix historic defects as required under building safety legislation was now 拢145m at the end of April, which it said had gone up by 拢8.9m because of build cost inflation and the scope of work required. It added that it had recovered 拢4.4m from third parties.

Crest said it spent a further 拢300,000 on a legal claim it is facing on a low-rise apartment block it built which was damaged by fire in 2021. The firm spent 拢13m on the claim in the year to October 2023.

鈥淭he fire caused extensive damage to the property which was subsequently demolished and is currently being rebuilt by the freeholder,鈥� Crest said. 鈥淚n the prior year the Group received a letter of claim alleging fire safety defects and claiming compensation for the rebuild and other associated costs. The claim and ultimate route to settlement is ongoing but the group currently does not have a set timeline for when the matter will be concluded.鈥�

Crest also said that outgoing chief executive Peter Truscott, who it said earlier this year was leaving the firm, is stepping down tomorrow (Friday) after five years in the role. He is being replaced by Persimmon鈥檚 former chief operating officer Martyn Clark.

Crest said it expected pre-tax profit for the year to October 2024 to be between 拢22m and 拢29m, down from last year鈥檚 拢41m which itself was a 70% slump on the 拢138m it made in 2022.