Housebuilder says bill for cladding repair work now stands at 拢23m
Crest Nicholson has posted a pre-tax profit of 拢36.3m for the first half of the year, compared to a 拢51.2m loss for the same period in 2020.
The housebuilder, in its interim results for the six months to 30 April, was buoyed by a 38% increase in completions to 1,0171 over the same period. Revenue increased from 拢240m to 拢324.5m over the same period.
The company is now projecting adjusted pre-tax profit for the whole year to be 鈥渁t least鈥� 拢100m, compared to last year鈥檚 拢46m, with its order book 93% covered as of 18 June.
Crest is currently in the midst of a rejig under chief executive Peter Truscott, former boss of Galliford Try who joined in September 2019, after a difficult few years during which it issued several profit warnings.
Last year the firm announced 130 redundancies and wrote off 拢43m in the value of its landholdings given expectations of future price falls.
Responding to today鈥檚 results, Truscott said: 鈥淗aving completed the first part of our turnaround strategy, and implemented our operational efficiency programme, our focus now moves to rebuilding operating margins and delivering sustainable growth.
鈥淲e are evaluating options to enter new geographical markets and look forward to outlining these future growth plans and our long-term financial targets later this year.鈥�
Crest also revealed it has increased its provision for the fire safety remediation of blocks by 拢10.3m. The fund for this work, including the replacement of unsafe cladding, now stands at 拢23.2m, with 拢15.5m expected to be used within one year.
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