Crest’s “very tough and disappointing year”

Crest Nicholson has acknowledged a “very tough and disappointing year for the business,” with the business suffering a £144 million loss during its 2024 financial year. But ceo Martyn Clark said he would update the market next month on the housebuilder’s strategy going forward.

Crest’s pre-tax loss during the year ending October 31 2024 compares with the £23.1 million profit of the previous year. It made an operating loss of £128.7 million against 2023’s £29.9 million operating profit. Revenue slipped 6% to £618.2 million.

It said its results were in line with guidance issued when Clark joined the business in June. Crest delayed issuing its results from January 21, after its auditors requested more time to complete historic fire remediation assessments.

Crest’s total fire remediation provision at its 2024 year end was £249.3 million against £145.2 million at the 2024 half year.

Open market private completions were 1,047 against 2023’s 1,222. Crest’s private sales rate was 0.48, slightly down on the previous year’s 0.52.

Crest said failures to identify and implement “appropriate internal controls”, particularly regarding legacy operational issues on “complex developments and legacy sites”, had notably impacted the housebuilder’s financial performance.

Clark said Crest had been …