Crest reports “disappointing” results as ceo to retire

Crest Nicholson has reported a “disappointing” financial year, with adjusted pre-tax profit plummeting 70%. It has also announced a new chief executive after Peter Truscott’s decision to retire.

Reporting its full year results for the year ending October 31 2023, the housebuilder said its pre-tax profit was £41.4 million against 2022’s £137.8 million. This follows a third profit warning for the year that it issued last week.

Crest cited challenging trading conditions and costs associated with its Farnham scheme and other legacy sites. Following a review of these sites as reported last week, it recorded additional costs of £5.5 million at its year end.

Revenue dropped 28% to £657.5 million, with completions down 26% to 2,020 homes. Operating profit fell 68.6% to £44.2 million.

The company’s sales per outlet per week fell slightly to 0.52 from FY 2022’s 0.60. It worked from 47 outlets on average compared to 2022’s 54.

Forward sales as of January 19 2024 stood at 1,732 units and £434.9 million gross development value, against 2,018 units and £510.8 million GDV as of January 13 2023.

It confirmed an exceptional charge of £13 million for a legal claim on a …