Fire provisions delay Crest’s results

Crest Nicholson has delayed the publication of its preliminary financial results until February, after its auditors requested more time to complete historic fire remediation assessments.

In an update today (January 14), Crest said it would publish its results for the year ending October 31 2024 on February 4, instead of the previously planned January 21. This would allow the housebuilder’s auditors “additional time to complete standard procedures and audit the appropriateness of the fire remediation provision”.

Crest said the costs of remediating its buildings had increased from £145 million at its half year to around £245 million to £255 million for its full year. This follows a near-complete assessment of all its buildings falling under the self-remediation terms of the government’s developer remediation contract.

“This is an overall increase in the future expected cost of remediation of £120 million to £130 million,” it said.

It expects to complete its remediation programme during FY 2029, in line with the government’s Remediation Acceleration Plan.

Crest said: “In determining the quantum of the provision, the company has applied its experience to date and the most plausible risk scenario to ensure it accounts for its probable liabilities and maintains a …