Crest Nicholson suffers first-half loss of £51m
Crest Nicholson has become the first house builder to report significant losses in the first half of the year.
The firm said a double whammy of political uncertainty in the run-up to last year’s election and sales deferrals in the face of the Covid-19 pandemic saw it suffer losses of £51m in the six months to April.
This compared to a £64m profit delivered during the same period previously.
Announcing revenue halved at £240m, the firm said it would make 130 job cuts to help deliver overhead savings of £5m a year.
Crest has also identified a further £30m of build cost savings from more disciplined design and procurement.
Truscott forecast that Crest would be back in the black by the end of the full year with pre-tax profits in the £35m-£45m range.
updated: 25/06/2020
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