Cladding costs send Crest Nicholson tumbling into red for half year

By Carl Brown2022-06-14T09:02:00

But housebuilder raises profit expectations for full year amid stronger sales

The cost of fixing buildings with fire safety defects has sent Crest Nicholson tumbling into the red with the housebuilder racking up an interim pre-tax loss of more than £50m in the first half.

The interim results were hit by a £105m one-off cost to fix buildings with fire safety defects under the developer pledge the firm agreed with government. Crest had previously estimated the bill for remediating its blocks over 11m in height would be between £80m and £120m.

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