Crest Nicholson reported a loss of £10.7 million after tax. This is compared to last year’s profit of £82.5 million.
Housebuilder revenues have fallen from £1.09 billion to £677.9 million amid the pandemic, but the group said it will revive dividend payments this year as housing demand continues to be pulled back. Masu.
Crest Nicholson has repaid £2.5 million from the Furlough scheme.
Until October 3rd, the group sold 2,247 homes. This is 22.8% lower than the previous year.
Since restrictions were eased last May and the government introduced stamp-type holidays, the group has been boosting trade thanks to pent-up demand and people wanting more space.
Chief Executive Peter Truscott said:
“We have challenged us all in ways that we couldn’t have predicted, and at first it was the incredible work that the Crest Nicholson team did to keep it running safely and securely during the pandemic.
“We had to make some difficult decisions this year, but acted quickly, ensuring that the group will enter in a strong way in 2021 and continue to be restored to this year’s challenges. .
“We have made strong progress on all elements of our strategy, benefiting ahead of the revised guidance and strengthening our balance sheet as we promised,” he added.
Crest Nicholson shares are trading +1.37% at 310.40 (0926GMT).
