Crest Nicholson’s shares sink after profits halve

This time last year, housebuilder Crest Nicholson (CRST) told a positive story in its adjusted figures but a downbeat story in its statutory figures thanks to a hefty cladding remediation bill. This time, it’s the reverse. On an IFRS basis, the company swung from a pre-tax loss to a pre-tax profit. However, when you strip the effect of last year's bill, its pre-tax profit more than halved – from £52.5mn to £20.9mn.