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Crest Nicholson reinstates dividend, despite loss

Crest Nicholson has reported a £10.7m loss after tax, which is compared to last year’s £82.5m profit.

Revenue at the housebuilder fell from £1.09bn to £677.9m amid the pandemic, however, the group has said that it will reinstate dividend payments this year as housing demand continues to bounce back.

Crest Nicholson has repaid the £2.5m from the furlough scheme.

In the year to October 3, the group sold 2,247 home – this is 22.8% lower than the previous year.

Since restrictions eased in May last year and the government introduced the stamp-duty holiday, the group has a seen a boost in trading thanks to pent-up demand and people wanting more space.

Chief executive Peter Truscott said: “The impact of Covid-19 has clearly had a defining impact on this year’s financial performance.

“It has challenged all of us in ways we could not have predicted, and I would like to recognise at the outset, the incredible job the team at Crest Nicholson have done in keeping our operations running safely and securely during the pandemic.

“We had to make some difficult decisions during this year but because we acted swiftly we have ensured the Group enters 2021 in strong shape and will remain resilient to whatever challenges this year brings.

“We have made strong progress on all elements of our strategy, delivered profit ahead of our revised guidance and strengthened the balance sheet as we promised,” he added.

Crest Nicholson shares are trading +1.37% at 310.40 (0926GMT).

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