Crest Nicholson's new strategy aims to tackle housing demand despite profit dip

Despite a lower-than-anticipated profit this year, housebuilder Crest Nicholson has stated it is "well-positioned" to meet housing demand with a new strategy.

The company's revenue dropped six per cent for the full year to October 31, landing at £618m, while operating profit plunged 38.4 per cent to £31.3m, as reported by City AM.

Profit before tax saw a decrease of 53.3 per cent year on year to £22.4m, and earnings per share fell 60.6 per cent to 5.6p. The firm reported an operating loss of £128.7m for the full year, a stark contrast to last year's profit of £29.9m.

This news led to the company’s share price falling nearly five per cent in early trades. Martyn Clark, who took up the role of chief executive in June 2024, described it as a "very tough and disappointing year for the business".

Clark revealed he had conducted a "comprehensive review to understand the business, which has included obtaining b