精东影视

Crest Nicholson has said it will publish its 2024 results two weeks later than planned after being asked to delay the announcement by its auditors.

In a statement to the City this morning, the firm said its results for the year to 31 October 2024 will now come out on 4 February 鈥� and not next week on 21 January as planned.

It said the delay followed 鈥渁 request from the Company鈥檚 auditors for additional time to complete standard procedures and audit the appropriateness of the fire remediation provision鈥�.

It added: 鈥淭he Company has made significant progress and is nearing completion of its assessment of all buildings within the scope of the Self Remediation Terms and is therefore now in a position to account for the expected costs for all 291 buildings.

鈥淎s a result, the total fire remediation provision at the FY24 year end is expected to be approximately 拢245m - 拢255m and compares to 拢145m at HY24 which was in respect of c.45% of buildings within scope. This is an overall increase in the future expected cost of remediation of 拢120m - 拢130m.

鈥淚n determining the quantum of the provision, the Company has applied its experience to date and the most plausible risk scenario to ensure it accounts for its probable liabilities and maintains a prudent and responsible approach to fire safety remediation provisions.

鈥淭he provision does not include any third-party recoveries or contributions that could offset these costs. The remediation programme is expected to be completed during FY29.鈥�

Last August, rival housebuilder Bellway abandoned plans to buy Crest Nicholson which would have created a business with a turnover of 拢4.3bn. Bellway made three offers to buy the firm over several months last year.

In its last set of interim results for the six months to April 2024, Crest Nicholson made a 拢31m pre-tax loss on revenue down 9% to 拢257.5m, compared with a 拢28m profit the previous year.