Crest Nicholson made a pre-tax loss of £13.5m for the year to October 31 after taking a nearly £50m write-off largely associated with the effects of the coronavirus crisis. The pre-tax loss, on revenue down 38% to £677m, compares with a profit of £103m in 2019.

However, the housebuilder in the South-east and Midlands said its adjusted pre-tax profit – calculated before one-off write downs – was £46m, marginally ahead of the £35-45m range predicted.

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