Crest Nicholson has moved back into profit following a strong sales performance and an overhaul of its balance sheet.

The housebuilder, in its results for the year to 31 October, reported pre-tax profit of £86.9m compared to a £13.5m loss the previous year. The firm said its adjusted pre-tax profit, taken before accounting for £20.8m of exceptional items, rose from £45.9m in 2020 to £107.2m, ahead of expectations at the start of the year.

Crest’s total revenue jumped 16% from £677.9m to £786.6m. This is still significantly down, however, on the £1.1bn recorded in 2019, pre-pandemic.

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