Crest Nicholson has reported a 46% drop in pre-tax profit as inflation and a ‘benign’ sales market hit its margins.

The housebuilder, in its unaudited results for the six months to 30 April, reported pre-tax profit for the half year of £28.4m, down from £52.5m for same period the previous year. Its revenue fell 22% over the same period to £282.7m, which it said reflected the “economic uncertainty and lower confidence in the housing market.”