Housebuilding firm Crest Nicholson has posted a £25m fall in half-year revenue as the group posted a pre-tax loss.

Crest Nicholson’s revenue reached £257.5m in the six months to the end of April, down from £282.7m in the same period a year ago.

This came as the group also reported a pre-tax loss of £30.9m in the same period, down from a £28.4m in the same six-month period up to April 2023.

Crest Nicholson also saw its home completions fall by 12% in the same period. Looking ahead, the housebuilder now expects to make an adjusted pre-tax profit of £22m-£29m for the full financial year, below previous forecasts.

Chief executive at Crest Nicholson, Peter Truscott, said that the group had made “important operational progress” in the first half of the year against its strategic priorities.

He added: “The group is continuing to focus on completing its low margin sites, with FY23 and FY24 being the peak years of impact and the majority of the remainder expected to be traded through during FY25.

“Going forward the group will benefit from its high-quality, higher margin land portfolio, and with an increased commitment to operational efficiency and control, is well-positioned to capture growth opportunities as market conditions improve.”

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