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He said the house builder was working hard to draw a line under the expected cost of future fire remediation works and had also revised up site completion costs at two now-closed divisions.<\/p>\n
Total exceptional charges reported for the year to October 2024 soared to \u00a3166m, including an extra \u00a3132m to replace combustible materials and \u00a325m for other remedial work at completed sites.<\/p>\n
It brings Crest\u2019s total provision so far for safety remediation works to \u00a3249m.<\/p>\n
Clark took the helm at Crest last June, joining from Persimmon where he was chief commercial officer.<\/p>\n
He said the latest big provisions followed intensive work to assess all future risks with all building surveys expected to complete this summer.<\/p>\n
Crest spent \u00a333m last year across several buildings requiring further investigative costs and remediation works, including balcony and cladding-related works.<\/p>\n
Clark also revealed that Crest had identified that controls were not operating effectively at the now-closed London and Regeneration divisions<\/p>\n
The control weaknesses related to the divisions\u2019 management and forecasting of build costs and margin. After a review Crest has made a \u00a325m further writedown to complete defects at four sites.<\/p>\n
Clark said: \u201cMy initial focus has been on implementing early operational changes at pace, and ensuring we have a solid foundation for the years ahead.<\/span><\/p>\n \u201cAs part of that, I have reviewed the existing executive committee to ensure we have the right breadth of expertise and capability, in order to enhance decision-making, strengthen internal controls, address operational challenges and drive future strategic priorities.<\/span><\/p>\n \u201cI have also made considerable progress in reviewing our strategy and defining my long-term vision for Crest Nicholson to re-invigorate the business for growth.\u201d<\/span><\/p>\n He added: \u201c2025 will be a year of transition for Crest Nicholson as we implement and start to deliver on our new strategy for profitable growth.<\/p>\n \u201cWe are well-positioned with sufficient land with full planning permission to support our planned outlets and volumes.\u201d<\/p>\n The outcome of the top level business review will be announced in March.<\/p>\n Over last year revenue slipped 6% to \u00a3618m, with pre-exceptional operating profit down 38% to \u00a331m.<\/p>\n Completions were down 7% to 1,873 homes.<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n