House building company Crest Nicholson Holdings plc (CRST.L) Thursday reported loss before tax of 30.9 million pounds for the first half compared with profit before tax of 28.4 million pounds in the comparable period last year, primarily due to exceptional items and lower revenue.
The company incurred a loss of 30.3 million pounds in exceptional items in cost of sales for the latest 6-month period compared with a gain of 8.6 million pounds in the year-ago period.
Excluding items, the company posted profit before tax of 2.6 million pounds, down from 20.9 million pounds a year ago.
Crest Nicholson had a net loss of 23.4 million pounds or 9.1p per share for the first half compared with net profit of 21.1 million pounds or 8.2p per share last year.
Adjusted profit was 1.7 million pounds or 0.7p per share, lower than 15.6 million pounds or 6.1p per share in the previous year.
Revenue for the period declined 8.9 percent to 257.5 million pounds from 282.7 million pounds last year, with 11.9 percent drop in home completions.
The Board has declared an interim dividend of 1.0 pence per share, payable on October 11 to shareholders on the register on September 20.
Looking ahead, the company has revised its full-year adjusted profit before tax outlook to 22 million pounds to 29 million pounds.
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