Crest Nicholson reinstates dividend despite swinging to a loss
UK housebuilder Crest Nicholson swung to a loss last year due to the impact of the coronavirus pandemic, but said it will reinstate its dividend later this year.
The company reported a loss after tax of £10.7m compared to profit of £82.5m in the previous year.
Revenue fell from £1.09bn to £677.9m, and the firm booked an exceptional charge of £48.1m.
However the property developer is set to reinstate its dividend at two and a half times cover, after scrapping a shareholder payout in April due to the Covid crisis.
Crest Nicholson said it had repaid the £2.5m borrowed under the furlough scheme.
Chief executive Peter Truscott said: “The impact of Covid-19 has clearly had a defining impact on this year’s financial performance.
“It has challenged all of us in ways we could not have predicted, and I would like to recognise at the outset, the incredible job the team at Crest Nicholson have done in keeping our operations running safely and securely during the pandemic.
“We had to make some difficult decisions during this year but because we acted swiftly we have ensured the Group enters 2021 in strong shape and will remain resilient to whatever challenges this year brings.
“We have made strong progress on all elements of our strategy, delivered profit ahead of our revised guidance and strengthened the balance sheet as we promised.’