Crest Nicholson is pushing-back publication of its latest results following a request from its auditors for more time to confirm historic building fire safety costs.

The delay is for “additional time to complete standard procedures and audit the appropriateness of the fire remediation provision.”

Crest Nicholson will now publish its results for the year ended 31 October 2024 on February 4 and not on January 21 as previously planned.

The company said it has made “significant progress and is nearing completion of its assessment of all buildings within the scope of the Self Remediation Terms and is therefore now in a position to account for the expected costs for all 291 buildings.”

The total fire remediation provision at the FY24 year end is expected to be approximately £245m – £255m and compares to £145m at HY24 which was in respect of 45% of buildings within scope.

The remediation programme is expected to be completed during FY29, meeting the obligations of the Government’s Remediation Acceleration Plan, and is intended to be funded from the Company’s cash flow and balance sheet.

In line with the trading update on 20 November 2024, the Company continues to expect adjusted profit before tax for FY24 to be at the lower end of the guidance range (£22m – £29m), subject to any final audit adjustments to the financial results.

Crest Nicholson added: “With expected fire remediation costs fully provided for, the Company believes this will provide greater clarity for the business going forward and allow the new management team to re-invigorate the business on firmer foundations focused on its three key priorities: optimising value from the high-quality land portfolio; building homes of exceptional quality efficiently; and delivering outstanding service to customers.”

Crest Nicholson was the subject of a £720m takeover bid by rival Bellway last year but the suitor suddenly walked-away from the deal in August after months of negotiations.