Crest Nicholson Holdings PLC on Tuesday said it needs to delay its annual results by two weeks in order to complete work on the provision for fire remediation work on its UK properties.

The Surrey, England-based housebuilder said results for the financial year that ended October 31 will be released on Tuesday, February 4 instead of on Tuesday next week. This is to allow an audit of the company’s planned fire remediation provision.

Crest said it has nearly completed the assessment of all 291 of its buildings covered by the UK government’s fire safety requirements. These were issued in response to the deadly Grenfell Tower fire in 2017, in which the fire was spread by flammable external cladding. Under the Remediation Acceleration Plan, by the end of 2029, all buildings over 18 metres tall with unsafe cladding have to be remediated.

Crest on Monday said it expects its total fire remediation provision for financial 2024 will be £245 million to £255 million. It had taken a £145 million provision at the half-year stage, when 45% of the buildings had been assessed. The cost is expected to be funded from company cash flow.

Crest continues to expect adjusted pretax profit for financial 2024 at the lower end of its guidance range of £22 million to £29 million, subject to any audit adjustments. This will be down from £41.4 million in financial 2023 and £137.8 million in financial 2022.

‘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,’ Crest said.

Shares were up 2.8% to 160.80 pence on Tuesday morning in London.

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