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Crest Nicholson PLC - Surrey-based housebuilder - Confirms cost estimate of building safety pledge. As the company announced on April 5, the exceptional charge is estimated to be between GBP80 million and GBP120 million.
The firm has signed the pledge without requiring further regulatory approval, it says. Crest had a balance sheet with net cash of GBP252.8 million at October-end.
The group says it will provide an update on progress against its strategy at the half year results announcement on June 14.
The Building Safety pledge was established following the Grenfell Tower fire in 2017 to ensure the safety of highrise buildings, by removing combustible materials such as cladding. Housebuilders who sign are committed to following new guidelines for work on potentially dangerous cladding on high-rise buildings between 36 feet and 59 feet.
Several UK housebuilders other than Crest Nicholson have signed the UK government pledge, such as Bellway PLC, Vistry PLC, Barratt Developments PLC, Redrow PLC, MJ Gleeson PLC and Persimmon PLC.
Current stock price: 268.20 pence, unchanged on Tuesday
12-month change: down 36%
By Tom Budszus; tombudszus@alliancenews.com
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