So sad that their profit margin has dropped from 20.3% to 18%! In 2017 Crest Nicholson’s chief executive, Stephen Stone, was set to receive a share bonus worth almost £812,000, on top of a salary of £541,158, while chief operating officer Patrick Bergin was set to net £562,500, in addition to pay of £375,000.
Maybe that’s where their profits are going … just a thought …
And better not anticipate any affordable housing in their “flat pack” developments!
“Housebuilder Crest Nicholson is feeling the pinch of rising construction costs and a slower housing market, prompting it to close its Central London office and expand production of so-called “flatpack” housing structures.
In its half-year results, Crest Nicholson said that it expects its margins to be around 18pc for the full year compared with 20.3pc last year – and at the lower end of its 18pc to 20pc range – due to the “generally flat” pricing environment.
Shares in the FTSE 250 housebuilder fell more than 7pc in morning trade. …”