Crest Nicholson shuts office

CREST Nicholson will close its central London office and use more off-site construction after rising costs ate into its profit margins.

Shares in the FTSE 250 housebuilder fell 18¼p to 428p after a 2 per cent drop in its half-year pre-tax profit to £74.8million. Revenue was up 13 per cent to £473.8million. Chief executive Patrick Bergin said: “Our experience of generally flat pricing against a backdrop of continuing build-cost inflation has had an adverse impact on margins. We will invest in areas of greater housing affordability.”