Crest Nicholson had high hopes for 2024, with the completion of the Brightwells Yard project in Farnham marking a major milestone.

However, the developer has reported a pre-tax loss of £143.7 million for the financial year ending October 31.

This is in sharp contrast to the £23.1 million profit recorded the previous year—a 722 percent decrease in earnings before tax.

The company attributed part of the downturn to extra costs linked to Brightwells Yard, alongside significant safety-related expenses.

The long-delayed, mixed-use development in Farnham has faced rising costs, the pullout of key retailers and restaurants, and ongoing criticism over its impact on the town.

Crest Nicholson allocated £132 million to replace combustible materials and £25 million for additional remedial work at completed sites, bringing its total safety provision to £249 million.

Despite the challenges, the developer completed 1,873 units over the year, including 1,047 open market homes, 495 affordable units, and 331 bulk completions. This marked a 7.3 percent decline in completions compared to the previous year.

Martyn Clark, chief executive of Crest Nicholson, said: “This has been a very tough and disappointing year for the business.

“My initial focus has been on implementing early operational changes at pace, and ensuring we have a solid foundation for the years ahead.

“As part of that, I have reviewed the existing executive committee to ensure we have the right breadth of expertise and capability, in order to enhance decision-making, strengthen internal controls, address operational challenges and drive future strategic priorities.”

He said 2025 would be “a year of transition” for the developer as it implements and starts to deliver “a new strategy for profitable growth”.

“We are well-positioned with sufficient land with full planning permission to support our planned outlets and volumes,” added Mr Clark.

As the company navigates financial pressures and construction costs, its future performance will be closely watched.