Crest Nicholson PLC (LSE:CRST) has delayed its full-year results for two weeks in order to allow time for a price to be put on required fire remediation work.
Results had been due on January 21 but will now be released on February 4, FTSE 250-listed Crest said on Tuesday.
Auditor PwC had requested additional time to assess the “appropriateness” of its fire remediation provision and complete “standard procedures”.
Crest Nicholson added between £245 million and £255 million was expected to be put aside to cover government-enforced fire remediation work across 291 of its buildings.
Housebuilders have faced pressure to address historic fire safety issues in the wake of the 2017 Grenfell Tower disaster, in which 72 people lost their lives.
Costs of £145 million had been anticipated by Crest at the half-year stage to cover such work, with this having covered 45% of buildings needing work.
“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,” Crest said.
Crest also reiterated that full-year adjusted profit before tax would likely be at the lower end of the guidance for £22 million to £29 million.
Shares rose 1% to 157.8p.