Crest Nicholson has reported a £144m loss amid increased building safety costs and falling completions.

The housebuilder in its results for the year to 31 October, reported the pre-tax loss, which compares to a £23.1m profit the previous year.

Crest Nicholson’s exceptional charges totalled £166m, including £132m to replace combustible materials and £25m for other remedial work at completed sites. It brings Crest’s total provision so far for safety remediation works to £249m.