Crest sinks to £35m loss as lender talks drag on

House builder Crest Nicholson plunged to a £35m half-year loss as directors remain locked in negotiations with lenders over revised banking covenants after net debt almost doubled to £142m.
Crest this morning revealed it had plunged into the red for the six months to 30 April compared with a £9.4m profit a year earlier.Revenue fell 21% to £198m as completions dropped from 739 to 584 homes, while adjusted operating results swung from an £11.9m profit to an £11.