Housebuilder Crest Nicholson will pay out more than £16 million in dividends following its first annual results since its return to the stock market last year, the firm said today.
The 6.5p divi — worth £16.3 million — will benefit major shareholders such as vulture fund Varde and Deutsche Bank, and senior management including chief executive Stephen Stone.
After six years away, Crest returned to public markets last February with superb timing to capitalise on the Help to Buy scheme. Pre-tax profits for the year to October 31 were up 40% to £86.8 million. As of mid-January forward sales stand at £329.5 million, 51% ahead of the prior year.
Crest was taken private by Scottish entrepreneur Sir Tom Hunter and HBOS in May 2007. The original takeover, at the peak of the market, saw Crest laden with £1.2bn debt but lenders took control two years later.
