Crest Nicholson beat expectations for the year with pre-tax profits up 2 per cent thanks to a 22 per cent rise in completions, amid discussions by the housebuilder with HBOS and Sir Tom Hunter about a potential £713m takeover.

The predominantly southeast England-based housebuilder said pre-tax profits rose to £80.1m (£78.9m) on revenue that fell to £690.7m (£699m).