Housebuilder Crest Nicholson has posted a 13% drop in pre-tax profit from £80.1m to £69.7m in the year ended 31 October 2007.

Turnover at the company, which was taken private in March 2007 as part of a £715m deal led by HBOS and Scottish entrepreneur Sir Tom Hunter, dropped 2% from £690.7m to £676.6m. Meanwhile, the salary of the highest-paid director more than doubled from £939,000 in 2006 to £2.1m in 2007.