HOUSEBUILDER, property and construction group Crest Nicholson's

strategy for recovery has paid off handsomely as it cut back debt

through property disposals, land sales and sales of non-core businesses

and moved back into the black.

Profits for the year to October 31, 1993, emerged at #2.1m before tax

after an exceptional charge of #2m compared with a restated loss of #1m

last year.

The company is now making a cash-call to shareholders to raise #19.1m

and is lifting its dividend, albeit uncovered by earnings, from 0.01p to

1.0p.