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British construction firm Crest Nicholson has announced it expects a full-year financial loss and cut its earnings guidance, citing a persistently subdued housing market. The warning triggered a sharp decline in the company's stock price as investors reassess sector outlooks.
UK housebuilder Crest Nicholson has delayed its financial results and is seeking leniency from lenders following a profit warning last month, causing its shares to plummet.
Crest Nicholson has reported a loss, citing a challenging housing market and announcing measures to reduce land buying and slow activity at new sites.
The housebuilder said it had seen a slowdown in new inquiries and visitor levels since its last update in March.
This article provides a summary of the main points and significant disclosures from Crest Nicholson's first-half earnings call.
Housebuilder says ‘macro-uncertainty’ fuelled by war in the Middle East will push up cost pressures and damage consumer confidence