Crest Nicholson issues profit warning amid ‘deteriorating’ sales

By Carl Brown2023-08-21T06:58:00

Housebuilder seeking to cut costs as it revises down its profit forecast for the year by 47%

Crest Nicholson has revised down its expected profit for the year by 47% as it warned that sales are ‘progressively deteriorating’.

The giant housebuilder, in a trading update issued this morning, said it is now expecting £50m of adjusted pre-tax profit for the year to 31 October.

This is down sharply on the £73.7m it said it was expecting in its half-year report published in June.

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