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UK homebuilder Crest Nicholson warns of annual loss
- Crest Nicholson warned on Thursday of a surprise EBIT loss of around £10 million, lowering expected home completions to between 1,350 and 1,400 from prior guidance of 1,400 to 1,500.
- The company cited "difficult" trading over the summer, with sales rates slowing over the past six weeks due to "affordability constraints and competitive pricing" while building material prices remain about 3% to 4% higher.
- This marks the third time the company has reduced its earnings guidance since April, following a pre-tax loss of £35.2 million reported for the six months to the end of April.
- Despite the downgrade, Crest Nicholson is accelerating debt reduction, cutting its previous guidance by around £30 million to protect liquidity and improve its expected year-end net debt position.
- Chief executive Martyn Clark said "while the trading backdrop has remained difficult," the group is making progress on controllable actions and positioning itself for recovery when market conditions normalize.
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Crest Nicholson Now Sees Full Year Loss Due to UK Housing Slump
·New York, United States
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UK homebuilder Crest Nicholson warns of annual loss
British homebuilder Crest Nicholson on Thursday warned of an annual operating loss of around £10 million ($13.49 million), reversing its prior outlook for a profit, as subdued demand and competitive pricing hit sales.
·London, United Kingdom
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Crest Nicholson slashes housebuilding targets in ‘difficult’ summer
Crest Nicholson has cut back its housebuilding and earnings targets as crunch talks with lenders drag on. The London-listed builder now expects to build up to 1,400 homes this year, compared to earlier forecasts of as many as 1,500. It expects to make an earnings loss of £10m, having previously guided to a profit of [...]
·London, United Kingdom
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Total News Sources7
Leaning Left2Leaning Right0Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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