U.K. Home Builders Fall After Crest Nicholson Profit Warning
Dow Jones
5 hours ago
0728 GMT - Shares in U.K. home builders fall after Crest Nicholson issues a profit warning on lower sales. The company said market conditions had been more subdued than expected during the summer period, while competitive pricing and affordability constraints continued to weigh on open market sales rates. It cut sales guidance for the year to 1,350-1,400 home completions from 1,400-1,500, and now expects a loss before interest and taxes of around 10 million pounds compared with previous EBIT guidance of 5 million to 10 million pounds. Crest Nicholson shares are down 12%, with Vistry falling 3.7% and Bellway slipping 2.1%.
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