Residential developer Crest Nicholson has warned that its profits will be lower than expected for the year to 31 October 2018, as the market for new homes in London and at higher price points in the South struggled.
Meanwhile, the firm also announced that its chief financial officer Robert Allen was stepping down from the board and would leave the company after a “short handover period”.
Crest Nicholson said it now expected its profit before tax for the year to be “in the range of £170m to £190m” after sales failed to pick up during the traditionally stronger early autumn selling season. Last year, the housebuilder posted a pre-tax profit of £207m on revenue of just over £1bn.
Register for free and continue reading
This is not a paywall. Registration allows us to enhance your experience across Construction Management and ensure we deliver you quality editorial content.
Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings.
