Crest Nicholson, a UK housebuilder, has issued a warning about an unexpected annual loss due to challenging conditions in the property market. The company anticipates completing between 1,350 and 1,400 homes by October 31, a reduction from earlier estimates, as sales have slowed significantly in recent weeks.
The firm now expects an operating loss of around £10 million, a reversal from its previous profit forecast. Crest has also faced rising building material costs and has made workforce reductions while negotiating with lenders to secure future funding.