Crest downgrades full year profit guidance

Crest Nicholson has downgraded profit guidance for its full year, citing a subdued market during the summer “and the continued uncertainty surrounding government tax policy ahead of the forthcoming Budget”. It plans to close one of its divisional offices.

Issuing a trading update for the year ending October 31, the housebuilder said it expected its adjusted profit before tax to be “at the low end of, or marginally below” its guidance range of between £28 million and £38 million. This follows Crest’s statement in June in its half year results that it was on track to meet its FY 2025 expectations.

During its financial year, it completed 1,691 units, at the lower end of the guidance range of 1,700-1,900 units. Around 35% of these were for affordable and private rented sale (PRS), with PRS volume dropping in line with Crest’s strategy.

Meanwhile, open market sales units rose 5% to 1,095, which Crest said reflected enhancements to its sales strategy.

Its open market sales rate for FY 2025 was 0.51 against 2024’s 0.48. But for the last 13 weeks of the financial year, the sales rate was 0.45.

As part its “transformation plan”, Project Elevate, the business …