<p><span>Crest Nicholson has issued a profit warning as conditions in the housing market “worsen” for the business.</span></p> <p><span>Issuing a trading update, the housebuilder said that it expected its adjusted pre-tax profit for the year ending October 31 2023 to be around £50 million, a drop on the £73.7 million it stated </span><a href="http://www.house-builder.co.uk/news/crests-half-year-profit-falls">when reporting its half year results in June</a><span>.</span></p><p></p> <p><span>During the seven weeks to August 18 2023, Crest’s sales per outlet per week plummeted to 0.25 after it had forecast a rate of 0.50 for its second half. The firm said this pointed to a “progressively deteriorating trend”, with persistently high inflation and rising interest rates exacerbating tough trading during the summer.</span></p><p></p> <p><span>In the next financial year, Crest plans to reduce its overhead position, moving its new East Anglia division, established only last year, into its Eastern arm “with revised boundaries”. </span></p><p></p> <p><span>It said its other recently launched division, Yorkshire, would not be affected as it was now a fully operational division. But it will revise the arm’s expected pace of growth and planned further resources “to reflect the market conditions”. The firm will give more detail in its November trading update.</span></p><p></p> <p><span>Crest said pricing had remained resilient but …