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Crest Nicholson reinstated its guidance and said it expected profit to be 'significantly higher' in the second half of the year after the homebuilder swung to a first-half loss following a reduction in sales and prices.
The company said it expected FY20 adjusted pre-tax profit to be in the range of £35m-to-£45m.
For the six months ended 30 April 2020, the company reported a pre-tax loss of £51.2m from £64.4m profit on-year as revenue fell to £240.0m.
Forward sales slipped to £575.1m from £636.9m and completed homes fell 34.7% to 775 at a selling price of £344K, down 16.7%.
Since it began a phased reopening, the company said a 'modest' number of reservations and completions' had been made for the six weeks to 18 May 2020.