Crest Nicholson Cuts Forecasts as Shares Fall 40 Percent
The UK homebuilder lowered its annual profit outlook to between 5 million and 15 million pounds. Shares fell 40 percent as the Iran war impacts interest rates.
The British homebuilder CREST NICHOLSON HOLDINGS slashed its annual profit and sales forecasts on Tuesday, leading to a dramatic collapse in its share price. The company cited the geopolitical fallout from the conflict in Iran as a primary driver, noting that the situation has pushed up interest rates and further weakened sentiment across the United Kingdom housing market.
Industry peers including BERKELEY GROUP HOLDINGS/THE and VISTRY GROUP PLC have also issued warnings regarding the conflict's impact. These firms highlighted the risks of escalating building costs and the persistence of elevated interest rates, which continue to weigh on buyer demand and overall profitability.
