Crest Nicholson forecasts yearly loss in slow market

Crest Nicholson expects an operating loss of around £10 million for the year, reversing its previous profit forecast, due to subdued market conditions and declining demand. The company plans to complete fewer homes, between 1,350 and 1,400, and has reported a pre-tax loss of £35.2 million for the first half of the year. Despite ongoing negotiations with lenders to improve its financial position, the firm is actively reducing debt and cutting costs amid challenging economic factors.

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