Crest Nicholson admitted yesterday that it was feeling the squeeze caused by rising construction costs and flat house prices.
The builder cut the forecast for its full-year margins from the 20.3% achieved last year to 18%, the bottom of its guided range, and warned that the reduced levels were likely to continue next year.
Shares in the FTSE 250 company plummeted after the announcement, recovering slightly to close 12.5%, or 61¾p, down at 432p.
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Including:
Mitsubishi Estates and Co-Re appoint Savills to help lease the development’s office space
Decision deferred on former National Institute of Agricultural Botany revamp
Developer has taken 10 storeys off proposals since first filing
Colliers appointed to lease 50,000 sq ft of office space in the Salford Quays development
