Crest Nicholson profit warning as new home sales plunge

House builder Crest Nicholson has warned that housing sales have plunged more sharply than expected with full-year profits now forecast to be around £50m rather than £74m as forecast at the half-year.
The profit warning amid poorer-than-expected trading conditions came as the firm also warned it had raised provisions for its complex loss-making mixed-use scheme Brightwells Yard in Farnham.
At the half year, Crest set provisions at £11.6m to cover losses, which have now been rev