Problem sites prompt another Crest Nicholson profit warning.

Crest Nicholson, a UK home construction company, has cut its profit forecast for the fiscal year 2023, attributing the change primarily to higher-than-expected costs related to a long-delayed housing project in Surrey. The company also anticipates facing a £13m legal bill for a fire incident at one of its sites in 2021. As a result, Crest Nicholson now expects its adjusted pretax profit to be £41 million, a significant reduction from the £137.8 million it reported in the previous fiscal year.

January 15, 2024
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