Crest Nicholson cuts profit, shares fall 37%

• Crest Nicholson shares plunged 37% to a record low after cutting FY2026 profit forecast to £5‑£15 million, far below consensus.
• Pretax profit now expected between a £10 million loss and breakeven, with £15 million interest costs and 1‑2% cost inflation.
• FY2026 completion guidance cut to 1,400‑1,500 units and land‑sale proceeds trimmed to ~£40 million, citing weaker consumer confidence and higher rates.
• CEO Martyn Clark said the firm will focus on cash generation, balance‑sheet strength and fire‑remediation spending below £75‑£80 million.