Crest Nicholson PLC (LSE:CRST) has maintained its guidance for full-year 2022 adjusted pre-tax profits within a previously guided range of £135mln to £140mln.
But the housebuilder said the macro-economic uncertainty has prompted it to defer the planned opening of a third new division in 2023 until further notice and that it will adjust the expected pace of growth across its existing divisions.
In a trading update, the FTSE 250-listed group said its sales rate in the 18 weeks to 31 October 2022 was 0.55 with weaker trading in recent weeks, reflecting the increased economic uncertainty.
Forward sales as at 11 November were 2,038 units and £526.2m gross development value down from 2,502 and £623.9mln respectively this time last year with good visibility of the sales pipeline for full-year 2023, it said.
The group reported continued expansion of operating margins in line with guidance as good progress continues to be made with new site acquisitions whilst maintaining discipline on overheads.
Net cash as at 31 October 2022 was £276.5mln, up from £252.8mln last year, and the company said it has completed a new credit facility.
Peter Truscott, chief executive said: “The UK is clearly facing a challenging macro-economic outlook, however we remain confident in the long-term fundamentals of the UK housing market.”