Crest Nicholson’s half-year revenue has dropped by 22.4% as builds fall by 18.4%.
Revenue for the six months to the end of April stood at £282.7m, down from £364.3m for HY22.
In its interim results this morning, the housebuilder said the fall reflected “the economic uncertainty and lower confidence in the housing market during the first half.”
Housing completions were also down, from 1,096 to 894. Pretax profit was down by 60% on an adjusted basis to £20.9m.
Chief executive Peter Truscott said: “We started our first half amidst the worst of the economic uncertainty arising from the September 2022 mini-Budget. Rapidly falling consumer confidence and rising interest rates immediately translated into softer demand in the housing market.”
But he added that measures had been taken in the expectation that confidence would return, “and this has proven to be the case”.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
