(Reuters) -UK homebuilder Crest Nicholson lowered its annual profit expectations on Tuesday, weighed down by subdued demand and heightened uncertainties ahead of the November 26 budget.
The profit warning comes after bigger rivals, including Barratt Redrow and Taylor Wimpey, flagged waning demand as buyers grow cautious ahead of potential property tax changes in the upcoming budget.
Crest said it completed 1,691 housing units in the fiscal year 2025, the lower end of its 1,700-1,900 units target.
As part of a turnaround plan, Crest is cutting costs and reducing redundancies, with plans to eliminate about 50 jobs through the closure of one divisional office.
The company now expects to report adjusted pre-tax profit for the year ended October 31 at the low end of, or marginally below, its forecast range of 28 million pounds to 38 million pounds ($36.81 million to $49.96 million).
($1 = 0.7606 pounds)
(Reporting by Ankita Bora and Raechel Thankam Job in Bengaluru; Editing by Subhranshu Sahu)
