Crest Nicholson (LSE:CRST) has postponed the release of its half-year results until 16 July as the UK housebuilder continues discussions with lenders regarding a temporary easing of its banking covenants.
The company previously reduced its annual profit guidance amid ongoing pressure from higher interest rates and rising construction costs, which have weighed on confidence across the housing market.
Earlier this year, Crest Nicholson warned that under a severe market downturn scenario it could breach its interest-cover covenant as early as April.
Management said discussions with lenders are “progressing constructively” and are expected to conclude by mid-July.
The delay comes as UK housebuilders continue to face weaker housing demand, elevated financing costs and pressure on margins across the residential construction sector.
More about Crest Nicholson
Crest Nicholson Holdings plc is a British residential property developer focused on building mixed-tenure communities across England. The company develops a range of homes for private buyers, affordable housing providers and institutional partners, with operations concentrated in the South of England and the Midlands.
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