June 12, 2018 / 6:23 AM / a year ago

Housebuilder Crest Nicholson forecasts margins at bottom of guidance

June 12 (Reuters) - British housebuilder Crest Nicholson Holdings Plc forecast full year operating margins at the bottom end of its guidance on Tuesday after posting slower profit growth in the first half of the year.

Crest said while sales had been strong, it expected operating margins for the full year to be around 18 percent, at the bottom end of the company’s 18 percent to 20 percent guidance range, squeezed by the combination of flat house prices and rising UK construction costs.

“Our experience of generally flat pricing against a back-drop of continuing build cost inflation has ... had an adverse impact on our margins,” the company said.

“We have taken a number of actions to seek to offset build cost pressures and invest in areas of greater housing affordability.” (Reporting by Arathy S Nair in Bengaluru)

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