May 16, 2018 / 6:30 AM / a year ago

Crest Nicholson cuts FY operating margin forecast

May 16 (Reuters) - British housebuilder Crest Nicholson Holdings Plc said on Wednesday its full-year operating margin would be at the lower end of its prior forecast, as rising construction costs hurt pricing of its homes.

Home sales at higher price points will continue to be impacted by a slow second-hand market and will likely to restrain overall price growth in the near term, the company said.

Operating margins for the full year are expected to be around 18 percent, at the bottom end of the company’s 18-20 percent guided range, it said.

Crest, which operates in London, southern and eastern England and south Wales, said average selling prices of its properties rose 5 percent to 439,000 pounds in the first half of its current fiscal year and this level is expected to represent a peak for the business. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier)

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