StockMarketWire.com - Crest Nicholson reinstated its guidance and said it expected profit to be 'significantly higher' in the second half of the year after the homebuilder swung to a first-half loss following a reduction in sales and prices.

The company said it expected FY20 adjusted pre-tax profit to be in the range of £35m-to-£45m.

For the six months ended 30 April 2020, the company reported a pre-tax loss of £51.2m from a £64.4m profit on-year as revenue fell 52.2% to £240.0m.

Forward sales slipped to £575.1m from £636.9m and completed homes fell 34.7% to 775 at a selling price of £344K, down 16.7%.

Since it began a phased reopening, the company said a 'modest' number of reservations and completions' had been made for the six weeks to 18 May 2020. Story provided by StockMarketWire.com