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Crest Nicholson Revises Full-Year Guidance Downward, Seeks Banking Covenant Relaxation

Crest Nicholson Holdings PLC, a UK residential developer, has issued a revised trading update for financial year ending October 2026, reducing its unit sales guidance to 1,400–1,500 units from the prior range of 1,550–1,700 units, and lowering land sales revenue expectations to approximately £40 million from £75–100 million. The Group has commenced discussions with its lenders to seek temporary banking covenant relaxation as a consequence of lower expected profitability, with revised EBIT guidance of £5–15 million and year-end net debt of £100–120 million.