Crest Nicholson has pushed back its half‑year results by more than a month as it negotiates covenant relief with lenders. The delay follows a sharp earnings guidance cut last month, which sent the stock down 40% in a single session. Market value now sits at £171 million, reflecting a 65% tumble over the past year. The delay also postpones dividend considerations for shareholders.

The company now expects to file on July 16, giving auditors time to complete the covenant‑reset review. A war‑driven surge in energy and build costs, combined with stubborn inflation, has forced Crest Nicholson to lower its unit sales target to 1,400‑1,500 homes, down from 1,550‑1,700. Anticipated land‑sale proceeds have been trimmed to £40 million, versus the previous £75‑£100 million range. Management hopes the covenant reset will restore lender confidence.

Crest Nicholson’s plight mirrors a broader slowdown among UK builders, as higher borrowing costs and geopolitical risk dent demand. Rival Vistry, also down more than 50% this year, issued its own profit warning and resorted to discounts to spur sales. The extended reporting timeline gives the group breathing room, but investors now face a tighter balance sheet and uncertain cash flow. Analysts warn the sector could see further price concessions.