Observation16 May 2018 10:24
Maybe this is why we are down a bit today.
Among those falling on Wednesday were London-listed housebuilders, after Crest Nicholson said its operating margin for the full year is expected at the bottom of its guided range due to "generally flat pricing".
In the FTSE 250, Crest Nicholson sank 12% after it said "generally flat pricing" against a backdrop of continuing build-cost inflation means its operating margins for the full year are expected around 18%, at the bottom end of its 18% to 20% guided range.
"Sales at higher price points will continue to be impacted by a slow second-hand market and this is likely to restrain overall price growth in the near term. As a result, margins for next year are expected to be at a similar level to this year," Crest Nicholson said.
For the six months to April 30, the housebuilder said unit completions rose 18% to 1,251 and forward sales stood at GBP441.7 million, up 6% on last year.
The update saw housebuilding peers trade lower, such as blue-chips Barratt Developments, down 1.4%, Persimmon, down 1.2%, and Berkeley Group Holdings, also down 1.0%.
Not too good so far :-(