British housebuilder Crest Nicholson saw its market value plunge by more than £124 million on Tuesday after announcing emergency negotiations with lenders to modify its banking covenants. The company’s share price dropped by 45 percent following a significant reduction in its annual profit forecasts.
The firm is currently seeking temporary relief on its debts as reported by Detik Finance. Financial projections for earnings before interest and tax have been slashed to a range of £5 million to £15 million, a steep decline from the £32 million guided in January.
Market volatility and rising construction costs have forced the builder to revise its annual sales target….