UK Homebuilder Crest Drops Most on Record After Guidance Cut

Crest Nicholson Holdings Plc’s shares plunged the most on record after cutting earnings guidance in the face of elevated economic uncertainty unleashed by the Iran war.

The UK homebuilder downgraded its sales guidance to a range of 1,400 to 1,500 for the year, down from 1,550 to 1,700 previously, according to a statement Tuesday. The company also warned of a “marked softening in sentiment among prospective land purchasers” as well as increased buyer caution.