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Story summary
- Crest Nicholson, the UK housebuilder, plans to close a divisional office and cut 50 roles due to subdued sales and budget uncertainty over property taxes.
- Adjusted profits for the year ending October 31 are expected to be at the low end of £28m to £38m.
- Analysts say budget uncertainty has severely impacted the autumn selling season.
- Crest Nicholson completed 1,691 homes, below its target.
- It is implementing a multi-year turnaround plan, including reducing its land bank.
