Berkeley Shares Tumble Most in a Decade on Muted Profit Outlook

Berkeley Group Holdings Plcshares plunged the most in almost 10 years after the UK housebuilder signaled smaller-than-anticipated earnings in the medium term, citing reduced potential for interest rate cuts on account of the Iran War.

In a revised strategy update published Wednesday, the company said it expected to deliver more than £1.4 billion ($1.9 billion) in pretax profit in the four years from 2027 to 2030. That compares with its earlier outlook as recently as last month, when it guided for about £450 million each this year and next.

That’s “some 33% lower than our estimates ahead of today’s ...