Crest Nicholson boss steps down after profits plummet

The chief executive of Crest Nicholson has announced his retirement after the housebuilder saw profits fall by 70% in a year.
Peter Truscott had held the position for five years but will be replaced by Persimmon’s chief commercial officer, Martyn Clark, later in the year.
The developer issued three profit warnings during the last six months and saw its adjusted pre-tax profits fall by 70% to £41.4million in the year to 31 October.
Crest also saw its new homes completions drop by a quarter during the same period, down to 2,020 from 2,734 the previous year, which led to revenue falling by 28% to £657.5million. The company said that the weak housing market was a key factor in the poor figures, and said that the housebuilder was targeting 1,800 to 2,000 home completions this year.
As well as facing challenging market conditions, Crest’s profits were dented by running into significant additional costs at its Brightwells Yard development in Farnham, while it also incurred a £13million charge due to a legal claim from an apartment scheme fire in 2021.
Following the announcement of the housebuilder’s “disappointing” results, Peter Truscott highlighted some positive, saying: “Recently there has been some positive macro trends with inflation and mortgage rates falling, which bode well for the housing sector.
“Although it is too early to gauge customer behaviour, we have been encouraged by an increase in customer interest levels and inquiries this calendar year. However, we remain mindful of ongoing uncertainties within the broader economy.”
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