New chief for Crest Nicholson as profit plunges

Persimmon’s Martyn Clark has been named as the new chief executive of Crest Nicholson, following the retirement of Peter Truscott. The appointment was revealed as the housebuilder reported a fall in revenue and annual profit down by more than two-thirds. Truscott joined Crest Nicholson in 2019 as chief executive, after working in the sector for more than 30 years. Clark is currently chief commercial officer at Persimmon. He has been with the housebuilder for nine years in senior roles in the South division, including regional chair, and was appointed chief commercial officer in 2022. Prior to that he spent 28 years at Bloor Homes. Crest Nicholson posted a fall in revenue of 28% in its preliminary results today. Revenue was £657.5m, compared with £913.6m in 2022, “reflecting the weakness in the housing market”. Home completions were down from 2,734 to 2,020, while forward sales dropped from 2,018 homes with a GDV of £511m to 1,732 worth £435m. Profit has plunged to £41m from £137m in 2022. The group has also been burning through cash, with £65m left in its coffers, against £276.5m at the end of 2022. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews