CREST NICHOLSON reported a slump in profits for 2023 amid runaway costs and has prepared for a possible legal bill of £13m over a 2021 fire, after the FTSE 100 housebuilder issued its third profit warning in six months last week.

The firm also announced that current chief executive Peter Truscott will retire later this year and be replaced by rival Persimmon's chief commercial officer Martyn Clark (pictured).

The company's pretax profit slumped to £41.4m from £137.8m year-onyear, dragged down by additional costs of £5.5m related to issues at its Brightwells Yard regeneration scheme and "other legacy and low-margin sites".

Crest Nicholson's revenue cratered by more than a quarter (28 per cent) to £657.5m, which the firm said reflected "weakness in the housing market".

(c) 2024 City A.M., source Newspaper