Crest Nicholson chief executive to step down as profits dive by 70%

Crest Nicholson construction workers level out cement. The housebuilder’s pre-tax profits for 2023 fell to £41.4m. Photograph: Bloomberg/Getty Images

The boss of the struggling housebuilder Crest Nicholson is stepping down after it revealed its profits have plummeted by 70% in a year amid runaway costs and a slump in the number of property completions.

Peter Truscott will be replaced as chief executive by Martyn Clark, now chief commercial officer at rival Persimmon, later this year.