Due to market difficulties, home builder Crest Nicholson Holdings reported a decline in profit and revenue and named Martyn Clark as its new CEO.

Crest Nicholson Holdings has appointed Martyn Clark as its new CEO after a 30% decline in pretax profit to GBP23.1 million in the financial year ended October 31, 2022. The company cited a weakened sales market, supply chain pressures, elevated interest rates, and the UK government's mini budget in September 2022 as reasons for the decline. Crest declared a final dividend of 11.5 pence per share, unchanged from the previous year. The company expects the housing market to remain challenging in 2024, with elevated interest rates and higher borrowing costs impacting affordability. Crest shares rose 1.1% to 207.00 pence each.

January 23, 2024
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