BUILDER SHAKE-UP AS PROFIT SURGES

HOUSEBUILDER Crest Nicholson announced a shake-up of its board as it reported rising revenues and profits.

Stephen Stone, chief executive since 2005, will become executive chairman in March before stepping back to be non-executive chairman in April next year.

Chief operating officer Patrick Bergin will take over as chief executive while chairman William Rucker, the boss of Lazard in the UK, is leaving.

The shake-up came as it reported a 5pc rise in annual revenues to just over £1bn after it sold 2,935 new homes, up 2pc on the previous year. Profits rose 6pc to £207m.

Stone said: ‘We have had another year of growth, with increases in sales and the number of new homes built. The new-build market continues to be robust, sustained by strong demand for new homes, a benign land market and Government policies to improve access to housing.

‘Against this backdrop, Crest Nicholson is confident in its ability to continue delivering great homes for customers and strong returns for shareholders.’