February 26, 2019 / 2:08 PM / 22 days ago

Crest Nicholson names Duncan Cooper as new finance chief

(Reuters) - British housebuilder Crest Nicholson Holdings Plc said on Tuesday it named Duncan Cooper finance director, replacing Robert Allen who stepped down from the position in October following a profit warning.

Cooper, who joins from J Sainsbury plc’s, would be tasked with returning the housebuilder to a stable growth path after it continued to suffer from stuttered demand amidst Brexit uncertainty.

Crest has been among housebuilders that have suffered from a Brexit-driven drop in prices. The company’s problems have been further compounded by rising costs that have pressured margins.

The company, traditionally associated with upmarket properties in southern England, recently forecast a “difficult” first half as its full-year profit fell short of expectations while adding that it was cutting costs, reviewing its supply chain and processes, and shoring up falling margins.

Shares were up 3.5 percent at 392.8 pence.

Reporting by Samantha Machado and Sangameswaran S in Bengaluru; Editing by Anil D'Silva and Shailesh Kuber

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