Persimmon has chosen to an ex PwC veteran become its chief financial officer amid a rally for homebuilders as market conditions show signs of improvement.
Andrew Duxbury, whose start date has not yet been confirmed, will also join the firm’s board as an executive director.
The FTSE 250 firm’s share price rallied 6.4 per cent at the close on Tuesday despite warning of “highly uncertain” market conditions next year, adding to signs that investors may be restoring faith in the housing sector.
Shares pared their gains by one per cent in early trading on Wednesday.
Group chief executive Dean Finch will continue to hold interim responsibility for the finance role until Duxbury starts.
Duxbury joins from construction firm Galliford Try, where he was worked in finance roles for nearly 12 years and became group finance director in 2019. He previously worked at PwC for 16 years.
Duxbury said: “Persimmon is a strong business with a proven track record and plays an important role in the UK economy. I look forward to working with the team to deliver its industry-leading financial ambitions while continuing the significant recent progress in build quality and service.”
Roger Devlin, the company’s chair, added that Duxbury would “be an invaluable asset to Persimmon as we continue to provide good quality homes for families across the UK and position the business for future growth”.
Over the past five weeks, the firm’s private sales rates have grown to 0.59 per cent from 0.45 per cent year-on-year.
Rising mortgage rates and building costs have driven a slowdown in housebuilding in recent months, while the Bank of England’s decision last week to keep interest rates at 5.25 per cent has also provided some relief for the sector.
Persimmon said the number of new homes it built in the third quarter fell by 37 per cent but that it continued to meet company expectations.
Peers Barratt Developments, Taylor Wimpey and Bellway made gains of 2.7 per cent, 1.7 per cent and 1.7 per cent respectively on Tuesday.