Watkin Jones has announced its Chief Executive Officer (CEO), Mark Watkin Jones, is to step down from his position.

Mr Jones has informed the Board that for personal reasons, he is no longer able to undertake a full time executive role.

The news comes as the developer reports record annual results, making £43.3m in pre-tax profit for the year to 30 September 2017 (2016: £13.3m) as well as generating £301.9m of revenue (2016: £267m).

Watkin Jones said: "The Board will initiate a formal search process to identify a new Chief Executive Officer and a succession timetable will be announced once this process has been concluded.

"The Board is keen to retain the benefit of Mark's valuable knowledge and experience and the intention is that, following the transition, the Board will look at how this might be achieved, including the option of him becoming a Non-Executive Director of Watkin Jones."

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Mr Jones said: "After careful consideration I have decided that it is necessary for me to step back from my position as Chief Executive Officer.

"The Group has reported record results today and with excellent earnings visibility, Watkin Jones is in a strong position to achieve continued success in both student accommodation and build to rent.  Solid foundations are in place for my successor to work with, including an excellent management team that has supported me over the years in successfully growing the business and who will continue to drive Watkin Jones forward for the long-term benefit of our shareholders."

Non-Executive Chairman, Grenville Turner, said: "After 15 successful years at the helm, the Board understands Mark's desire to relinquish the CEO position and the associated demands of this role.

"Mark has played a pivotal part in shaping the Watkin Jones strategy and success and has built an experienced and stable leadership team who have increasingly taken on the day-to-day responsibility for the running of the business.

"The Board would like to thank Mark for his enormous contribution and is also delighted that he has indicated his willingness to continue to support his successor and the business going forward. The search for a successor will commence immediately and we will make a further announcement upon completion of the formal search process."

(LM/MH)