Persimmon’s annual pre-tax profit crashed through the £1bn-barrier in 2018, the first time a UK housebuilder has done so, with the firm putting the row over its former chief executive’s pay package behind it and reporting revenues of £3.74bn.

David Jenkinson, the housebuilder’s former group managing director named today as its new chief executive following the departure of his predecessor Jeff Fairburn at the end of last year, said the results for 2018 reflect Persimmon’s focus on new homes primarily aimed at the first time buyer.

Persimmon reported an operating profit of £1.08bn, suggesting an operating margin of 29%, and a pre-tax profit of £1.09bn, up 13%.