Watkin Jones’ chief executive has stepped down as it issued a warning about its expected level of profit this year.

The build-to-rent and student housing specialist today announced Richard Simpson has departed as chief executive with immediate effect.

The developer, in a trading update today, warned there is now a “greater degree of risk” that five scheme sales expected this year won’t complete by its year end of 30 September. It said that without any further sales its underlying pre-tax profit, which excludes one-off items, for the full year is unlikely to improve on the £2m reported for the first six months.