Spanner,
Possibly the piston has come in contact with the valve. If so, may also have bent the valve (is valve sitting the same height as the others).
Camshaft timing maybe retarded, if you installed a camshaft with more lift and duration timing is critical.
Bring the piston up to about 25mm from the top and look in spark plug hole and try and determine any marks on the piston under exhaust valve to confirm.
I would remove the head and if piston /valve contact has occurred, then check bigend bearing also. Check camshaft timing.
Goodluck
John