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Trading statements

Persimmon notes excellent operational performance

27 April 2017 07:23

Persimmon said its operational performance continues to be excellent, the group delivering higher volumes of new homes in local communities across all its regional markets, supported by the resilience of the UK economy.

"The Board remains confident of the future prospects of the Group," it said in a statement.

Total forward sales revenue, including legal completions taken to date in 2017, was currently £2.56bn, about 11% higher than last year.

"As expected, despite the particularly strong comparatives from the first quarter of last year, our weekly private sales rate per site since reporting our 2016 Final Results on 27 February 2017 is 12% ahead of last year, resulting in a sales rate which is now 4% ahead for the year to date."

Persimmon said it had 8928 new homes sold forward into the private ownership market with an average selling price of about £229,500, up 4.1% on the year.

"Despite the continued difficulties encountered with planning delays, we have opened 67 of the 90 new sites planned for the first half of the year," it said.

These new sales outlets opened across the UK continue to support the company's margin progression, due to the associated lower land cost recoveries, which has been aided further by some modest price improvement through the Spring period so far.

"The Group is currently developing 382 active sales outlets across the UK and is building new homes on all sites that have an implementable detailed planning consent," it said.

"During the period we continued to identify good opportunities to acquire new land to support the future growth of the business. "

The successful trading performance of Persimmon had enabled directors to lift the value of the original Capital Return Plan by 49%, or about £937m. The total value of the plan was now about £2.85bn, or £9.25 a share.

Story provided by StockMarketWire.com

Related Company: PSN

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