Persimmon holds 12,000 FY completions target

(Sharecast News) - House builder Persimmon said it still expected to deliver between 11,000 and 11,500 completions for the full year despite challenging market conditions and the prospect of tax rises in October's Budget. The company on Tuesday said its private forward order book was up 11% to £1.25bn, while underlying pre-tax profits for the six months to June were also up 11% to £165m.

UK Finance Minister Rachel Reeves is under pressure to find a way to bridge a £40bn spending gap and is boxed in by a manifesto pledge not to increase personal taxes amid a slowing economy and persistently high inflation which has put pressure on household finances.

Matters have been exacerbated by US President Donald Trump's global tariff war, increased government debt payments and a damaging u-turn on plans to cut welfare spending.

Reporting by Frank Prenesti