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26 Feb 2019 | 07:34

Persimmon profit climbs 13%; appoints Dave Jenkinson as permanent CEO

House builder Persimmon posted a 13% rise in annual profit as it built more properties and sold them for a higher price.

The company also appointed Dave Jenkinson as its new chief executive. Jenkison had been serving as interim CEO since November.

Pre-tax profit for the year through December rose 13% to £1.09bn, as revenue climbed 4% to £3.74bn.

Legal completion volumes increased by 406 new homes to 16,449, with an average selling price of £215,563, up 1% on-year.

The 2018 new housing operating margin increased to 30.8%, up from 28.2% on-year, with a second-half margin of 31.8%.

Interim and final dividends of 125p and 110p per share were declared, respectively, for 2018.

'Whilst the sales outlook remains subject to a degree of uncertainty at the start of any financial year, at this point the group's sales are in line with management's expectations,' Jenkinson said.

'Given our strong prior year comparatives, the current increased uncertainties with respect to the future performance of the UK economy and the planned later sales releases in the early part of the year, we are encouraged by the levels of customer interest across the UK.'

'Including legal completions taken so far in 2019, the group has a strong forward sales position at £2.02bn and we currently anticipate delivering a similar level of legal completions during 2019 as in the prior year.'

Story provided by StockMarketWire.com
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