Persimmon Profits £95.5m as Margins Improve to 8.2%

Housebuilder Persimmon today reported underlying pre-tax profits of £95.5m for the year to end-December 2010, strongly ahead of prior year (2009: £7m).

Revenues were 10.5% higher at £1.57bn (2009: £1.42bn).

Legal completions increased 4.5% to 9,384 new homes (2009: 8,976), while the average selling price of £167,249 was 5.7% ahead of last year (2009: £158,272).

The underlying operating margin was 8.2% (2009: 4%) and Persimmon said its performance continues to strengthen.

Reported pre-tax profit was £153.9m following a net exceptional credit of £63m (2009: £77.8m, after £74.8m net exceptional credit).

Basic earnings per share were 38.3p (2009: 24.7p).

£225.6m cash was generated from operations (2009: £356.8m).

Gearing was 3% (2009: 16%) and net borrowings reduced to £51m (2009: £267.5m).

Net assets per share increased by 7.2% to 579.1p (2009: 540.2p).

Persimmon said it saw strong forward sales of £848m (2009: £898m).

A final dividend of 4.5p per share to bring the total dividend for the year to 7.5p per share.

John White, Group Chairman, said: “Despite a continuing low level of mortgage approvals, the Group is achieving improving returns and remains well positioned for the upturn in the housing market when it occurs.”

 

A full copy of the statement from Persimmon can be obtained from their website http://corporate.persimmonhomes.com/ or the following link Statement Report

Onyx Construction Consultants are pleased to count Persimmon as one of its valued clients working with its Northampton and Witham offices and more than pleased that its doing very well in the current market conditions.

If you are a house builder and need assistance with your commercial needs or a subcontractor looking for an introduction to major house builders then contact Andrew Fella at Onyx Construction Consultants Ltd

 

2 Responses to “Persimmon Profits £95.5m as Margins Improve to 8.2%”

  1. Onyx Construction Marketing Says:

    More details of House Builders current Landbanks and recent purchases can bee seen on the Onyx Marketing site at http://www.onyxmarketing.wordpress.com

  2. The House Builders QS Says:

    Always like this company know a lot of people there from back in my Beazer Homes days good to see they are doing well again.


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