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Thu September 23 2021

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Persimmon banks £480m half-year profit

18 Aug Profits and productivity at house-builder Persimmon are back at pre-Covid levels after last year’s numbers were impacted by site closures and lockdowns.

In the first six months of 2021 Persimmon made £480.1m profit before tax and completed 7,406 new homes.

This is a substantial improvement on 2020’s interim £292.4m pre-tax profit and 4,900 completions, and close to 2019’s £509.3m first-half profit figure and 7,584 completions.

Total group revenues in H1 2021 reached £1,840m (2020 H1: £1,190m), surpassing 2019’s £1,754m first-half revenue.

The company now has £1.32bn cash in the bank.

Chief executive Dean Finch said: "Persimmon's first half performance has been robust. In particular, I am pleased we have delivered strong growth in legal completions whilst also achieving higher levels of build quality and customer satisfaction.

"We made good progress in the land market in the period, bringing over 10,000 plots of high quality land into the business, achieving good visibility of new outlet openings and providing momentum for our future growth. With c. 85 new outlets opening in the second half of the current year, we are improving availability and choice for our customers.

"We're managing the balance of inflationary pressures well and currently anticipate that our industry leading returns will remain resilient. Our forward sales position is c. 9% ahead of the same point in 2019, with our cumulative private sales rate over 20% above that of 2019 for the year to date.”

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