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Thu June 24 2021

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Persimmon margins and profits up

20 Aug 13 Persimmon's half-year results show growth in profits, with rising sales and plans open up further sites and create more jobs.

The operating margin rose to 15.1%, from 12.1% in the first six months of last year. Chairman Nicholas Wrigley said this was a result of a focussed and disciplined approach to the delivery of 5,022 new homes in the first six months of the year, an increase of 7% over the prior year.

The company acquired 7,538 new plots of land in the first half of the year. It plans to start work on 85 new sites before the end of the year and is building on all sites where it has an implementable planning consent. As part of the job creation, its multi-year trade apprenticeship programme has been expanded and will see over 100 apprentices join the business each year.

Revenue was up to £899.9m from £806.7m and the underlying pre-tax profits grew 40% to £135.3m.

Forward sales were valued at £1.257bn, a rise of 21%.

The company has achievd more than 1,700 reservations under Help to Buy since the scheme launched.

Wrigley said: "During the first half of 2013 we have invested further in the business in support of increasing our future volumes. In addition to good growth in sales and profits we have also reached our target margin range of 15-17% eighteen months ahead of plan.  Our focus remains on the delivery of our long term strategy and we are well placed to continue to make good progress."

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