Persimmon to build on half-year success

22-08-2006

The UK's largest house builder, Persimmon, has announced record pre-tax profits of £271.5 million for the last six months.

Its profits increased by 16 per cent compared to last year's corresponding figure of £234.9 million, while turnover for the past half-year went up by 42 per cent to £1.5 billion.

Persimmon says that its growth is based upon continuing underlying strength in the British housing market, with completed home sales during the last half rising to 8,226, an increase of almost two-fifths.

Meanwhile, the average selling price went up three per cent to £188,427, the group says.

John White, Persimmon's executive chairman, explained that the acquisition of rival Westbury had taken place six months ahead of schedule, with the group now "well placed to take advantage of a strong and stable housing market".

And with forward sales already standing at £1.4 billion, Mr White added: "The high level of sales already achieved puts us in a healthy position to achieve our volume expectations for the full year."

Earnings per share in Persimmon, the only house building company on the FTSE 100, were up by 15 per cent to 64.4p.


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