Persimmon starts to ramp up completions

Aaron Morby 5 months ago
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Persimmon has revealed that a surge in second half new home completions helped to deliver 14,752 homes in 2015, 8% up on last year.

The third biggest house builder also announced several main board changes in an annual trading up date this morning.

After almost 30 years of service, Nigel Greenaway, south division chief executive is to retire.

Also North division chief executive David Jenkinson will be promoted to group managing director with immediate effect,  reporting directly to the group chief executive, Jeff Fairburn.

Persimmon said further improvements to its build programmes at the mid-year stage, together with healthy sales taken through the autumn season, helped its to lift second half completions by 13% to 7,717..

Two new businesses opened last year made a solid start to trading, with Central delivering 160 new homes and Teesside 310 new homes during the year.  

A further two new businesses based at Launceston in Cornwall and Perth in Scotland commenced trading this week to support “disciplined growth”.

Overall revenues for 2015 rose 13% to £2.9bn, while the house builder’s average selling price edged up 4.5% to £199,100.

Persimmon ended the year with forward sales of £1,100m is 13% ahead of 2014 and cash balances of £570m, 50% up on the same time last year .

The house builder said its expansion in output, together with improved operating profitability, would produce a substantial growth in pre-tax profits.

 

 

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