Persimmon to start building on 70 new sites

Grant Prior 14 years ago
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Housing giant Persimmon is planning to start work on 70 new sites during the rest of the year as profits and margins continue to improve.

Half year results out today show underlying pre-tax profits were up 52% to £59.7m for the six months to June 30.

Operating margins also ticked-up from 8% to 9% despite a dip in turnover to £712.8m from £776m.

Persimmon completed 4,439 new homes during the period and will start work on 70 new sites before Christmas to add to its 380 active projects.

Persimmon said: “We anticipate opening a further 70 new sites in the second half of the year as we continue to refresh our network.

“This allows us to capture pent-up demand in areas which continue to suffer from the lack of supply of new homes.”

The firm has built up a landbank of 62,364 plots and the strong results allowed Persimmon to increase its interim divided to shareholders by 33%.

Nicholas Wrigley, Group Chairman said: “We remain committed to our strategic objectives of margin improvement and cash generation.

“As a consequence our teams across the country remain focussed on the basics of house building in their local markets which I am confident will deliver future success for the Group.”

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