Persimmon speeds up plan to hand £1.9bn to shareholders

Grant Prior 10 years ago

House building giant Persimmon is accelerating plans to pay its shareholders a £1.9bn bonus as it benefits from Government proposals in last month’s Budget to boost the housing market.

Persimmon has seen a rise in enquiries from potential buyers since George Osborne unveiled his controversial “Help to Buy” scheme with will see the Government guaranteeing mortgages.

The housebuilder said: “We have experienced a good start to 2013.

“We have already opened 52 of the c.90 new sites scheduled for the first half of 2013.  Our outlet network currently stands at 385 sites and we anticipate having c.390 sites offering new homes to customers by 30 June 2013 in line with our previous guidance.

“We are encouraged by the announcements made in the Budget with respect to the Government’s support both for customers wishing to enter the housing market and for those existing homeowners who aspire to move home.

“As a result of these “Help to Buy” announcements customer enquiries registered on our Persimmon Homes and Charles Church web sites increased.

“Up until mid March enquiry levels had been running c.24% ahead of the prior year but following the announcement of the “Help to Buy” measures this improvement increased further to c.30%.

“We have experienced encouraging improvements in both visitor numbers and reservations at our developments over the last two weeks.

“Persimmon remains well on track to deliver £1.9 billion (or £6.20 per share) of capital to shareholders over a nine and a half year period ending in 2021, whilst continuing to build a stronger and larger business.

“The Board is pleased to announce today its intention to declare a dividend for 2014 of 10 pence per ordinary share.

“This intended payment will accelerate approximately £30m of the c.£287m, or 10p of the 95p per share, payment currently scheduled for 2015.

“This demonstrates the Board’s continuing commitment to deliver significant value to shareholders over the long term on a sustainable basis.”



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