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Gloucestershire Business News

Persimmon profits soar by nearly two thirds

One of the country's leading housebuilders Persimmon has seen a sharp rise in profits.

It's half yearly figures show an income of £1.84 billion with a profit of £480.1 million compared to £292.4 million in the same six months last year. That's a rise of 64%.

The firm sold 7,406 new homes in the six months to June 2021 compared to 4,900 in the same period last year - a 51% increase over last year.

The average cost of a new home rose to £236,199 compared to £225,066 last year. The company also purchased more than 10,000 plots of land during the period.

Dean Finch, Persimmon Group Chief Executive, said: "Persimmon's first half performance has been robust. In particular, I am pleased we have delivered strong growth in legal completions whilst also achieving higher levels of build quality and customer satisfaction.

"We made good progress in the land market in the period, bringing over 10,000 plots of high quality land into the business, achieving good visibility of new outlet openings and providing momentum for our future growth. With circa 85 new outlets opening in the second half of the current year, we are improving availability and choice for our customers.

"We're managing the balance of inflationary pressures well and currently anticipate that our industry leading returns will remain resilient. Our forward sales position is c. 9% ahead of the same point in 2019, with our cumulative private sales rate over 20% above that of 2019 for the year to date.

"Persimmon's high quality land holdings, disciplined land replacement strategy, healthy liquidity, experienced management team and continued resolve to drive improvements in build quality and customer service provide an excellent platform for its future success."

nm of the current year, we are improving availability and choice for our customers.

"We're mae to drive improvements in build quality and customer service provide an excellent platform for its future success."

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