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Persimmon reports profit rise
IMPROVEMENTS to the mortgage market has seen housebuilder Persimmon enjoy a period of “solid progress” as the firm reports a 40 per cent rise in profits.
In its half year results the York-based company announced today that revenue is 12 per cent ahead of the same period last year, now standing at £899.9 million, with pre-tax profits increasing from £96.9 million to £135.3 million.
The first six months has seen the FTSE 100 Index listed firm embark on a “strong” new land investment programme with £236 million spend on acquiring 7,538 new plots. The spend, up from £142 million in the same period in 2012, brings Persimmon’s total plot bank to 70,716.
Bosses at the firm have part attributed its success to the government’s Help to Buy scheme which helped Persimmon achieve more than 1,700 reservations since its launch.
Persimmon chairman Nicholas Wrigley said: “Persimmon’s results for the first half of 2013 reflect a period of solid progress with further increases in output, operating margin and cash generation against a backdrop of improving customer demand.
“The gradual improvement in the UK mortgage market, further assisted by the introduction of the “Help to Buy” scheme is providing the necessary medium term support to demand in the UK housing market.
“The group is working hard to increase production in response to the improved demand evident in all our regional markets, investing to support sustainable growth and increasing output significantly.”
Having met its target of opening 90 new sites in the first half of 2013, and currently boasting a total of 70,716 consented sites Persimmon is expected to open a further 85 sites in the second half of the year.
The company’s growth plans coincide with further job creation through apprenticeship programmes and departmental expansion.
Mr Wrigley said: “Persimmon’s multi-year trade apprenticeship programme has been expanded and will see more than 100 apprentices join the business each year, and a corresponding programme of new hires in technical, managerial and sales functions across our office network.
“The performance of Persimmon in the first half of 2013 results from the unstinting hard work and expertise of all our employees.”
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