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Persimmon reports £39.4m profit

24th August 2010 | back to article listings BACK    print this article PRINT

Housebuilder Persimmon has reported a vastly improved £39.4 million profit for the six months to June 30, prompting suggestions that the embattled construction sector may have finally turned a corner.

The company said stronger half-year trading and a robust order book had helped it recover from the previous six month's £16.7m loss, with bottom-line profits improving to £101.4m on the back of a £70.7m write-back on the value of land.

Revenues climbed 27% to £776.6m, largely because of a 16% increase in new home completions and an 8.6% rise in average selling prices.

The company's order book, meanwhile, stood at £912m, compared with £638m at the end of December.

The results saw Persimmon end its two-year dividend drought, offering shareholders a 3p per share pay-out.

Chairman John White said he expected the improved trends to continue, but warned that the market would remain unsteady until the Government published its spending plans in October.

"Overall, whilst we currently remain cautious, we are optimistic about the future of our business," he said.

Persimmon plans to open 75 new sites over the next few months, with more than 50% expected to be in the south.

Copyright © Press Association 2010

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