Persimmon on growth path: housebuilder set to open another 85 sites as demand soars
Tuesday 20 August 2013
Housebuilder Persimmon is set to open another 85 sites this year to match soaring demand from new buyers, the firm said today.
Persimmon — which reported a 40% rise in pre-tax profits to £135.3 million in the six months to June thanks to higher selling prices on bigger homes and the Government’s Help to Buy initiative — already has 390 active sites and plans to make a “swift start” on new schemes.
The company opened 90 sites in the first half. Chairman Nicholas Wrigley said: “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.” The builder anticipates a hiring spree as a result of the openings and has expanded its apprenticeship programme to take on more than 100 every year.
Sales reservations since Help to Buy was launched on April 1 are running 30% ahead of a year ago, Persimmon said. It has so far achieved over 1,700 reservations under the scheme, designed to help first-time buyers struggling for deposits.
Higher profits from sites bought more cheaply since the credit crunch also helped the firm achieve its margin target of 15-17% 18 months early. Persimmon is still spending on new land, splashing out £236 million in the first half against £142 million a year ago.
Peel Hunt analyst Clyde Lewis said: “Persimmon is a well-run housebuilder with a great track record and land bank.”
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...