Persimmon profits up

Published:  02 March, 2011

YORK: Persimmon reported pre-tax profit for the year up to £154m from £78m in the previous year with sales revenue up 10% to £1.6bn. Housing completions rose 4.5% to 9,384 homes and average selling price rose nearly 6% to £167,249.

 

A tight grip on costs, kept lower than last year, and a higher number of completions at better prices helped Britain's third biggest house builder return to past form the company said.

Mike Farley Chief executive said: "Site activity for the first eight weeks of 2011 is encouraging. Visitor levels are around 10% ahead of the same period last year, cancellation rates of 16% remain at historically low levels and net private sale reservations are 2% ahead."

"We continue to seek further cost improvements and efficiencies which, together with the introduction of new sites into production, will assist further progress in improving our operating profit margin," he said.

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