10th Aug 2023 08:56
(Alliance News) - Persimmon PLC said its half year revenue and profit had fallen in a difficult economic environment.
The York, England-based firm said in its half year ended June 30 was GBP151.0 million, down 66% from GBP439.7 million.
Revenue in the first half was GBP1.19 billion, down 30% from GBP1.69 billion, with the numbers of houses built falling 36% to 4,249 from 6,652 the prior year.
Chief Executive Officer Dean Finch said: "Against a backdrop of higher mortgage rates, the removal of Help to Buy and significant market uncertainty, Persimmon has delivered a robust sales rate excluding bulk sales whilst growing the private average selling price in our forward order book and also securing cost savings."
Cash at June 30 was GBP357.0 million, down 54% from GBP782.0 million the year before.
Persimmon declared an interim dividend of 20 pence per share, from nill the year before.
The company said its current forward sales position was GBP1.60 billion, 30% lower than GBP2.20 billion the year before.
Forward private sales were GBP875.9 million, up 83% from GBP478.5 million.
"Persimmon's focus on discipline, cost control and margin protection while enhancing our operational capabilities continues. We have and will continue to manage the balance sheet very robustly. We remain on track to deliver our profit expectations for the year," said CEO Finch.
Shares in Persimmon were up 3.2% at 1,159.50 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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