21st Apr 2005 07:00
Persimmon PLC21 April 2005 21st April, 2005 AGM STATEMENT Duncan Davidson, Chairman of Persimmon, will make the following comments attoday's AGM to be held at the Royal York Hotel in York: "When we announced our results for the year ended 31st December 2004, on 28thFebruary 2005, we commented that sales rates had returned to a more normallevel. We stated that we were selling from c. 15% more outlets compared to thesame date in 2004, and were in a strong position to maintain good sales volumes. Since that time we have continued to sell at good levels across the UK, albeitat slightly lower volumes than the strong comparative period in 2004. However,the current total sales revenue for 2005 is at a similar level to the same datein 2004, at c.£1.4 billion. We therefore remain confident of achieving ourhalf-year expectations. Whilst customers continue to be cautious about theirdecisions to purchase, visitor levels remain healthy and reservations are inline with normal market conditions. This is a clear indication of the on-goingresilience of the housing market. At Persimmon's next AGM in April 2006 I will have just passed my 65th birthday.At that date I intend to retire as Chairman and Director. Your Board have kindly invited me to take on the position of Life Presidentfollowing my retirement, and I am honoured to accept this. John White, who has been Chief Executive of the Group for the past twelve years,will take over from me as Chairman in April 2006. The Board recognises thatbecause of John's role as Chief Executive, under the provisions of the CombinedCode, his appointment merits further explanation. In the light of John's outstanding track record, the Board considers that theCompany and its shareholders would benefit from his continuing involvement withthe Group. Since he took over as Chief Executive, group profit before tax hasrisen from £10.2m to £470.4m and earnings per share have grown from 7.3p to113.9p. His appointment is being made following consultation with a number ofour larger shareholders, who are supportive. Mike Farley, who is currently Chief Executive of our South Division, will takeover from John as Group Chief Executive at the same date. Mike, who has beenwith Persimmon for 21 years, has been extremely successful in his current rolefor the last seven years. During 2004 the South Division completed c. 7,000homes. Sir Chips Keswick will also retire as a Non-Executive Director in April 2006. Hehas given long and sterling service to our Board. We are delighted to announcethe appointment as a Non-Executive Director of Adam Applegarth, the ChiefExecutive of Northern Rock plc, from 1st May 2005. I have every confidence that Persimmon will continue to flourish in the yearsahead. For further information please contact:Duncan Davidson, Group Chairman John White, Group Chief Executive Tel: +44 (0)1904 642199 Ed Orlebar/Faeth Birch/Kirsty FlockhartFinsburyTel: +44 (0)20 7251 3801 Print resolution images are available for media download at www.newscast.co.uk Notes to Editors Duncan DavidsonDuncan Davidson (64) founded Persimmon in 1972 and led its development from asmall local housebuilder to the large and successful Group it is today.Persimmon was floated on the London Stock Exchange in 1985. Duncan has worked inthe housing industry for over 40 years. Adam ApplegarthAdam Applegarth (42) has worked for Northern Rock for 21 years. He became anExecutive Director of Northern Rock Building Society in January 1996, wasappointed as an Executive Director of Northern Rock plc in October 1996 andsubsequently became the Company's Chief Executive in March 2001. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Persimmon