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Sparks

Persimmon (LON: PSN) – FY trading update confirms upper end of range
Published by Andy Murphy

Persimmon completed 10,644 homes in the year (up 7% from last year) at an average selling price of £268,500 (up 5%) from 270 sales outlets at the end of December (up 5%). Year-end net cash was down £160m to £260m, having spent £440m on land, returned £192m to shareholders and spent £60m on building safety remediation. The outlook is encouraging with Persimmon’s Boxing Day sales campaign generating strong interest into the new year. However, there are numerous headwinds to be negotiated, such as low single-digit cost inflation, the National Insurance increase and regulatory changes. Forward sales were £1,146m, up 8% from £1,060m, which indicates a positive starting position.

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