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Persimmon profits up as land bank nears 100,000
One of the UK’s largest house builders has increased its profits by 30% as its land bank nears 100,000 sites.
Persimmon Homes recorded a profit of £457.4m in the six months to 30 June, up from £352.3m in the same period last year. Completions also went up 8% to 7,794, 556 more homes than last year.
But the completion increase could not keep pace with Persimmon’s growing bank of land, which grew by 10% to 98,712 consented plots.
Prices continued to rise, with the average selling price moving to £213,262, up 4% from last year’s figure of £205,762.
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Jeff Fairburn, chief executive of Persimmon, said: “The successful execution of the group’s long-term strategy continues to support excellent trading results as seen again in the first half of 2017. The market remains confident.
“While we remain vigilant to changes in market conditions we also recognise we are in a strong position to take advantage of opportunities that arise. We are looking forward to a good autumn sales season. With a high-quality land bank, very strong balance sheet and excellent forward sales the group has built a platform for its future success.”
The builder also said it had experienced stronger market conditions than it had expected since last year’s EU referendum, but would continue to monitor increased uncertainty.
