FINANCE: Persimmon’s profit has surged by 57% as house prices continue to rise.
The housebuilder has posted an underlying pretax profit of £212.9m for the six months to 30 June, compared with £135.3m in the same period last year.
Revenue also rose by 33% to £1.2bn, with 6,408 legal completions during the half year. The average house selling price was £186,970 – up from £179,199 last year.
The company secured 14,251 land plots in the period, bringing its total consented landbank to 82,250 plots.
As at 30 June, the group had net cash of £326.3m. Underlying basic earnings per share increased 61% to 54.8p.
Group chief executive Jeff Fairburn said: “As we have entered the traditionally slower summer trading weeks, we have been encouraged by our private sale reservation rate since 1 July, which is currently running 9% ahead of the same period last year.”
joanna.bourke@estatesgazette.com
