Housebuilder Persimmon has seen its revenue plummet by 33% in the six months to 30 June, as the coronavirus pandemic forced site closures and froze the housing market.
Total revenue slid to £1.19bn compared to £1.75bn a year earlier.
It reported legal completions down 35% to 4,900 homes, but the average selling price has risen 3.7% to £225,050.
The housebuilder enters the second half of the year with forward sales up 15% on last year at £1.86bn and cash holdings of £830m.
However, Persimmon said it had adopted a “cautious approach to land replacement” to help reduce risk prior to the pandemic. In the six months it spent £165m on land acquisition compared with £239m a year earlier, and added just 850 plots to its holdings.
Group chief executive Dave Jenkinson said: “Our financial strength and the agility of the business in responding to Covid-19 has ensured Persimmon is in robust heath, and fully able to play its part in delivering the new homes the country needs to support the UK’s recovery, in a range of future economic scenarios.”
Earlier this year, Persimmon announced that Jenkinson would step down “in due course”, giving the housebuilder time to recruit a new new chief executive.
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