Pre-tax profits rise at Persimmon
HOUSEBUILDER Persimmon has seen a rise in pre-tax profits as house sales were up in the first half of the year.
The group reported an underlying pre-tax profit of £59.7m for the six months to June 30, up 57% from £39.4m in the same period last year.
Persimmon said cash generation was “robust” with £72.5m cash generated from operations while net borrowings reduced to £15.2m from £122.1m in the first half of last year.
The group reported revenues of £712.8m and a 10% increase in forward sales while weekly sales rates from June 30 were running 4% ahead of the prior year.
Nigel Ashwood, director in charge at Persimmon Homes West Midlands, said: “We are encouraged to see a steady level of visitors to all of our developments.
“Demand for our new homes remains strong and our particular focus on family homes is also working well.
“Within the West Midlands, we are looking forward to the use of the new Firstbuy initiative as this, we are confident, will help to enable more first time buyers to get on to the property ladder.
“We have started our new developments at Abbots Field, Bilston, where we are now taking a number of sales reservations even before our new show home has opened which is encouraging.
“Also we have now started on site at our joint venture development with St. Modwen for the residential element of the former Goodyear factory in Wolverhampton.”
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