Morrisons FD joins Persimmon
RICHARD Pennycook, the group finance director of Bradford-based supermarket chain Morrisons, has become a non-executive director at housebuilder Persimmon, it was announced today.
John White, chairman of Persimmon, said of the 44-year-old's appointment: “'We are delighted to welcome Richard to the board. He has a wealth of experience and expertise which will be of great benefit to Persimmon as we continue to develop our business.”
Mr Pennycook, a chartered accountant and graduate of Bristol University, has previously held roles including group finance director of RAC, non-executive
director of Richer Sounds, and finance director of HP Bulmer Holdings.
Persimmon announced a 12th consecutive rise in pre-tax profit, an 11th successive year of dividend growth, and an increase in average selling price of 1% last month.
Preliminary results for the year ended December 31 showed a 1% year on year increased in pre-tax profit from £582.1m to £585.1m.
Full year dividend increased by 10% to 51.2p from 46.5p year on year. Persimmon's average selling price increased by 1% to £189,558 compared to £188,129 for the same period 2006.
Sir Ken Morrison yesterday unveiled record profits and turnover and a £1bn share buyback by Morrisons as he stepped down after more than half a century at the helm.
The supermarket group saw pre-tax profits leap to £612m from £369m on turnover up 6% to £13bn in the year to February 3.
Sir Ken will become Honorary President of the company founded by his father as an egg and butter stall in 1899 and which he joined in 1952 after National Service.
He is replaced as chairman by Sir Ian Gibson.
