Persimmon reports on ‘outstanding year’

Jeff Fairburn the CEO for Persimmon, York....SH1001440h...9th June 2014 Picture by Simon Hulme
Jeff Fairburn the CEO for Persimmon, York....SH1001440h...9th June 2014 Picture by Simon Hulme
0
Have your say

YORK-based Persimmon today said it had achieved an “outstanding” performance in 2015, as profits and revenues increased.

The company’s underlying profit before tax increased by 34 per cent to £637.8m. Full year revenue was up 13 per cent to £2.9bn.

Legal completions increased by eight per cent to 14,572 and the average selling price increased by 4.5 per cent to £199,127.

Nicholas Wrigley, the group chairman, said: “Persimmon delivered an outstanding performance in 2015, supported by improving customer sentiment and a mortgage market which is responding to customer demand. It is now four years since we launched our long term strategy focused on growing Persimmon into a stronger, larger business while maintaining capital discipline and delivering robust free cash generation.

“The group’s ability to grow completion volumes by more than 55 per cent through this period while simultaneously returning £733m of excess capital to shareholders underlines the strength of its operating model.

“Customer activity in the early weeks of the 2016 spring season has been encouraging and today’s further £860m enhancement to the capital return plan to a total of £9.00 per share is a measure of the board’s confidence in the group’s future progress.”