Housebuilder Persimmon today reported underlying pre-tax profits of £95.5m for the year to end-December 2010and with its current Landbank is well placed to take advantage of the upturn in the market when it occurs.
TUESDAY 1 MARCH 2011
FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2010
Highlights
· Underlying pre-tax profits* of £95.5m strongly ahead of prior year (2009: £7.0m)
· Revenues 10.5% higher at £1.57bn (2009: £1.42bn)
· Legal completions increased 4.5% to 9,384 new homes (2009: 8,976)
· Average selling price of £167,249 being 5.7% ahead of last year (2009: £158,272)
· Underlying operating margin* of 8.2% (2009: 4.0%) – performance continues to strengthen
· Reported pre-tax profits** of £153.9m following net exceptional credit of £63.0m (2009: £77.8m, after £74.8m net exceptional credit)
· Basic earnings per share of 38.3p (2009: 24.7p)
· Continued strong cash generation: £225.6m cash generated from operations (2009: £356.8m)
· Gearing of 3% (2009: 16%) – net borrowings*** reduced to £51.0m (2009: £267.5m)
· Net assets per share increased by 7.2% to 579.1p (2009: 540.2p)
· Good levels of land replacement – c. 10,200 plots acquired during the year
· Strong forward sales of £848m (2009: £898m)
· Healthy landbank of c. 59,000 plots owned and under control representing c. 6.3 years supply
· Final dividend of 4.5p per share to bring the total dividend for the year to 7.5p per share
* Stated before goodwill impairment and exceptional items
** Stated after goodwill impairment and exceptional items
*** Stated before finance lease obligations and financing transaction costs
John White, Group Chairman, said: “Despite a continuing low level of mortgage approvals, the Group is achieving improving returns and remains well positioned for the upturn in the housing market when it occurs.”
A full copy of the statement from Persimmon can be obtained from their website http://corporate.persimmonhomes.com/ or the following link Statement Report
Onyx Construction Consultants are pleased to count Persimmon as one of its valued clients working with its Northampton and Witham offices and more than pleased that its doing very well in the current market conditions.
If you are a house builder and need assistance with your commercial needs or a subcontractor looking for an introduction to major house builders then contact Andrew Fella at Onyx Construction Consultants Ltd
