Persimmon Acquired 10,200 Plots During Year with Total Landbank at 59,000 Plots

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

UK’s 20 Biggest House Builders by Turnover

The Top 20 house builders league table ranks the UK’s 20 biggest house builders by turnover and profit.

2010 Rank by turnover

2010 Rank by profit

Company

Latest turnover (£m)

Previous turnover (£m)

Latest pre-tax profit (£m)

Previous pre-tax profit (£m)

Latest margin (%)

Previous margin (%)

2009 Rank by Turnover

2009 Rank by Profit

1

20

Taylor Wimpey

2,596

3,468

-700

-1,970

-27.0

-56.8

2

25

2

19

Barratt

2,285

3,555

-679

137

-29.7

3.9

1

2

3

2

Persimmon

1,421

1,755

77.8

-780

5.5

-44.4

3

24

4

12

Bellway

684

1,150

-36.6

34.8

-5.4

3.0

4

4

5

1

Berkeley

615

702

110

120

17.9

17.1

5

1

6

8

Bloor *

311

335

-1.5

-51.9

-0.5

-15.5

13

18

7

17

Miller

310

646

-157

52.9

-50.6

8.2

12

21

8

16

Redrow

302

650

-141

-194

-46.7

-29.8

7

22

9

6

Bovis Homes

282

282

4.8

-78.7

1.7

-27.9

15

20

10

10

Stewart Milne

276

420

-27

25.1

-9.8

6.0

11

6

11

13

Crest Nicholson **

238

544

-50.7

-383

-21.3

-70.4

8

23

12

14

Galliford Try

235

486

-53.8

10.6

-22.9

2.2

6

8

13

3

McCarthy & Stone ***

226

457

19

114

8.4

24.9

10

3

14

7

Fairview

224

223

0.4

-32.3

0.2

-14.5

17

17

15

9

Countryside

188

518

-25.7

26.5

-13.7

5.1

9

5

16

11

Cala

168

175

-33.9

-266

-20.2

-152.0

14

11

17

5

Telford

159

107

7.3

4.3

4.6

4.0

24

12

18

15

Kier

151

312

-62.4

-21.2

-41.3

-6.8

16

15

19

18

McInerney

127

256

-164

-175

-129.1

-68.4

22

14

20

4

Morris

112

163

11.9

17.3

10.6

10.6

18

9

Totals

10,910

16,204

(1,901)

(3,410)

All companies ranked according to their most recently filed accounts.

For more details on how Onyx Consultants Ltd and its Onyx Construction Marketing can help you do more work for the top house builders contact Andrew Fella 01473 743682 or visit the Onyx Website for more details.

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