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Persimmon Homes Welcomes Positive Results

The regional managing director of one of the UK’s largest house builders has today welcomed the announcement of the company’s positive group financial results.

Andrew Fuller, managing director of Persimmon Homes Anglia, says an increase in underlying profit, strong cash flow and a major announcement to return capital of £1.9 billion to shareholders over the next decade, puts the company in an extremely strong position.

“Persimmon’s strategy has been to deliver improving operating margins, invest in high quality land, increase profitability and generate surplus cash to pay down debt. This has proved very successful on all measures.

“Today’s long-term capital return announcement supports the development of the Group into a stronger, larger business over the next decade, enabling us to continue to deliver quality homes into the local community.”

The results are further supported by an excellent start to 2012, with weekly private sales rate per site circa 22% ahead of the prior year in the first eight weeks of 2012.

Mr Fuller added: “We opened six new developments in 2011 and are already looking forward to unveiling six more sites in the first half of this year – including in Norwich, Wymondham, Hoveton and Ipswich with more planned for later in 2012.

“Early indications for 2012 are promising, judging by the phenomenal interest we saw when we launched our Wentworth Green development in Norwich in January.

“A key recent appointment for Persimmon and Charles Church Anglia was the addition of New Technical Manager Dominic Blake in January, and we expect the number of new sites will create the need for further recruitment this year.”

Andrew Fuller himself celebrates a major milestone this May, having joined Persimmon Homes 25 years ago as an apprentice.

“I can’t quite believe it has been a quarter of a century,” he said. “The years have flown by and I am immensely proud to have served the company and its customers for so long.”

Sales revenues for the year ended 31 December 2011 were £1.54 billion (2010: £1.57 billion). Underlying pre-tax profits, stated before exceptional items and goodwill charges of £148.1 million were 55% ahead of £95.5 million achieved in the prior year.

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