Revenue up 8% at Persimmon

Revenue up 8% at Persimmon

Persimmon has announced its Final Results for the year ended 31 December 2016, with full year revenue up 8% to £3.14bn.

National housebuilder Persimmon has announced its results for 2016 describing it as an “excellent full year performance”.

Underlying profit before tax increased by 23% to £782.8m while legal completions increased by 599 new homes to 15,171. The average selling price increased by 3.8% to £206,765.

Nicholas Wrigley, Group Chairman, said: “Persimmon continued to perform strongly in 2016, meeting market demand with increased output and delivering disciplined high quality growth.

“The Group has now completed the first five years of its long term strategy which remains focused on growing Persimmon into a stronger, larger business while maintaining capital discipline and robust free cash generation.  The strength of the Group’s operating model is demonstrated by our ability to grow completion volumes by more than 60% and investing c. £2.6bn of cash in land through this period while simultaneously returning over £1.0bn of excess capital to shareholders.

“Customer activity in the early weeks of the 2017 spring season has been encouraging. The  further increase in the Capital Return Plan demonstrates the Board’s confidence in the Group’s prospects.”

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