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28/02/2017
Persimmon Homes Reports 23% Rise In Profits
Persimmon Homes has reported a 23% rise in profits following a "strong" financial performance in 2016.
With profits increasing to £782.8 million from £637.8m in 2015, and full year revenue up 8% to £3.14 billion (2015: £2.90bn), the Group said its ten-year strategic plan is "well ahead of original expectations".
In addition, the company reported completions rising from 14,572 to 15,171 for the year, while forward sales jumped 9% to £1.89bn (2016: £1.74bn).
Nicholas Wrigley, Group Chairman, said the company "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," he said.
"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."
(LM/MH)
With profits increasing to £782.8 million from £637.8m in 2015, and full year revenue up 8% to £3.14 billion (2015: £2.90bn), the Group said its ten-year strategic plan is "well ahead of original expectations".
In addition, the company reported completions rising from 14,572 to 15,171 for the year, while forward sales jumped 9% to £1.89bn (2016: £1.74bn).
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Nicholas Wrigley, Group Chairman, said the company "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," he said.
"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."
(LM/MH)
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