Persimmon delivers “excellent” performance in 2017

Jeff Fairburn of Persimmon
Jeff Fairburn of Persimmon
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PERSIMMON today said it had delivered an “excellent” performance in 2017, after a year of “disciplined high quality growth”.

Revenue for the year was up by 9 per cent to £3.42bn and there was also a 25 per cent increase in underlying profit before tax to £977.1m.

The housebuilder is led by chief executive Jeff Fairburn.

Nigel Mills, senior independent director and acting chairman, said: “Persimmon’s performance in 2017 has been excellent. The group’s focus on high quality growth, coupled with capital discipline, has accelerated the delivery of our strategic objectives and generated record returns for our shareholders.

“The group’s outstanding performance is demonstrated by both the strength of the financial position of the business and the quality of the asset platform, which provides the opportunity to continue to deliver excellent returns moving forwards.

“Since the launch of the group’s new strategy in 2012 the group has increased new home completion volumes by more than 70% and invested c. £3.18bn of cash in land while simultaneously returning c. £1.49bn of surplus capital to shareholders.”

“The start to the spring sales season in 2018 has been encouraging with the group’s private sales rate per site being 7% higher than last year at this point. The further increase in the Capital Return Plan demonstrates the board’s confidence in the group’s prospects.”