Persimmon reports robust trading ahead of AGM today

Jeff Fairburn the CEO for Persimmon, York....SH1001440h...9th June 2014 Picture by Simon Hulme
Jeff Fairburn the CEO for Persimmon, York....SH1001440h...9th June 2014 Picture by Simon Hulme
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Persimmon, Britain’s second-largest housebuilder, has reported robust trading since the start of the year, with sales conversion rates and cancellation rates in line with expectations.

The York-based housebuilder said total forward sales revenue, including completions, was up by about 8 per cent at £2.76bn.

Average selling prices of its homes rose to £236,500 from £229,500 a year earlier.

The trading update covering the period from January 1, 2018 to date comes ahead of its Annual General Meeting later today.

The group said it “continues to focus on building family housing at affordable prices across the UK”.

Persimmon said: “Customer activity since the start of the year has been encouraging with the Group’s total enquiry levels running around 13 per cent ahead of the prior year.

“This has resulted in robust trading since the start of the year with visitor levels to site, sales conversion rates and cancellation rates all running in line with our expectations.”

Earlier this year, three senior Persimmon directors agreed to forgo more than £50m after coming under fire from angry shareholders and politicians over a controversial bonus scheme.

Chief executive Jeff Fairburn will hand back up to £25m of his potential £100m bonus and chief financial officer Mike Killoran will give back around £24m of his potential £78m payout. Group managing director Dave Jenkinson will give back around £3m of his potential £40m payout, the firm said in February.

The move was seen as an attempt to appease investors ahead of the AGM.