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Investor Relations

Financial Headlines


Half year results for the six months ended 30 June 2011

  • Underlying pre-tax profit* of £59.7m up 52% (2010: £39.4m)
  • Earnings per share* of 15.5 pence, up 29% (2010: 12.0 pence per share)
  • Interim dividend of 4.0 pence per share, up 33% (2010: 3.0 pence per share) reflecting the improved underlying profitability of the business
  • Underlying operating margin* of 9.0% (2010: 8.0%) – continued improvement in underlying performance
  • Cash generation robust: £72.5m cash generated from operations (2010: £185.6m) – net borrowings** reduced to £15.2m (30 June 2010: £122.1m)
  • Revenues of £712.8m (2010: £776.6m)
  • Legal completions of 4,439 (2010: 4,657)
  • Average selling price*** 3.7% lower at £162,647 (2010: £168,936) due to mix change
  • Significant reduction in net finance costs to £4.5m (H1 2010: £22.7m)
  • 6.4% increase in net assets per share to 601.1p (30 June 2010: 565.1p)
  • Further optimisation of the Group’s debt portfolio through strong liquidity: early repayment of remaining Senior Loan Notes and new 5 year £300m revolving credit facility
  • 10% increase in forward sales at 22 August 2011 of c. £1,005m (23 August 2010: £912m) with improving margins. Weekly sales rates from 30 June 2011 running 4% ahead of the prior year
  • Further strengthening of total land holdings – owned and under control landbank of 62,364 plots – 7,493 plots added since December 2010 with c. 37% successfully converted from our strategic land portfolio
  • FirstBuy incentive successfully launched. Persimmon secured c. 20% of available funding to support over 2,000 first time buyers to enter the market

* Stated before goodwill impairment and exceptional items
** Stated before finance lease obligations and financing transaction costs
*** Calculated from nominal value of turnover – before fair value charge on shared equity sales

Nicholas Wrigley, Group Chairman said: “We remain committed to our strategic objectives of margin improvement and cash generation. As a consequence our teams across the country remain focussed on the basics of house building in their local markets which I am confident will deliver future success for the Group.”

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