黑洞社区

Housebuilder Persimmon today reported full-year pre-tax profit of 拢77.8m, recovering from a loss of 拢780m in 2008.

However, the profit, on revenues of 拢1.42bn, down 19% from the 拢1.76bn reported in 2008, was largely due to a 拢74.8m write back of land value. The firm said underlying profits were just 拢7m.

This was down 94% on the underlying profit of 拢126m in the previous year. The housebuilder's full pre-tax profit in 2008 was hit by a 拢904m writedown in land and goodwill.

The firm said the fall in underlying profit hid a much stronger performance in the second half of the year, with 拢23.7m of profits in that period following losses in the first half.

The results were gained on sales of 8,976, down from the 10,202 recorded in 2008, with average selling price also down 7% to 拢160,513.

The firm said it had made 拢260m worth of sales since the start of the year, with a total of 拢900m of forward sales for 2010, compared to just 拢700m at the same point last year.

The firm said it would open 90 sites in the first six months of 2010 and had reduced debt to just 拢267.5m, down from 拢600.5m last year.

John White, Group Chairman, said: 鈥淥ur cash generation and cost control have placed the business in a strong position both operationally and financially for a recovering market. Prices have held firm since the beginning of the year and we remain focused on improving our operating margins and to profitably grow the business.鈥�