But housebuilder also reports 2% drop in selling prices and fall in revenue
Housebuilder Persimmon has announced a 55% hike in pre-tax profit for 2011.
It said pre-tax profit for the year to December 31 was 拢148.1m, against a 2010 figure of 拢95.5m, however full-year revenue declined to 拢1.54bn from 拢1.57bn.
Persimmon also reported a 2% drop in average selling price, from 拢169,339 in 2010 to 拢166,142 last year, citing a greater proportion of first-time-buyer homes in the sales 鈥渕ix鈥�.
Legal completions were down slightly from 9,384 in 2010 to 9,360 last year.
Group chairman Nicholas Wrigley said the jump in profit was the result of improved operating margins, investing in high quality land and generating surplus cash to pay down debt.
鈥淟ooking ahead, we have made a strong start to the year, with forward sales up by 9.4% to 拢927 million,鈥� he said.
鈥淰isitor levels and reservations continue on an improving trend and, although we expect the UK housing market to remain difficult.鈥�
Persimmon also announced plans to return 拢1.9bn in cash to shareholders from 2013 to 2021, following a strategic review.
No comments yet