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Persimmon annual revenue falls 8.8%; sees second-half recovery
StockMarketWire.com
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House builder Persimmon said its annual revenue had slipped 8.8%, though the fall was buffered by a recovery in trading conditions during the second half.
Revenue for the year through December fell to £3.33 billion, down from £3.65 billion year-on-year, the company said in a trading update.
Home completions fell 14% to 13,575, down from 15,855, but included 8,675 completions in the second half.
The average home selling price rose by around 7% to £230,500.
Permission said a total forward sales value of £1.689 billion at 31 December provides a strong platform as it entered 2021.
Dividends for the full year would more than halve to 110p per share, down from 235p in 2019.
'Against the backdrop of the unprecedented challenges of 2020, Persimmon produced a robust performance for the year, as we continued to deliver the new homes the country needs,' chief executive Dean Finch said.
'The group's strong second half completions were supported by its advanced build coming into the year, an agile and effective response to the Covid-19 pandemic and resilient customer demand.'
'Recent events have served to further demonstrate the continuing near term uncertainties arising from the Covid-19 pandemic.'
'However, we believe that the longer term fundamentals of the UK housing market remain resilient and I am confident Persimmon will continue to deliver superior long term value for all of its stakeholders.'
Story provided by StockMarketWire.com
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