{"id":31247,"date":"2017-02-27T14:44:57","date_gmt":"2017-02-27T14:44:57","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=31247"},"modified":"2017-02-27T14:44:57","modified_gmt":"2017-02-27T14:44:57","slug":"house-completions-grow-four-per-cent","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/house-completions-grow-four-per-cent\/31247\/","title":{"rendered":"House completions grow four per cent as profits hit \u00a3775m, says Persimmon"},"content":{"rendered":"

Housebuilder Persimmon has revealed it saw a profit growth as the number of house completions also rose four per cent<\/h2>\n

There is good news for housebuilder Persimmon. The firm<\/a> said it managed to increase the number of house completions by four per cent last year and deliver a rise in pre-tax profits.<\/p>\n

This will undoubtedly be welcome news for the sector. Earlier this month Barratt Developments also revealed it had seen profits grow<\/a>, although completions dropped. The firm saw an 8.8 per cent increase in the six months to 31 December 2016.<\/p>\n

Furthermore, a recent analysis from Barbour ABI suggested housebuilding has dominated construction activity<\/a> since the start of the year. With new contracts increasing to \u00a36bn it appears the sector is thriving.<\/p>\n

Persimmon is the latest housebuilder to benefit from the buoyant market. The firm said the strong housing market had seen its operating margins expand.<\/p>\n

Profits increased<\/h3>\n

The firm said revenue during 2016 increased by eight per cent, hitting \u00a33.14bn compared to the previous year. This lead to a 23 per cent growth in pre-tax profits to \u00a3782.8m and a 19 per cent increase in underlying basic earnings per share to 205.6p.<\/p>\n

There was also an increase in the operation margin, which hit 25.7 per cent, while the average capital employed grew to 39.4 per cent\u2014up from 32.1 per cent.<\/p>\n

At the end of 2016, the housebuilder said it had a net cash of \u00a3913m. This was up from the previous year\u2019s figure of \u00a3570.4m.<\/p>\n

Chairman Nicholas Wrigley said: “The group has now completed the first five years of its long term strategy which remains focused on growing Persimmon into a stronger, larger business while maintaining capital discipline and robust free cash generation.<\/p>\n

“Customer activity in the early weeks of the 2017 spring season has been encouraging. The further increase in the capital return plan demonstrates the board’s confidence in the group’s prospects.”<\/p>\n

Future plans<\/h3>\n

Persimmon said it planned to give more cash back to shareholders through its capital return plan to 2021.<\/p>\n

It also shared plans to cut its overheads. Chief executive Jeff Fairburn said this would include increasing production at Persimmons\u2019 off-site timber frame business Space 4<\/a> and its new concrete brick plant due to launch by April.<\/p>\n

The brick factory, located near Doncaster, is expected to produce 80 million bricks a year\u2014two thirds of the demand needed by the housebuilder\u2014and will see the \u00a310m upfront investment paid back in around three years.<\/p>\n

Meanwhile, Space 4 will increase production.<\/p>\n

Fairburn said: \u201cThe Space4 factory has the capacity to increase production to support the construction of around 8,000 new homes each year.<\/p>\n

\u201cWe are continuing to investigate the further development of the Space4 build processes driven by the design of the group house types, to secure further improvements for the business.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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