Business
Half Yearly Report
Half Yearly Report.
About this update from Persimmon Plc
[{"type":"text","content":"\n \nRNS Number : 4413P Persimmon PLC 19 August 2014 \n \n\nHALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014\n \nPersimmon plc today announces half year results for the six months ended 30 June 2014.\n \nHighlights\n \n· Underlying profit before tax* increased 57% to £212.9m (2013: £135.3m)\n· Revenue up 33% to £1.2bn (2013: £0.9bn)\n· Legal completions increased 28% to 6,408 new homes sold (2013: 5,022), average selling price increased 4.3% to £186,970 (2013: £179,199)\n· Further expansion of underlying operating margin* to 17.7% (2013: 15.1%), an increase of 260bps\n· Return on average capital employed* increased 54% to 21.7% (2013: 14.1%)\n· Strong land investment with 14,251 plots of land secured in the period bringing consented landbank to 82,250 plots\n· Continued success in securing planning consent for the Group's strategic land bank with 3,702 plots converted in the period, backed by a strengthening pipeline\n· Accelerating net free cash flow generation of £122.0m in the period (2013: £74.5m)\n· Net cash of £326.3m at 30 June 2014 (2013: £48.1m)\n· Underlying basic earnings per share* increased 61% to 54.8p (2013: 34.1p)\n· Current forward sales** 22% ahead at over £1.53bn (2013: £1.26bn)\n· Second payment of surplus capital under the Capital Return Plan of £214m (70p per share) paid 4 July 2014\n*stated before exceptional items and goodwill impairment\n**as at 18 August 2014\n \nJeff Fairburn, Group Chief Executive, said: \"Persimmon has produced another strong performance in the first half of 2014, taking advantage of the current market opportunities to deliver growth whilst strengthening the financial position of the business.\n \nAs we have entered the traditionally slower summer trading weeks, we have been encouraged by our private sale reservation rate since 1 July which is currently running 9% ahead of the same period last year. \n \nThese results demonstrate the ability of the Group to successfully execute its operational objectives to deliver the ten year strategic plan launched in 2012...