Business
Preliminary Results
Preliminary Results.
About this update from Persimmon Plc
[{"type":"text","content":"\n Persimmon PLC\n26 February 2008\n\n\n26 February 2008\n\n\n\n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007\n Excellent results during a challenging year\n\n\nRecord pre-tax profits* up 1% to £585.1m (2006: £582.1m), 12th successive year\nof profit increase\n\nFull year dividend increased by 10% to 51.2p (2006: 46.5p) Final dividend of\n32.7p per share, 11th successive year of dividend growth\nOperating margin* increased to 21.8% (2006: 20.8%) following tight cost control\nand synergy savings\n\nAverage selling price increased by 1%, to £189,558 (2006: £188,129) with\nunderlying growth of 3%\nFull year synergy savings from the Westbury acquisition more than £50m\n\nSales of partnership homes up c.40% to 1,962 units\nIncreasing success of strategic land pull-through (8,181 plots)\n\nStrong and flexible balance sheet with gearing of 31% (2006: 33%)\nImproved cancellation rates reduced to c. 20% from over 30% in Autumn 2007\n140 outlets to be opened in H1 2008\n\n\n*Stated before goodwill impairment of £2.4m (2006 comparisons: stated before\nreorganisation costs of £15.4m)\n\n\n\nJohn White, Group Chairman said:\n\n'Persimmon has once again delivered an excellent result during what has been a\nvery challenging year. When confidence returns and sentiment improves we\nanticipate a return to a stronger market; in the meantime we remain cautious.\nHowever, with an experienced management team, strong balance sheet and excellent\nlandbank we remain confident for the future.'\n\n\n\nFor further information, please contact: Edward Orlebar\nJohn White, Group Chairman Charlotte McMullen\nMike Farley, Group Chief Executive Melanie Blewett\nMike Killoran, Group Finance Director M:Communications \nPersimmon plc Tel: +44 020 7153 1523\nTel: +44 (0) 20 7153 1523 on 26 February 2008 \nTel: +44 (0) 1904 642 199 thereafter\n\n\nA webcast of today's analyst presentation will be available on\nwww.persimmonhomes.com by 2pm today.\n\n\n\n CHAIRMAN'S STATEMENT\n\n\nPersimmon has once again delivered an excellent result during what has been a\nvery challenging year. The results we announce today show a further improvement\nover the record results of the previous year.\n\n\nRESULTS\n\nPre-tax profits for the year ended 31 December 2007 were £585.1 million (2006:\n£582.1 million). These results are stated before a goodwill impairment charge of\n£...