Business
PRELIMINARY RESULTS FOR THE Y
PRELIMINARY RESULTS FOR THE Y.
About this update from Persimmon Plc
[{"type":"text","content":"\n RNS Number : 1813O Persimmon PLC 03 March 2009 \n \n\n\n\nTUESDAY 3 MARCH 2009\nPRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008\n\nHighlights\n\n\n\nNew credit facilities of £1,085 million, giving the business a secure long term platform from which to operate \n\n\n\n\nUnderlying pre-tax profits of £126.6 million* down 78% (2007: £585.1 million) \n\n\n\n\nUnderlying operating margin of 11.3%* (2007: 21.8%)\n\n\n\n\nLegal completions for 2008 of 10,202, a reduction of 36% on last year (2007: 15,905) which generated revenues of £1.755 billion down 42% (2007: £3.015 billion). The number of affordable home units completed rose 22% to 2,389 (2007: 1,962) \n\n\n\n\nUnderlying earnings per share of 35.3p* (2007: 138.3p) reduced by 74% reflecting the further deterioration in trading conditions\n\n\n\n\nAverage selling price of £172,994** decreasing by 8.7% (2007: £189,558) as a result of continued pressure on prices and a 22% increase in affordable homes completions\n\n\n\n\nPre-tax loss for the year of £780.0 million after all exceptional items of £904.8 million including non cash impairments of land and work in progress of £652.3 million and goodwill of £201.0 million\n\n\n\n\nBorrowings reduced to c.£599 million (2007: c.£721 million) - large free cash inflow through second half of £325 million: c.£175 million net H2 operating cash receipts***, plus c.£150 million tax repayment \n\n\n\n\nNet assets of over £1.55 billion, (2007: £2.35 billion) giving gearing of 39% (2007: 31%) and net assets per share of 518.0p (2007: 781.4p)\n\n\n\n\nLandbank of 69,279 plots compared to 78,863 plots in 2007 which equates to 6.8 years' land supply \n\n\n\n\nCurrent forward sales of £697.5 million, down from £1,050.0 million in the prior year, a reduction of 34%\n\n\n\n\nNo final dividend payment for 2008 and no dividend for 2009 reflecting the company's cautious outlook and cash conservation strategy \n\n\n\n\nGovernment grant allocation for c. 2,800 properties on c. 200 sites in the new HomeBuy Direct shared equity scheme\n\n\n\n* Stated before exceptional charges and goodwill impairment \n** Stated before the IAS 18 adjustment to reduce revenue by £9.8 million to fair value the deferred element of shared equity sales receipts (2007: £nil)\n*** ...