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    PSN   GB0006825383

PERSIMMON PLC

(PSN)
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Delayed London Stock Exchange  -  05/20 11:36:00 am EDT
2120.00 GBX   +1.78%
05/04Henry Boot's Land Promotion Arm Closes Sale of Residential Plots in UK
MT
04/27Persimmon's Current Forward Sales Slightly Down In Q1
MT
04/27UK's Persimmon reaffirms strong demand view despite inflation woes
RE
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UK's Persimmon forecasts higher 2021 margin, appoints new CFO

01/13/2022 | 02:57am EDT
FILE PHOTO: Buildings and construction cranes are seen through a heat haze in London

* Forecasts 2021 underlying oper margin of 28% vs 27.6% year ago

* Says 2021 new homes completions at 14,551 vs 13,575 in 2020

* Annual group revenue rises 8.4% to 3.61 bln pounds

Jan 13 (Reuters) - Britain's No. 2 homebuilder Persimmon Plc forecast on Thursday higher profit margins for the 2021 fiscal year as demand for new homes remained strong, and also named Aviva's Jason Windsor as its chief financial officer.

Shares in the company, however, fell 3% by 0927 GMT. Analysts at J.P.Morgan said Persimmon's statement was a mixed bag, with "slightly softer than expected volumes offset by better average selling prices and margins".

Persimmon's update also coincides with a tough week for UK homebuilders on the regulatory front after Britain asked top firms to pay for a larger share of the estimated 15 billion pound ($20.60 billion) cost of removing flammable cladding on apartment blocks.

Other housebuilders, including top player Barratt and No.3 Taylor Wimpey <TW.L also saw their stocks decline, with the homebuilders' index down 3.3%.

Smaller rival Countryside Properties fell about 22% after flagging weak first-quarter performance and announcing the departure of its CEO.

UK homebuilders, nevertheless, have outperformed the broader real estate sector since the coronavirus pandemic as the preference for larger homes suitable for remote working, cheap loans, and an extended tax break that expired in September have kept the undersupplied housing market resilient.

Red-hot house prices in the UK have helped homebuilders stave off cost pressures from supply chain disruptions and labour shortages.

Persimmon said it expects its 2021 underlying operating margin to be about 28%, 0.4 percentage points above the year-ago period, while revenue rose 8.4% to 3.61 billion pounds.

The company constructed 14,551 new homes, compared with 13,575 units a year earlier, while forward sales, the contract signed between buyers and homebuilders for a purchase-and-sale agreement at a fixed future date, stood at 1.62 billion pounds, 20% ahead of pre-pandemic levels.

Persimmon also said Windsor, the group CFO with insurance firm Aviva Plc, is expected to join the company during the summer and will replace current CFO Mike Killoran, who is retiring this month.

($1 = 0.7289 pounds) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips and Kim Coghill)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 0.78% 412.1 Delayed Quote.-23.69%
COUNTRYSIDE PARTNERSHIPS PLC 6.86% 243 Delayed Quote.-46.00%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
PERSIMMON PLC 1.78% 2120 Delayed Quote.-25.77%
All news about PERSIMMON PLC
05/04Henry Boot's Land Promotion Arm Closes Sale of Residential Plots in UK
MT
04/27Persimmon's Current Forward Sales Slightly Down In Q1
MT
04/27UK's Persimmon reaffirms strong demand view despite inflation woes
RE
04/27PERSIMMON : Trading Update 27 April 2022 1 items
PU
04/27PERSIMMON PLC : Press Release
CO
04/27PERSIMMON PLC : 1st quarter results
CO
04/26PERSIMMON PLC : Crossing thresholds
CO
04/20PERSIMMON PLC : Crossing thresholds
CO
04/13UK's housebuilders commit $6.5 billion to fix cladding
RE
04/13UK's housebuilders commit $6.5 bln to fix cladding
RE
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Financials
Sales 2022 3 862 M 4 814 M 4 814 M
Net income 2022 811 M 1 010 M 1 010 M
Net cash 2022 1 128 M 1 406 M 1 406 M
P/E ratio 2022 8,30x
Yield 2022 11,3%
Capitalization 6 767 M 8 435 M 8 435 M
EV / Sales 2022 1,46x
EV / Sales 2023 1,44x
Nbr of Employees 5 196
Free-Float 96,4%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 2 120,00 GBX
Average target price 2 993,29 GBX
Spread / Average Target 41,2%
EPS Revisions
Managers and Directors
Dean Kendal Finch Group Chief Executive Officer & Director
Jason Michael Windsor Chief Financial Officer
Roger William Devlin Chairman
Nigel Gordon Mills Senior Independent Director
Peter Simon Litherland Independent Non-Executive Director
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