Persimmon (PSN)

[daveh]

This info from the Company News segment on the Persimmon page on HL;

GOVT SAID TO HAVE DROPPED DEMANDS ON HOUSEBUILDERS FOR £4BN CLADDING FUND

Shares of London-listed housebuilders rallied on Monday following a report the government is dropping its demand for them to contribute towards a £4bn cladding remediation fund.

The government is embroiled in discussions with the Home Builders Federation (HBF) over a plan to remediate dangerous cladding on buildings of between 11 metres and 18 metres high. Housing secretary Michael Gove had set a deadline of Thursday 31 March for an agreement to be made.

Construction News said it was understood the two parties are "nearly there" in agreeing on terms, but that the £4bn remediation fund is not being discussed at the moment. Instead, housebuilders would pledge to remediate the medium-rise buildings they have built over the last 30 years and not apply to the Building Safety Fund (BSF) for the funding.

That would free up the remainder of the £5.1bn BSF to be used to remediate buildings higher than 18 metres.

The news sent housebuilding shares surging. At 1110 BST, Persimmon was up 4.8% and Barratt Developments was 4.5% higher, while Berkeley and Taylor Wimpey were both 3.8% firmer.

https://www.hl.co.uk/shares/shares-sear ... dinary-10p

Persimmon up 3% as I type.

Ian.

Now a done deal:

https://www.investegate.co.uk/persimmon ... 04543156H/

Persimmon signs UK Government's Developer Pledge

Following constructive discussions with the Department for Levelling Up, Housing and Communities ("DLUHC"), Persimmon is pleased to announce that it has signed DLUHC's Developer Pledge ("the Developer Pledge") which sets out the industry's commitments to removing cladding and remediating fire safety issues in buildings over 11 metres.

[idpickering]

Now a done deal:

https://www.investegate.co.uk/persimmon ... 04543156H/

Persimmon signs UK Government's Developer Pledge

Following constructive discussions with the Department for Levelling Up, Housing and Communities ("DLUHC"), Persimmon is pleased to announce that it has signed DLUHC's Developer Pledge ("the Developer Pledge") which sets out the industry's commitments to removing cladding and remediating fire safety issues in buildings over 11 metres.

Thanks for your input. Much appreciated.

Ian.

[Sorcery]

This info from the Company News segment on the Persimmon page on HL;

GOVT SAID TO HAVE DROPPED DEMANDS ON HOUSEBUILDERS FOR £4BN CLADDING FUND

Shares of London-listed housebuilders rallied on Monday following a report the government is dropping its demand for them to contribute towards a £4bn cladding remediation fund.

The government is embroiled in discussions with the Home Builders Federation (HBF) over a plan to remediate dangerous cladding on buildings of between 11 metres and 18 metres high. Housing secretary Michael Gove had set a deadline of Thursday 31 March for an agreement to be made.

Construction News said it was understood the two parties are "nearly there" in agreeing on terms, but that the £4bn remediation fund is not being discussed at the moment. Instead, housebuilders would pledge to remediate the medium-rise buildings they have built over the last 30 years and not apply to the Building Safety Fund (BSF) for the funding.

That would free up the remainder of the £5.1bn BSF to be used to remediate buildings higher than 18 metres.

The news sent housebuilding shares surging. At 1110 BST, Persimmon was up 4.8% and Barratt Developments was 4.5% higher, while Berkeley and Taylor Wimpey were both 3.8% firmer.

https://www.hl.co.uk/shares/shares-sear ... dinary-10p

Persimmon up 3% as I type.

Ian.

Now a done deal:

https://www.investegate.co.uk/persimmon ... 04543156H/

Persimmon signs UK Government's Developer Pledge

Following constructive discussions with the Department for Levelling Up, Housing and Communities ("DLUHC"), Persimmon is pleased to announce that it has signed DLUHC's Developer Pledge ("the Developer Pledge") which sets out the industry's commitments to removing cladding and remediating fire safety issues in buildings over 11 metres.

Well I am not sure whether any of this is good for Persimmon. There was an article in the telegraph yesterday
https://www.telegraph.co.uk/business/20 ... -cladding/
the link is almost self explanatory as a title.

It's baffling why Gove has beeb behaving in this way. Most houses are not more than 10m high and probably did not involve cladding. So why are housebuilders being picked on?

[idpickering]

Trading Statement

Persimmon's market positioning, delivering a range of high quality homes that are attractively priced1 in areas where people wish to live and work, has continued to generate strong demand in a supportive UK housing market. The Group, which had a relatively low number of outlets coming into the year (c. 290 active outlets), has had an encouraging start to 2022 with trading in line with expectations and private average weekly sales rates running c. 2% higher year on year. Demand for new homes continues to outstrip supply with good levels of customer enquiries and cancellation rates remaining at low levels.

The Group's current forward sales position, including year to date legal completions, reflects this lower outlet position, at c. £2.8bn (2021: c. £3.0bn). The average selling price for homes sold to private owner occupiers in the forward order book is c. £266,000 (2021: c. £252,000).

We are seeing good momentum in growing our outlet position and are successfully bringing through sites into construction. The Group is currently on track to open c. 75 new outlets during the first half of 2022, subject to achieving timely planning consents. We had opened over half of these outlets by the end of March 2022, resulting in around 300 active outlets across the UK, providing a strong platform for growth. Advancing our build programmes, in order to meet demand and provide more choice for our customers, whilst maintaining high levels of build quality, remains a key focus for the business and we are pleased with the build rates we are achieving.

We are continuing to invest in high quality land opportunities at industry-leading embedded margins to provide a strong platform for the Group's future growth. Approximately 6,600 plots have been brought into the business in 22 locations across the UK during the period, with almost half of last year's delivered plots being replaced in the first three months of this year.

Our vertical integration, through our Space4 timber frame facility, and our Brickworks and Tileworks manufacturing facilities, continues to provide efficiencies in our build programme and enhanced security of supply. They also provide some mitigation to the cost pressures being experienced across the sector. There has been an easing of some of the supply chain issues experienced during 2021, however we are mindful that the situation remains uncertain, with some isolated instances of product shortages occurring which the business is currently managing. We expect our industry-leading margins to remain resilient, with good levels of price growth currently mitigating the impact of build cost inflation.

Persimmon has a strong balance sheet and high levels of liquidity. After returning £399m to shareholders on 1 April 2022 and investing £314m in high quality land opportunities at industry-leading embedded margins, the Group held £446m of cash at 22 April 2022 with deferred land commitments of approximately £160m to the end of the current year. In addition, the Group has an undrawn £300m Revolving Credit Facility, which has a four year term to 31 March 2026.

https://www.investegate.co.uk/persimmon ... 00094459J/

[cshfool2]

From the PSN trading update

"We anticipate that our first half completions will be lower than those delivered in the first half of 2021 but given the encouraging start to the year, we expect our first half result to fall only modestly short of that delivered to June 2021. We anticipate a greater proportion of completions in the second half of 2022 as our outlet numbers increase."

Is this a profit warning in disguise? Or at least guidance to lower expectations a little bit.

csh

[idpickering]

Trading Update.

Dean Finch, Group Chief Executive, said:

"I am pleased we have further enhanced our build quality in the period while also driving build efficiency to historical highs and increasing housing gross margin. We continued to complement this progress with high quality, disciplined investments in land driving growth in our outlet position. We have delivered this despite the significant on-going challenges being faced by the industry. As we rebuild our outlet position, delays in the planning system, disruption in material supply chains and challenges in securing labour have impacted completions in the period. We anticipate, however, profit at the half year to be modestly above our expectations reflecting strong demand and positive pricing conditions. Our forward sales position is robust.

"Our disciplined investment is further enhancing our strong land holdings which alongside our rigorous focus on margins is underpinning our continued financial strength. We are expanding our unique vertical integration capabilities to provide further supply resilience and cost efficiency. Our enhanced product range and service quality are strengthening our customer proposition. My ambition firmly remains for Persimmon to become Britain's best housebuilder for both customers and shareholders alike, by resolutely focusing on the delivery of high quality homes, improved customer service and strong financial returns."

Highlights

6,652 legal completions (2021: 7,406)

otal revenue1 of £1.69bn (2021: £1.84bn)

Forward sales of £1.87bn (2021: £1.82bn)

Improving housing gross margin with house price inflation currently offsetting build cost inflation

300 active outlets at 30 June 2022 with c. 70 forecast to open in H2 2022

8,800 plots of land brought into the business across 37 sites at industry-leading embedded margins

£0.78bn of cash at 30 June 2022 (June 2021: £1.32bn)

Five-star builder - improving current customer satisfaction score of 92.2%2

https://www.investegate.co.uk/persimmon ... 00075921R/

Ian.

[idpickering]

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

Persimmon Plc today announces its half year results for the six months ended 30 June 2022.

 Strong demand - average private sales rate for the period c.1% ahead year on year, with robust forward sales
position and re-iterate guidance of 14,500 -15,000 legal completions this year;
 6,652 new home completions (2021: 7,406) as Group rebuilds its outlet position;
 Robust financial performance delivering industry-leading margins and ROCE;
 Strong customer service, build quality and efficiency;
 On track to achieve c.10% increase in active outlets by the end of the current year with 60 outlets opened in the
period;
 8,829 plots brought into the business across 37 locations – a replacement rate of over 130%;
 Returned £750m to shareholders by July 2022.

And later;

On 1 April 2022 125p per share (or £399.0m) of surplus capital was returned to shareholders as an interim cash
dividend in respect of the financial year 31 December 2021.
On 8 July 2022 110p per share (or £351.1m) of surplus capital was returned to shareholders as an interim cash
dividend in respect of the financial year 31 December 2021.
In total, 235p per share of surplus capital has been returned to shareholders during 2022 in respect of the financial
year 31 December 2021. There will be no further distributions to shareholders in relation to the financial year 31
December 2021.

https://www.persimmonhomes.com/corporat ... t-2022.pdf

RNS here; https://www.investegate.co.uk/persimmon ... 00072430W/

Ian.

[idpickering]

TRADING STATEMENT AND CAPITAL ALLOCATION POLICY UPDATE TUESDAY 8th NOVEMBER.

Highlights
 Resilient sales performance for the period – average net private weekly sales rate per outlet for the
period of 0.60 (2021: 0.78); £0.77bn of forward sales reserved beyond the current year (2021:
£1.15bn).
 Good progress on build rates - c. 20% ahead of the prior year.
 On track to deliver full year 2022 volume target of between 14,500 to 15,000 homes, despite some
increased risk from recent elevated cancellation rates.
 Five star quality and service - levels of customer satisfaction remain above 90%
 Industry leading margins - balance of inflationary pressures being managed well supporting resilient
industry leading margins.
 Projected cash position of c. £700m at 31 December 2022, after total capital return of £750m paid
in the year to date.
 Building safety provision expected to be increased to £350m reflecting the broader scope
demanded by Government, additional developments becoming eligible and clearer costings from
pro-active engagement.
 Previous capital return programme to be replaced with new, forward looking capital allocation policy
- which balances sustainable returns for shareholders with the need to invest in the Group’s future
success.

Dean Finch, Group Chief Executive, commented:

“Persimmon entered 2022 in a strong position with healthy forward sales and good weekly sales rates
which continued throughout the first half of the year. This, together with our increasing levels of build
efficiency, means we are well positioned to deliver new home completions for the year within our
previously stated target range, while maintaining an industry-leading housing margin, despite the recent
deterioration in market conditions leading to increased cancellation rates.
“Rising interest rates and broader economic uncertainty are clearly impacting mortgage lending and
customer behaviour and this is reflected in our recent weekly sales rates and forward sales position.
Persimmon enters this more challenging period as a five-star builder, with average selling prices below
the market average, high quality land holdings, and a robust balance sheet. The recent strengthening
of our land holdings with disciplined investment will maintain our industry-leading embedded margins.
“Our highly experienced senior operational management team are drawing on their decades of detailed
knowledge across many housing cycles to continue to rigorously assess every aspect of our business
to ensure we are building quality homes for customers in the most cost-efficient manner. This relentless
focus on customers, cost-efficiency, cash management and disciplined investment will help us navigate
this more challenging market while also strengthening our ability to capitalise on future opportunities.
We recognise how important sustainable returns are for our shareholders and today we are setting out
a new capital allocation policy that balances this with the need to invest in our future success.
“We were proud to lead the industry with our pledge to protect leaseholders from the costs of cladding
removal in any multi-storey development built by Persimmon. We have made good progress and
continue to proactively engage with management companies to agree work plans. This proactive
programme, together with more certainty over the broadened scope of work required by the
Government, means we are increasing our provision to meet our pledge to protect leaseholders.”

https://www.persimmonhomes.com/corporat ... update.pdf

RNS here; https://www.investegate.co.uk/persimmon ... 00066009F/

Ian.

[daveh]

Some interesting comments on the dividend in the RNS:

Capital allocation

The Board recognises the importance of sustainable dividends for shareholders and will continue to prioritise value creation from a strong return on capital. Following a review and reflecting the increased uncertainty in the political and macro-economic environment, alongside increased corporation tax and the residential property developer tax, the Board has decided to conclude the previous capital return programme, which was introduced in 2012.

The Board will implement a new Capital Allocation Policy with the following key principles:



● Invest in the long-term performance of Persimmon by ensuring the business retains sufficient capital to continue our disciplined and appropriately timed approach to land acquisition.

● Operate prudently, with low balance sheet risk, and a continued focus on achieving a superior return on capital.

● Ordinary dividends will be set at a level that is well covered by post-tax profits, thereby balancing capital retained for investment in the business with those dividends.

● Any excess capital will be distributed to shareholders from time to time, through a share buyback or special dividend.



The 2022 dividend per share will be announced in March 2023, alongside the Group's full year 2022 results, and paid in Q2 2023. Guided by the new policy, when proposing the 2022 dividend the Board will carefully consider the business' performance, financial position and outlook at that time. There will be no special distribution for 2022.

For the 2023 financial year and onwards, dividends will be paid out semi-annually, with an interim dividend for 2023 expected to be paid in the second half of 2023.

I expect we will be getting lower dividends in the future than was seen with the capital return program from 2012 onwards, but back to a more normal policy of interim and final dividends each year.

[idpickering]

PSN are down 3.7% today.

This might have something to do with it;

UBS DOWNGRADES PERSIMMON TO 'SELL'.

Persimmon slumped on Monday as UBS downgraded its stance on the housebuilder to 'sell' from 'neutral' and cut the price target to 1,230p from 1,290p as it cited the further risk of a de-rating.
"We think Persimmon faces further downside risk as margins and returns start to revert to the sector mean over time," the bank said.

"The shares remain at a premium to the sector on 1.3x P/TNAV versus sector on 0.95x (2022E), and 1.2x P/TNAV versus sector on 0.87x (2023E). We think that premium could narrow as margins and returns start to mean revert, in addition to the absolute downdraft expected from falling volumes and prices in 2023/24E."

UBS said it thinks the shares still benefit from a historically superior return on capital employed but it is concerned that as this premium fades, so could the shares.

UBS noted that reservations rates are currently very weak, with Persimmon reporting 0.48 sales per site per week in the six weeks prior to November 7, which it think equates to a 40% year-over-year fall.

"The trend has sequentially still deteriorated," it said. "We expect sales rates to pick up to 0.60 in 2023E as mortgage rates reduce but this still means completions could be down -30% in 2023E (our new base case).

"Despite the slow sales rates, management does not envisage higher sites, reflecting a combination of planning delays but also reluctance to invest given market uncertainty. We expect house prices to start falling more materially into 2023 (UBSE -10% over next 12 months), which would then pressure margins over time.

https://www.hl.co.uk/shares/shares-sear ... dinary-10p

See the Company News on that page for the full item.

Ian.

[AsleepInYorkshire]

PSN are down 3.7% today.

This might have something to do with it;

UBS DOWNGRADES PERSIMMON TO 'SELL'.

Persimmon slumped on Monday as UBS downgraded its stance on the housebuilder to 'sell' from 'neutral' and cut the price target to 1,230p from 1,290p as it cited the further risk of a de-rating.
"We think Persimmon faces further downside risk as margins and returns start to revert to the sector mean over time," the bank said.

"The shares remain at a premium to the sector on 1.3x P/TNAV versus sector on 0.95x (2022E), and 1.2x P/TNAV versus sector on 0.87x (2023E). We think that premium could narrow as margins and returns start to mean revert, in addition to the absolute downdraft expected from falling volumes and prices in 2023/24E."

UBS said it thinks the shares still benefit from a historically superior return on capital employed but it is concerned that as this premium fades, so could the shares.

UBS noted that reservations rates are currently very weak, with Persimmon reporting 0.48 sales per site per week in the six weeks prior to November 7, which it think equates to a 40% year-over-year fall.

"The trend has sequentially still deteriorated," it said. "We expect sales rates to pick up to 0.60 in 2023E as mortgage rates reduce but this still means completions could be down -30% in 2023E (our new base case).

"Despite the slow sales rates, management does not envisage higher sites, reflecting a combination of planning delays but also reluctance to invest given market uncertainty. We expect house prices to start falling more materially into 2023 (UBSE -10% over next 12 months), which would then pressure margins over time.

https://www.hl.co.uk/shares/shares-sear ... dinary-10p

See the Company News on that page for the full item.

Ian.

This doesn't come as a surprise Ian. At least not to me. Redrow, Bellway and Gleeson, being three I've looked at (and own two) are all trading below book value now. I've not checked PSN's RNS feed to see if they have alerted the market to any issues relating to the withdrawal of mortgages during the Truss ship scuttling mini budget.

AiY(D)
Edit: Latest RNS

[idpickering]

Trading Statement.

Dean Finch, Group Chief Executive, commented:

"Persimmon has delivered a strong performance for 2022 which has been achieved despite headwinds from supply constraints in the early part of the year and a more challenging sales environment in the second half. We delivered 14,868 new homes to customers in the year, towards the top end of our guidance, whilst maintaining five-star quality. Customers remain at the heart of our business with our continued focus on quality and affordability.

"In the second half of the year, rising interest and mortgage rates, inflation and weaker consumer confidence began to impact customer behaviour across the housing market. This change in market conditions gathered pace in the fourth quarter and is reflected in the reduction in our recent weekly sales rates and a lower forward sales position as we enter the new financial year . However, with high quality land holdings, a strong balance sheet and an experienced management team, Persimmon is well placed to navigate this challenging short-term backdrop, whilst continuing to take advantage of any opportunities that may arise.

" The longer-term demand for new homes remains strong. We have made significant progress over the past two years in augmenting the Group's longstanding commercial excellence with renewed operational capabilities building a stronger, more sustainable business for the future.

"I would like to thank our colleagues, sub-contractors and suppliers for their commitment and support in 2022. Their hard work has helped ensure that Persimmon remains well positioned to serve customers across the UK who seek high quality, sustainable and energy efficient homes at a price they can afford."

https://www.investegate.co.uk/persimmon ... 00034573M/

I hold.

Ian.

[idpickering]

Full Year Results.

Dean Finch, Group Chief Executive, commented:

"Persimmon delivered a very strong performance in 2022. I am particularly pleased we combined strong financial results with five-star customer service and quality. I would like to thank colleagues across the Group who have been working hard to deliver the dream of homeownership for our customers during one of the most turbulent years anyone can remember. The strength of our financial and customer service results is testament to their hard work and commitment.

"The market remains uncertain. Our marketing campaign has helped improve the Group's sales rates in the new year from the lows at the end of 2022, but they still remain lower year on year. We have carefully managed our pricing, recognising the improved value and energy efficiency of our product in these difficult times and sales prices have proved resilient. We responded quickly to stimulate sales, enhance cost controls and preserve cash, promptly slowing new land investment in the fourth quarter of last year. Nonetheless, the sales rates seen over the last five months mean completions will be down markedly this year and as a consequence, so will margin and profits. However, it is too early to provide firm guidance.

"Looking further ahead, the fundamentals underpinning demand for new homes remain strong and we continue to target disciplined growth in the coming years while continuing to enhance our quality and service credentials. Persimmon benefits from industry-leading embedded margins in its existing land portfolio. This is a strong platform for growth from next year as we look to expand our outlet network to provide the capacity to deliver ahead of pre-Covid volumes in the future. A more proactive approach to securing permissions is starting to demonstrate success despite ongoing difficulties in the planning system. We are prioritising securing consents on sites we already own and will complement this through targeted investment in outstanding new land opportunities at the right time.

"The hard work of recent years has built a stronger and more sustainable Persimmon for the future. With a well-positioned product delivered with more consistent quality and service, together with our high quality land holdings, we are well-placed to succeed in the years ahead by growing our outlet network, increasing the number of five-star homes we build, responding swiftly to market changes and delivering sustainable returns to shareholders."

A strong trading performance combined with five-star quality for the first time

•

Underlying operating profit 2 up 4% year on year to over £1bn.

•

Profit before tax of £730.7m reflecting the increase in our provision by £275.0m to £350.0m (before spend to date) for building safety remediation.

•

HBF customer satisfaction score 4 remained above the 90% five-star threshold for the year with continued focus on further improvements through our Persimmon Way build excellence programme.

•

Average selling price increased 5% year on year, reflecting house price inflation and a more sophisticated approach to pricing in local markets.

•

Build rates up 8% year on year, with the second half of the year particularly strong at 15%.

•

Industry-leading underlying operating margin 5 position maintained at 27.2% (2021: 28.0%) as careful cost management and the Group's vertical integration helped mitigate build cost inflation of 8-10% through the year.

•

Strong cash generation of £1,002.7m (2021: £1,209.8m) before capital return of £750.1m and net land spend of £637.6m. Cash held at 31 December 2022 £861.6m (2021: £1,246.6m) reflecting strong investment in land and work in progress and capital return.

Shareholder returns

•

Dividends of 125p (£399.0m) and 110p (£351.1m) per share paid on 1 April 2022 and 8 July 2022 respectively, representing the capital return from 2021.

•

A new capital allocation policy was announced in November to deliver sustainable returns to shareholders while investing in future growth through disciplined expansion of our industry-leading land portfolio and enhancing our quality and service capabilities. Alongside this the board considers our current assessment of prevailing market conditions, the sector's increased tax contribution and building safety remediation costs.

•

For 2022, the Board proposes a final dividend of 60p per share to be paid on 5 May 2023 to shareholders on the register on 14 April 2023, following shareholder approval at the AGM. This dividend is the final and only dividend in respect of financial year 2022.

•

For 2023, the Board's intention is to at least maintain the 2022 dividend per share with a view to growing this over time. As previously announced, payments will be made semi-annually and the Board intends to pay an interim dividend in the second half of this year in relation to 2023.

https://www.investegate.co.uk/persimmon ... 00114246R/

Ian (I hold).

[idpickering]

Ouch. Just when you think it couldn't get any worse being a PSN shareholder, they're down over 10% on market opening!

I wish I'd followed my gut and baled out of these ages ago tbh.

Ian.

[Turf]

Same here, they are a [Deletion] builder as well

Moderator Message:
If you can't express yourself in a civilised manner then please don't post here. - Chris

[daveh]

UK self remediation contract signed:
https://www.investegate.co.uk/persimmon ... 19397796S/

Persimmon Signs UK Government Self Remediation Contract



Persimmon announces that it has signed the Self Remediation Contract, originally published by the Department for Levelling Up, Housing and Communities ("DLUHC") on 30th January 2023. The Self Remediation Contract turns April 2022's Building Safety Pledge into binding commitments for the industry.



The Self Remediation Contract's commitments are consistent with the principles first announced by Persimmon in February 2021. Over two years ago Persimmon led the industry in announcing that it would protect leaseholders from the costs of cladding removal or life-critical fire related safety remediation in buildings over 11 metres high constructed by the Group.



As confirmed in our 2022 Results, by December 31 2022, the Group had incurred a total of 350m relating to provisions and costs (including those due to DLUHC for remediation already carried through the Building Safety Fund) for claims for building safety remediation. The Group believes this provision remains sufficient.

[idpickering]

Q1 Trading Statement.

Persimmon Plc is today providing an update on trading for the period from 1 January 2023 to 31 March 2023, ahead of its Annual General Meeting ("AGM") which is being held at 12.00 noon today in York.

Dean Finch, Group Chief Executive, commented:

" Our performance in the first quarter was as we expected and reflects the challenging trading conditions in Q4 2022 and consequent lower forward order book as we entered the year. Trading over recent weeks has offered some signs of encouragement with visitor numbers up, cancellation levels normalising and sales rates continuing the steady improvement evident since the start of the year. If sales rates continue at the levels seen year to date, we would expect full year 2023 volumes to be toward the top end of the previously indicated range of 8,000 to 9,000 completions. Sales prices remained firm in the period as customers recognised the quality, improved value and energy efficiency of our homes, with a good response to our marketing campaigns driving strong customer interest.

"We are delighted to have been awarded five star status for customer satisfaction by the Home Builders Federation for a second year running, reflecting the hard work that has gone into putting our customers right at the heart of our business.

" Looking beyond 2023, Persimmon has a strong platform from which to grow outlets and volumes as the market recovers. We have an excellent pipeline of new land opportunities to support growth in 2024, subject to planning, and we are encouraged by the early signs of improved customer confidence. The longer-term demand fundamentals for new homes remain robust and Persimmon has made significant progress over the past two years in building a stronger, more sustainable business for the future."

https://www.investegate.co.uk/persimmon ... 00094496X/

Ian.

[Bouleversee]

s.p. up 4.61% a.t.m. Let's hope this is the start of a quick climb back to previous highs. This is what Reuters was saying an hour ago:
(Reuters) - Britain's FTSE 100 slipped for a third straight day as losses in construction materials offset gains in energy stocks, while shares of Persimmon rose to the top of the index on upbeat forecast.

[idpickering]

Result of AGM.

https://www.investegate.co.uk/persimmon ... 32525918X/

Ian.

[daveh]

Persimmon looking for a new CFO
https://www.investegate.co.uk/announcem ... ge/7658865

ason Windsor, Chief Financial Officer, has informed the Board he will be leaving the Company to become Chief Financial Officer at abrdn plc. Jason will remain in his role until 1 September 2023. Dean Finch, Group Chief Executive, will then assume interim responsibility for the finance function, supported by Mike Smith, Group Financial Controller.

The Board is initiating a process to appoint a new Chief Financial Officer and will provide an update in due course.