Housebuilder Persimmon has posted a 52% rise in pre-tax profit, with revenue up 12% to 拢1.72bn
In its results for the year to 31 December 2012, Persimmon said underlying pre-tax profit rose 52% to 拢225.1m, with revenue increasing 12% to 拢1.72bn.
The listed housebuilder posted an operating margin of 13% - up from 10% the previous year.
The housebuilder said completions were up by 6% to 9,903, with the average selling price also up 6% to 拢175,640.
The firm said it had acquired a further 14,800 plots over the year, bringing its consented landbank to 68,200 plots, which represents 6.9 years of supply.
Nicholas Wrigley, Persimmon Group chairman, said: 鈥淭hese strong results mark the completion of the first year of our new strategy and I鈥檓 pleased that at this early stage we are ahead of plan.
He said the firm had made a strong start to the new yea, with forward sales reaching 拢1bn, an increase of 9% on last year. 鈥淢ortgage availability remains the key constraint to the housing market. However, there are some signs that lenders are embracing the government鈥檚 Funding for Lending scheme and we have seen some recent reductions in mortgage rates.
鈥淲e anticipate increasing our active outlet number to around 390 sites by the end of June, helping to increase the volume of new homes that the country needs.鈥�
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