Housebuilder attributes growth to greater availability of mortgages and government schemes
Housebuilder Persimmon has reported a 50% jump in its pre-tax profit as revenue rose 21%.
In its annual results Persimmon reported a pre-tax profit, before exceptional items, of 拢323m in the year to 31 December 2013, up from 拢215m the previous year.
Its total pre-tax profit of 拢337m was boosted by a one-off credit of 拢14m due to revisions to the net value of its ongoing projects and land bank.
Persimmon also reported a rise in revenue to 拢2.1bn in 2013, up from 拢1.7bn in 2012.
The firm completed 11,528 homes over the year, up 16% from 2012, with the average selling priceincreasing 4% to 拢181,861.
Jeff Fairburn, group chief executive of Persimmon, said the firm had achieved 鈥渟trong results鈥� in 2013 and outperformed the firm鈥檚 original plans for the year.
He said: 鈥淧ersimmon responded well to the significant increase in customer demand stimulated by the combination of increased lending by the major mortgage lenders, the introduction of Help to Buy by the government in April 2013 and an improvement in the UK economic outlook, and delivered a significant increase in build volumes in the year.鈥�
Fairburn paid tribute to the firm鈥檚 staff whom he said had 鈥渨orked tremendously hard鈥� to meet 鈥渧ery demanding build programmes鈥�.
He added: 鈥淭he group entered 2014 with a very strong forward order book of 拢908m of sales reserved and contracted, creating a strong platform for further sales growth in the new year.鈥�
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