Published On: Tue, Feb 23rd, 2016

Persimmon PLC Boosts Underlying Profit By 34%


Underlying basic earnings per share rose by 39% to 173.0p.

On Tuesday morning Persimmon PLC released its full year results which the company said “were an outstanding performance for the year.”

The business saw its underlying profit before tax increase by a whopping 34% to £637.8 million compared to £475.0 million in 2014. Full year revenue was up by 13% to £2.9 billion from £2.6 billion the prior year.

Nicholas Wrigley, Group Chairman, said:

“Persimmon delivered an outstanding performance in 2015, supported by improving customer sentiment and a mortgage market which is responding to customer demand.

“It is now four years since we launched our long term strategy focused on growing Persimmon into a stronger, larger business while maintaining capital discipline and delivering robust free cash generation. The Group’s ability to grow completion volumes by more than 55% through this period while simultaneously returning £733m of excess capital to shareholders underlines the strength of its operating model.

“Customer activity in the early weeks of the 2016 spring season has been encouraging and today’s further £860m enhancement to the Capital Return Plan to a total of £9.00 per share is a measure of the Board’s confidence in the Group’s future progress.”

Looking ahead the business said it is significantly ahead of original expectations for their fourth year of their nine and a half year strategic plan. As a result the business said it will enable further acceleration on their capital return plan with a cash return of 110p per share to be made on 1st April, well ahead of the provisional 10p per share expected.

Receive News & Ratings Via Email

Enter your email address below to get the latest news and analysts' ratings for your stocks with MarketBeat's FREE daily email newsletter: