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BRIEF-UK builder Persimmon says 2017 forward sales rise after profits surge
February 27, 2017 / 7:11 AM / 9 months ago

BRIEF-UK builder Persimmon says 2017 forward sales rise after profits surge

Feb 27 (Reuters) - Persimmon Plc

* Fy underlying pretax profit rose 23 percent to 782.8 million stg

* Underlying profit before tax* increased by 23% to £782.8m (2015: £637.8m)

* Full year revenue up 8% to £3.14bn (2015: £2.90bn)

* Legal completions increased by 599 new homes to 15,171 (2015: 14,572) and average selling price increased by 3.8% to £206,765 (2015: £199,127)

* 41% increase in cash generation pre capital returns to £681m (2015: £483m)

* Forward sales ahead at £1.89bn (2016: £1.74bn), an increase of 9%

* ‐ successfully returning surplus capital - £1,071m, or £3.50 per share, of excess capital returned since launch of plan in 2012

* Customer activity in early weeks of 2017 spring season has been encouraging. Further increase in capital return plan demonstrates board’s confidence in group’s prospects.”

* Uk new build housing market remains confident with customer demand for new homes supported by compelling mortgage products.

* We are pleased with customer activity in first eight weeks of 2017 spring season.

* Visitors to our sites are c. 7% ahead year on year. We have experienced a normal week on week strengthening of market on entering 2017 spring selling season.

* We are in a good position to deliver further growth in 2017

* Current total forward sales, including legal completions taken so far in 2017, are £1.89bn, 9% ahead of previous year (2016: £1.74bn).

* Performance of uk economy has been resilient despite some increase in uncertainty associated with government’s ongoing implementation of uk’s exit from eu. Source text for Eikon: Further company coverage: (London newsroom)

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