Persimmon profit grows as margins increase

Persimmon is the latest housebuilder to post results this week and its strategy of improving margins, investing in quality land and paying down debt, has proved successful in the face of difficult housing market conditions.

Persimmon is the latest housebuilder to post results this week and its strategy of improving margins, investing in quality land and paying down debt, has proved successful in the face of difficult housing market conditions.

Underlying pre-tax profits increased 55% to £148.1m, higher than market expectations of £141.1m. Full year revenue slipped to £1.54bn from £1.57bn in 2010. Operating margin increased to 10% from 8.2% in 2010; with second half improvement to 10.8%.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.