UPDATE 1-Persimmon sees total sales higher so far in 2010
* Says sales volumes consistent since March
* Net debt at 265 mln stg, expects to reduce it further (Adds details)
LONDON, April 22 (Reuters) - British housebuilder Persimmon (PSN.L) said total sales were around 20 percent higher so far this year than in 2009 and that trading was not being affected by uncertainty surrounding the outcome of the upcoming general election.
The UK's largest housebuilder by market value said ahead of its annual general meeting on Thursday that total sales including legal completions since January stood at about 1.15 billion pounds ($1.8 billion), or 20 percent higher than last year.
Persimmon said weekly sales volumes have been steady since March despite the run-up to the election and that it had seen a regular number of weekly visitors to each site since January and was positive on the rate of conversion from viewings to reservations for houses.
Britain's housing market picked up in April with prices 2.6 percent higher than in March despite a rise in supply, property website Rightmove said on Monday. [ID:nLDE63E1ER]
The company said that net debt stood at 265 million pounds at the end of March, compared to 680 million pounds at the same time last year and it expected a further reduction of debt as the year progresses.
The FTSE 250-listed company said it had opened 50 new sites in the first quarter of the year and planned to start work on 40 sites in the second quarter. It said it would look to use the new sites to improve margins.
Shares in Persimmon closed at 465.7 pence on Wednesday, valuing the company at 1.39 billion pounds. (Reporting by Sarah Young; Editing by Sharon Lindores) ($1=.6495 Pound)
- Tweet this
- Share this
- Digg this