August 22, 2017 / 6:17 AM / 3 months ago

Persimmon posts 30 percent first-half profit rise

LONDON (Reuters) - Britain’s second biggest housebuilder Persimmon said its first-half pre-tax profits rose 30 percent to 457 million pounds but it would remain cautious over land buying due to uncertainty around Brexit.

FILE PHOTO - A completed modular Space4 home on a Persimmon development in Coventry, February 22, 2017. REUTERS/Darren Staples/File Photo

Persimmon, which built just over 15,100 homes across the country in 2016, said its volumes rose 8 percent to 7,794 units in the first six months of the year and that customer interest in its developments remained strong.

The firm said the housing market was still “confident” and its reservation rate had risen 2 percent in recent weeks but it would be prudent about buying land for future building, the biggest cost faced by most builders.

“We will remain cautious with respect to new land investment for as long as the uncertainties facing the market persist, particularly those associated with the risks to the UK economy resulting from the UK’s exit from the EU,” the firm said on Tuesday.

Reporting by Costas Pitas; editing by Kate Holton

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below