Persimmon expects 8 per cent hike in 2005 turnover |
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Fri, 16 Dec 2005 14:05
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LONDON: British house builder Persimmon Plc. expects its 2005 turnover to be around 2.3 billion pounds, an 8 percent increase over the previous year.
The company, which is now an FTSE 100 stock effective Friday, said in a trading statement that its operating margins have been satisfactory in the second half. Business worth around 550 million pounds will be carried forward to sales in 2006.
The average selling price of a house built by the company went up 5 per cent during the year to 180,500 pounds and legal completions had increased to 12,600 compared to 12,360 last year.
| Persimmon is buying smaller rival Westbury Plc. for 643 million ponds in cash, which will make it Britain's biggest house builder. The deal will bring to its fold some 15,000 plots of land with planning consent. The company is planning to open 120 new outlets in the first half of 2006.
While many house builders have been reeling under adverse housing market conditions, Persimmon said it has managed to achieve satisfactory operating margins through a strict control on building costs and increased overhead efficiencies.
The company is expected to come out with its final results on 27 February 2006.
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Persimmon in advanced talks for Westbury buy out 