Persimmon FY revenues grow as completions and average sale prices improve

Housebuilder Persimmon said on Thursday that full-year group revenues had risen in 2021 thanks to growth in both new home completions and average selling prices throughout the period.

Persimmon stated total group revenues were £3.61bn in 2021, up from £3.33bn, as new home completions grew from 13,575 to 14,551 and average selling prices increased from £230,534 to roughly £237,050.

The FTSE 100-listed firm stated it had managed "the ongoing challenges of the pandemic" well, including disruption to the supply chain and customer support services, which increased in the latter part of 2021 with the onset of the new Omicron variant.

Persimmon said its balance sheet and liquidity remained "robust", with the group holding £1.25bn in cash and a £300.0m undrawn revolving credit facility at the end of the year, and also noted it had returned 235.0p per share in dividend payments during 2021, up from 110.0p in 2020.

The group's also highlighted that forward sales at 31 December were £1.62bn, approximately 20% ahead of 2019.

Chief executive Dean Finch said: "Persimmon's performance has been excellent through the year, delivering high-quality growth.

"Whilst the industry continues to face the ongoing operational and economic challenges as a consequence of the pandemic, particularly as the Omicron outbreak unfolded in the last six weeks of the year, the group continues to manage these ongoing challenges comprehensively. The long-term fundamentals of the UK housing market remain strong and I am confident of Persimmon's future success."

Separately, Persimmon tapped Jason Windsor to take over as chief financial officer on Thursday, succeeding Mike Killoran after more than 25 years with the group.

Persimmon stated Windsor, who currently serves as the CFO of Aviva, was expected to join the firm in the summer and will become an executive director on its board at that time.

As of 0805 GMT, Persimmon shares were down 1.19% at 2,589.75p.