Persimmon pretax profit to exceed expectations

Housebuilder Persimmon has said it expects pretax profit for 2018 will be “modestly ahead of current market consensus”, on the back of new developments during the year. Group revenue for the year increased by 4% to £3.74bn compared with the previous year. New housing revenue similarly grew by 4%, to £3.55bn. Legal completion volumes grew by 3% to 406 new homes. Its average selling price was up by 1%, to circa £215,560. The company said the UK housing market had continued to benefit from robust employment levels, low interest rates and a competitive mortgage market, “which have supported confidence and customer demand across the regions”. Persimmon said: “Whilst the future performance of the UK economy is currently subject to increased levels of uncertainty, the group is well positioned with its strong outlet network,” given its range of house types at affordable prices across the UK, its landbank and conservative financial structure. Persimmon will announce its full-year results on 26 February. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette