Persimmon drops out of FTSE 100

Persimmon will drop out of the FTSE 100 today for the first time in a decade. The housebuilder will join asset manager Abrdn in being relegated to the FTSE 250, following a reshuffle by the index provider FTSE Russell. The quarterly review was based on the market capitalisation of companies at the close of trading on Tuesday. Persimmon’s market cap has fallen to £3.32bn from a high of nearly £10bn in 2021. It joined the FTSE 100 in 2013. The housebuilder’s recent half-year results showed pretax profit falling by more almost two-thirds to £151m, while revenue dropped from £1.7bn to £1.2bn. Completions fell from 6652 to 4249. Abrdn has also been relegated for the second time in 12 months. The £496bn AUM Edinburgh-headquartered asset manager has seen its share price drop by around 15% and its market cap fall by more than a quarter to £3bn. The gap will be filled by Marks & Spencer, which is returning to the FTSE 100 after a four-year absence. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews