Persimmon is the top faller in the FTSE 100 this morning, dragged down by its latest set of results.
The headline figures from the housebuilder included:
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It completed 9,922 homes last year, compared to 14,868 in 2022.
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Underlying operating profit fell significantly to £354.5m compared to £1bn last year.
“With little help from last week’s budget the Group is relying on self-help to improve returns, but it needs significant volume growth to lift margins and returns,” said Anthony Codling, managing director of equity research for European Housebuilding at RBC Capital Markets. “Persimmon has a strong landbank, but as ever the bottleneck for growth is planning. The shares are flat so far year to date and today’s result statement does little to lift investors spirits in our view.”
