Tom Keighley

Persimmon profits fuelled by mortgage positives

York-based housebuilder Persimmon says pre-tax profits are up 40% on last year, partly thanks to the Government’s Help to Buy scheme and availability of mortgages.

Chairman Nicholas Wrigley said the company expects to continue this progress but will remain “mindful” of the wider economic challenges facing the UK economy.

Persimmon reported the first major milestone of their capital return plan - 75p per share paid at the end of June, totalling £228m.

The firm said it wanted to increased production to cater for an upturn in demand across regional markets.

Mr Wrigley said: “During the first half of 2013 we have invested further in the business in support of increasing our future volumes.”

“In addition to good growth in sales and profits we have also reached our target margin range of 15-17% eighteen months ahead of plan. Our focus remains on the delivery of our long term strategy and we are well placed to continue to make good progress.”

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