Today it reported that its pre-tax profit rose 2.1 per cent to £359.1 million in 2024 from £351.8 million a year prior. Underlying pre-tax profit rose 10 per cent to £395.1 million from £359.4 million, ahead of previous guidance for around the upper end of market expectations of £349 million to £390 million.
Revenue improved 15 per cent to £3.20 billion in 2024 from £2.77 billion in 2023.
New home completions increased 7 per cent to 10,664 from 9,922 and underlying operating margin improved to 14.1 per cent from 14.0 per cent.
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Chief Executive Dean Finch said: “Persimmon’s disciplined investment and significant operational improvements in recent years has created a stronger business. This is demonstrated by our growth in 2024, with completions, outlets and profit all up.
“The underlying market fundamentals remain strong and we are encouraged by the further improvement in our sales rates in the early weeks of this year.
He added: “The government’s welcome planning reforms and pro-housebuilding agenda demands more of the high-quality, affordable homes which are Persimmon’s core strength, providing a positive tailwind.”
Persimmon maintained its annual dividend at 60p per share, including a 40p final payout.
Persimmon said: “We entered 2025 with an improved forward order book and have continued to add to it since the start of the year. In the first nine weeks of 2025, our net private sales rate per outlet per week was 0.67, up 14 per cent compared to the same period last year.
“With this progress in our forward order book, alongside an anticipated increase in the delivery of affordable homes, we are targeting 11,000 to 11,500 completions for 2025,” it added.
“Alongside this we are targeting further growth in profit and returns, in line with market expectations, and an improved underlying operating margin in 2025,” Persimmon continued.
The firm’s medium-term ambition is to deliver an underlying operating margin and return on capital employed of 20 per cent. In 2024, underlying return on average capital employed was 11.1 per cent up from 10.5 per cent from 2023.
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