Monday, January 17, 2022

UPDATE 2 The UK’s Persimmon forecasts a higher margin than 2021, appointing new chief financial officer

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* 28% operating margin compared to the previous 27.6%, according to 2021 forecasts

* It is said that in 2021, the number of new homes will increase from 13,575 in 2020 to 14,551.

* Annual group revenue rose 8.4% to £ 3.61 billion (analyst adds comment, share movement)

January 13 () – UK No. 2 home developer Persimmon Plc on Thursday forecast a high profit margin for fiscal year 2021 due to strong demand for new homes, and appointed Jason Windsor as Aviva’s chief financial officer.

However, the company’s shares fell 3% by 0927 GMT. JPMorgan analysts said Persimmon’s statement that “slightly softer volumes than expected will be offset by average sales prices and margins.”

The renewal of Persimmon also coincides with a difficult week on the regulatory front for UK homebuilders, as the UK is estimated to have a whopping £ 15bn ($ 20.60bn) in cost to remove flammable coatings on residential blocks from top firms. asked to pay a portion.

Other home builders include top player Barratt and No. 3 Taylor Wimpey

The smaller competitor, Countryside Properties, fell about 22% after recording weaker results in the first quarter and announcing the CEO’s departure.

Still, UK homebuilders have dominated the broader real estate sector since the coronavirus pandemic, as large homes suitable for remote work, cheap loans and tax breaks that expired in September have kept the low-income housing market stable. .

Intense home prices in the UK have helped home builders overcome the pressure of costs caused by supply chain disruptions and labor shortages.

Persimmon said it expects core operating margins for 2021 to be about 28%, up 0.4 percentage points from the same period last year, while revenue rose 8.4% to £ 3.61 billion. sterling.

The company has built 14,551 new homes, up from 13,575 a year earlier, with pre-sales, buyers and homebuilders signing contracts for future purchases worth £ 1.62 billion, up from £ 20bn. increased by%. pre-pandemic levels.

Persimmon also said that Windsor, chief financial officer of Aviva Plc Insurance, is expected to join the company in the summer and replace current chief financial officer Mike Killoran, who retired this month.

$ 1 = £ 0.7289 Report by Abi Jose Coilparambil in Bengaluru; Edited by Sherry Jacob-Phillips and Kim Coghill

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