Excellent year for builder Persimmon
Housebuilder Persimmon saw both sales and profits rise in 2017 with 640 new homes built in the West Midlands.
Revenue for the year was up by nine per cent to £3.42 billion with legal completions ahead by 872 new homes to 16,043 and average selling price up by 3.2 per cent to £213,321.
Persimmon's pre-tax profit increased from £774.8 million in 2916 to £966.1m.
Nigel Mills, senior independent director and acting chairman, said: "Persimmon's performance in 2017 has been excellent. The group's focus on high quality growth, coupled with capital discipline, has accelerated the delivery of our strategic objectives and generated record returns for our shareholders."
Since the launch of the group's new strategy in 2012 it has increased new home completion volumes by more than 70 per cent and invested around. £3.18bn of cash in land while simultaneously returning around £1.49bn of surplus capital to shareholders.
"The start to the spring sales season in 2018 has been encouraging with the group's private sales rate per site being seven per cent higher than last year at this point," added Mr Mills.
Stephen Cleveley, director-in-charge of Persimmon Homes West Midlands, said that the regional staff helped to deliver 640 new homes across parts of the West Midlands, Shropshire and Staffordshire in 2017.
“The last 12 months have been excellent for the business,. he results are a total team effort and we were delighted to deliver hundreds of vital new homes across the region.
“New developments were opened at Stoke-on-Trent, Lawley, Telford and a new phase began at Ettingshall, Wolverhampton. We are set to be even busier with new sites planned to launch in Stone, Shrewsbury, Norton Canes and Lichfield.
“None of this would be possible without our professional and dedicated team and, as we aim to grow the business further in 2018, we look forward to welcoming more people into the company.
“New housing helps to regenerate communities, upgrade services and boost employment. The Home Builders’ Federation estimates 4.3 jobs are created for every new home built, both directly in the construction industry and through the supply chain, so that adds up to a fantastic 2,752 additional roles contributing to our regional economy.
“We are also very proud of the investments we have made in the region, benefitting local people and their neighbourhoods.
“Our Healthy Communities scheme saw £6,000 donated to local clubs and individuals providing sporting activities for young people; while our Community Champions fund has awarded grants totalling £22,580 to charities and organisations helping to improve the lives of local people," said Mr Cleveley.
