Tuesday, Jul 07, 2009
Even more green shoots
Forbes: Housebuilder Persimmon says second quarter sales beat forecast
British homebuilder Persimmon said Tuesday that sales in the second quarter were better than forecast and that it had cut its debt by 45 percent. Since late April, the company said sales volumes have been consistently ahead of the pace a year ago and that recently revenue was exceeding 2008 levels. Persimmon said it expected the improving trend to continue through the year. It said it had seen its own house prices decline by around 4% on average in the last six months, but that house prices are now stabilising in some areas, and the level of cancellations is at historic lows. Nor does it expect to have to write down the value of its landbank any further.
Posted by little professor @ 09:28 AM (715 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. ontheotherhand said...
"Pay as little as 70% and get an interest free 5 year loan for the rest"
"You buy ours. We'll buy yours"
Even with those gimmics, total sales were were down from 998 million pounds in the first half a year ago to 625 million pounds.
2. inbreda said...
I can only assume that their second quarter forecasts were pretty damn low.
3. fubar said...
From the article;
""Given that the company, and indeed the industry, is up against weak comparisons, this improving trend should continue although we are still a long way off what we would consider to be normal levels of volume,"
Begging the questions - how green are these shoots thou hadst? Is it me?