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pipllman

Persimmon Plc Results Today

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http://corporate.persimmonhomes.com/investors/regulatory-news-(rns)/rns-news/12258967

Highlights

· Underlying profit before tax* increased by 44% to £475m (2013: £330m)

· Full year revenue up 23% to £2.6bn (2013: £2.1bn)

· Legal completions increased by 17% to 13,509 (2013: 11,528) and average selling price increased by 5.3% to £190,533 (2013: £180,941)

· Underlying operating margin* increased to 18.4% (2013: 16.0%); with second half improvement to 19.0%

· Return on average capital employed* increased by 40% to 24.6% (2013: 17.6%)

· A further 26,822 plots of land acquired in the year, with 9,386 plots successfully converted from the Group's strategic land portfolio

· Underlying basic earnings per share* increased by 49% to 124.5p (2013: 83.3p)

· Generated total net free cash inflow (before capital return) of £388m (2013: £231m)

· Net cash of £378m at 31 December 2014 (2013: £204m cash)

· Forward sales^ at over £1.49bn (2013: £1.42bn), an increase of 5%

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Strong results like most of the builders. I think the key note is the strategic landback term because looking at the ons starts and completions the builders don't appear to be ramping up production to levels you would expect. This maybe around the election timing.

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Cartel profits for you. The cartel is enlarged from before, now implicitly involving the goverment, the builders, banks and the central bank all conspiring to price fix the market.

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