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Persimmon builds £1.3bn cash pile

Persimmon builds £1.3bn cash pile

In contrast to a more restrained trading update issued in November, Persimmon (PSN) has revealed that it now expects profit for 2017 to be ahead of market expectations. Revenue last year was up 9 per cent at £3.42bn, with completions up by 6 per cent to 16,043 and average selling prices rising 3 per cent to around £213,000. There was no mention of operating margins, but it seems likely that these will be ahead of the previous year’s 24.8 per cent.

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