ROBIN HARDY PEEL HUNT
Good margin growth in the second half is likely to edge up forecasts, only modestly, but still showing that growth and high income are possible in this sector. We still prefer to see the UK house builders making high distributions, and Persimmon ticks this box very strongly.
KEITH BOWMAN HARGREAVES LANSDOWN
Persimmon has delivered strong progress, with performance underwritten by highly supportive government measures. Self-help initiatives are also contributing, while the firm’s better health coming into the credit crisis has helped it formulate a previously announced long term strategy for cash returns.
RACHAEL APPLEGATE PANMURE GORDON
Full year results from Persimmon are a touch ahead of our expectations with a profit before tax of £225.1m versus our forecast of £220.1m. The group appears to have had a strong start to 2013 with sales rates up three per cent over the first eight weeks...We have a hold recommendation for now.