CHRIS MILLINTON| NUMIS
We feel the 2010 results are strong and the margin progress is creditable. We continue to hold Persimmon in high regard with respect to its landholdings and management. On trading the group states that the year has started encouragingly with visitors up 10 per cent, cancellation rates low and reservations up. ‘Buy’.
RACHAEL WARING| PANMURE
The group appears to have enjoyed a good start to 2011, in line with commentary from other housebuilders, giving us confidence in full year assumptions. Underlying pricing is said to remain stable, but operating margins have improved further, meaning the value of forward sales continues to increase.
KEITH BOWMAN| HARGREAVES LANSDOWNE
Like rivals, Persimmon has sculpted a rebound in profitability, reducing costs, adjusting the sales mix away from buy-to-let flats and towards family homes, whilst increasing its dependency on the south of the country, as the UK north- south divide continues to intensify. Strong cash flow has remained the focus.