Persimmon sees profits at top end of forecasts

British house builder Persimmon said it expects underlying full-year pre-tax profits to rise by half, helped by higher sales margins, and said it was confident of further growth in 2012 as first time buyer interest improves.

The largest UK housebuilder by market value said on Monday tighter cost control and sales on higher margin land meant it expects underlying operating margin for the year to be around 10 per cent. Revenue for the year to 31 December was £1.53bn.