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Persimmon (PSN) investor relations material
Persimmon H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 4% growth in completions to 4,605 homes and strong private sales, with average sales price up 8% year-over-year.
Underlying PBT up 11% to £165m; underlying operating profit up 13% to £172m; margin stable at 13.1%.
Forward order book increased 9% to £1.9bn, with private sales up 11%.
Maintained five-star HBF and Trustpilot ratings, with customer satisfaction at 93.8%.
Continued investment in land, innovation, and vertical integration to support future growth.
Financial highlights
Group revenue up 14% to £1.5bn; housing revenue up 12% to £1.3bn.
Underlying PBT up 11% to £165m; underlying EPS up 3% to 36.8p.
Gross margin steady at 20.1%; operating margin at 13.1% (up 10bps).
Cash at 30 June 2025: £123m; net cash generated from operations £183m.
Interim dividend maintained at 20p per share.
Outlook and guidance
On track to deliver 11,000–11,500 completions in 2025, with c.12,000 units expected in 2026.
Housing operating margin guidance for 2025 at 14.2%–14.5%; margin progression may slow due to inflation and affordability.
Forward order book up 9% to £1.9bn; 80% of private completions and all partnership completions secured for the year.
No expectation of government demand stimulus; growth reliant on self-help measures.
Ambition to grow operating margin and ROCE to 20% beyond 2026.
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