Persimmon FY17 Revenues Up; Sees Pre-tax Profits To Be Modestly Ahead Of Market

(RTTNews) - Persimmon plc (PSN.L), a British housebuilding company, reported Tuesday that its fiscal 2017 revenues grew 9 percent to 3.42 billion pounds from prior year's 3.14 billion pounds. The company said it anticipates pre-tax profits for the year will be modestly ahead of market consensus.

In its trading update, the company said legal completion volumes were strongly ahead by 872 new homes or 6% to 16,043 from last year's 15,171. The company's average selling price increased 3% to about 213,300 pounds from 206,765 pounds a year ago.

The company is slated to release its full-year results on February 27.

The value of forward sales as of December 31, 2017 was about 1.36 billion pounds, 10% ahead of the prior year. Second half legal completion volumes of 8,249 were 455 stronger than for the first half of the year, an increase of 6%.

Further, the company said it continues to perform strongly in generating free cash and held cash balances of about 1.30 billion pounds at 31 December 2017, up from 913 million pounds last year.