Persimmon Plc - Trading Update
TRADING UPDATE - 15 JANUARY 2020
"Persimmon continues to make good progress with the implementation of its customer care improvement plan. Central to this plan is putting customers before volume, with new home legal completions for 2019 being 4% lower than last year.
"Delivering the maximum benefit to our customers from our quality and service improvement initiatives will continue to be my top priority for 2020. I am pleased with the progress we have made in 2019 and there is more to do. Action taken to maintain our increased levels of work in progress investment, the increase in quality assurance and customer service resources, and our plans for the implementation of the recommendations of the recent Independent Review, will all add to our momentum.
"While our plans for delivering a sustained improvement in quality go far beyond a focus on the criteria of the HBF customer satisfaction survey, our current rating, which is trending strongly ahead of the Four Star threshold, is tangible evidence of the improvement we are making. I am determined that we will make further headway this year, supported by the introduction of Persimmon's customer retention scheme from
"I am encouraged by the enthusiasm and commitment with which the whole Persimmon team is making the step change necessary to deliver higher levels of quality and service to our customers. When combined with Persimmon's strong forward build and sales position, robust liquidity and industry-leading land holdings, I am confident of the Group's future success."
Our regional housing markets across the
With total Group revenues for the year of
We anticipate the Group's pre-tax profits will be in line with our market consensus.
Total forward sales value of c.
The Group's disciplined approach to land replacement, having secured over 9,900 plots of new land in 60 locations through 2019, reflects the strength and quality of the Group's existing land holdings. This approach is in line with our strategic priorities, which give full consideration to current economic uncertainties, including those associated with the
The Group's cash generation remains strong. Cash balances of c.
Looking ahead to the 2020 spring season, Persimmon is in a strong market position. The Group has a nationwide outlet network and a range of attractive house types available at affordable prices across the
We will give an update on our assessment of the housing market over the early weeks of 2020, together with the progress we are making with the implementation of our customer care improvement plan and the recommendations of the recent Independent Review, when we announce our results for the year ended
There will be a call for analysts at 09.00 GMT today. Please use the dial-in details below:
+44 (0)33 3300 0804
An audiocast of the call will be available on www.persimmonhomes.com/corporate
For further information please contact:
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Tel: +44 (0) 1904 642199
Tel: +44 (0) 20 7638 9571
This information is provided by RNS, the news service of the
Quick facts: Persimmon
Market Cap: £5.9 billion
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