Sussex housing MD welcomes financial results

THE success of Persimmon Homes’ South East region has been cited as an instrumental factor in the company’s overall financial results.

After the housing developers released encouraging 2011 sales figures, with revenues at £1.54 billion, their Sussex provision of homes has been labelled as a major driving force behind the success.

Richard Matthews, a regional managing director at Persimmon Homes, said: “An increase in underlying profit, strong cash flow and a major announcement to return capital of £1.9 billion to shareholders over the next decade, puts the company in an extremely strong position.”

“Persimmon’s strategy has been to deliver improving operating margins, invest in high quality land, increase profitability and generate surplus cash to pay down debt. This has proved very successful on all measures.

“Today’s long-term capital return announcement supports the development of the Group into a stronger, larger business over the next decade, enabling us to continue to deliver quality homes into the local community.”

Their weekly private sales rate is roughly 20 per cent ahead of year-on-year figures for the first eight weeks of 2012.