Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Persimmon in strong position to continue investment

Persimmon has said it is in a strong position to continue investment in developments and new land with debt reduction ahead of schedule and sales volumes stabilising.

Despite its progress the house builder said - in its third quarter Interim Management Statement covering 1 July to 16 November 2009 - that it still had concerns about mortgage availability.

In the second half of 2009 Persimmon has agreed terms to buy around 2,850 plots on 34 new sites, including 350 plots from its strategic landbank. Most of these additional plots are located in the south of England.

The company currently owns and controls 62,500 plots of land.

Persimmon expects to legally complete around 9,000 homes for the year ending 31 December 2009 and a healthy forward order book for 2010 with £500 million of sales already completed.

At 31 October 2009 total borrowings were £399 million compared with £960 million on 31 October 2008.