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Persimmon results show revenue up 13% as housebuilder appoints new MD

Persimmon has announced a shake-up of its board with south division chief executive Nigel Greenaway retiring in April, as the housebuilder posted a 13 per cent increase in revenue for 2015.

North division chief executive David Jenkinson will become the company’s group managing director, overseeing both divisions and reporting directly to Persimmon CEO Jeff Fairburn.

In a trading update released ahead of the company’s full-year results on 23 February, the housebuilder posted revenue of £2.9bn, up from £2.6bn in 2014.

Legal completions for the year increased to 14,572, up 8 per cent from 13,509 in 2014, while its average selling price increased 4.5 per cent to £199,100.

Persimmon opened 250 new development sites in 2015 and the housebuilder said it remained well placed to “execute its long-term strategy of growing the business to take advantage of sustainable market opportunities”.

The appointment of Mr Jenkinson was one of a number of changes at board level. Senior independent director Richard Pennycook and non-executive director Mark Preston will also step down from the board in April. Mr Preston will be replaced by Citigroup global markets senior adviser Nigel Mills.

Persimmon chairman Nicholas Wrigley said: “We are delighted to welcome Nigel Mills to the board. His financial, commercial and investor relations experience will add to the balance of skills and experience of our non-executive directors, which will be of great benefit to Persimmon as we continue to develop our business.”

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