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Increased sales take Persimmon from debt to cash in 2012

Housebuilder Persimmon has made £12m cash in the first three months of this year.

In a statement to the stock market this morning the firm said its cash generation improved markedly from the £113m of borrowings it had a year earlier.

It plans to increase its margins and cash levels as part of a strategy to grow the company announced in February.

Persimmon said sales, orders and visits to its sites had increased in the first 15 weeks of 2012. It said visitor levels to its sites were up 10 per cent in the period and cancellation rates were at “historically low levels” of around 17 per cent. Weekly private sales grew by 20 per cent in the first 15 weeks of the year and was ahead of the same period last year. Orders, including completions for the current year, totalled £1.24bn which is 9 per cent higher than the levels for same time last year.

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