Norfolk and Suffolk projects boost Persimmon profits
19:28 26 February 2013
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The boss of Persimmon Homes Anglia has said construction projects across Norfolk and Suffolk helped the firm boost revenues and keep it on-track with its long-term growth strategy.
Andrew Fuller, managing director, said the opening of six new sites –including locations in Norwich, Wymondham and Sudbury – contributed to a 12pc revenue surge to £1.72bn last year, compared to £1.54bn in 2011.
And he said plans were still afoot to deliver a series of new sites across the two counties this year, with developments set for Aylsham, Harleston, Brundall, Hoveton, Clare and Ipswich.
It comes as Persimmon unveiled its national performance in its final results this week, which revealed its intention to boost its number of construction sites this summer amid gradual signs of an improvement in demand. The results showed that the stronger market helped increase full-year underlying profits at the York-based company by 52pc to £225.1m.
Mr Fuller said the company’s strategy for 2013 is to keep growing the business and bring a strong return for the company shareholders.
He added: “Overall, the group opened 125 new sites during 2012 and here in Anglia we played our part by opening six new developments at Beckets Grove and Oaklands in Wymondham, Round House Park, Wentworth Gardens and Fellowes Plain in Norwich, and Stour Croft at Sudbury.
“This all helped with local employment. Research shows that for every new home built, up to five new jobs are created so in the region last year we supported 1870 jobs in the region. 2013 looks like being even busier, with plans to open many new sites across Norfolk and Suffolk, including exciting developments in Hoveton, Ipswich, Clare, Brundall, Harleston and Aylsham.
“The supply of new homes is an ongoing issue across the UK and our team is working hard to deliver a diverse range of local housing where it’s needed most through our brands Persimmon Homes, Charles Church, and Westbury Partnerships.”
He added: “The strategy aims to return £1.9bn (£6.20 per share) of surplus capital to shareholders over a nine-and-a-half-year period ending in 2021, whilst at the same time building a stronger, larger business.
“The first cash return from the long-term capital return plan, 75p per share, will be made on 28 June, 2013, subject to shareholders’ approval.”