LONDON (dpa-AFX) - British housebuilding company Persimmon Plc (PSN.L) on Tuesday revealed better profit in fiscal 2024, helped by a 13 percent increase in new home revenue. Total Group revenues rose 16 percent from last year. The company also expects further growth in profit and returns, in line with market expectations, and an improved underlying operating margin in 2025.
On the LSE, the stock is now trading up 4 percent at 1,222.03 pence.
The company posted pre-tax profit of 359.1 million pounds in full-year 2024, up 2 percent from last year's 351.8 million pounds.
Profit for the year also rose to 267.1 million pounds or 82.7 pence per share from 255.4 million pounds or 79.5 pence per share in fiscal 2023.
On an underlying basis, profit before tax was 395.1 million pounds, compared to 359.4 million pounds in the prior year. On a per share basis, underlying earnings rose to 91.1 pence from 81.9 pence a year ago.
Total Group revenue came in at 3.20 billion pounds, up 16 percent from 2.77 billion pounds recorded a year ago.
New housing revenue for the year was 2.86 billion pounds, higher than last year's 2.54 billion pounds. In fiscal 2024, the company delivered 10,664 new homes, up 7 percent from 9,922 new homes a year ago.
Further, the company's Board has proposed a final dividend of 40 pence per share for fiscal 2024, payable on July 11 to shareholders on the register on June 20, following shareholder approval at the AGM. The dividend brings the total dividend for the year to 60 pence per share, same as last year.
Looking ahead, in fiscal 2025, Persimmon said that it targeting 11,000-11,500 completions.
The company also expects to deliver an underlying operating margin and ROCE of 20 percent in fiscal 2025.
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