Continued growth on a differentiated platform; on track for the full year

Download the full results announcement (PDF)

Persimmon Plc today announces its half year results for the six months ended 30 June 2025.

Financial highlights

• 7% increase in private completions to 3,987 homes; total completions up 4% to 4,605; on track for completions of 11,000-11,500 homes for the full year.
• 13% increase in underlying operating profit¹, driven by increased volume and on-going operational discipline; full year guidance unchanged.
• Net private sales rate excluding bulk in the period up 5% at 0.62 (2024: 0.59). Total net private sales rate of 0.70 per outlet per week (2024: 0.71), representing 191 sales per week up 3% compared to H1 2024.
• Private average sales price on completions up 7% reflecting a higher proportion of Charles Church and robust pricing.
• Launched New Build Boost; first to market on shared equity offering.
• Maintained five-star customer satisfaction for fourth successive year and our best ever Trustpilot score, rated ‘Excellent’, alongside further improvements to build quality.
• 5,066 plots achieved detailed planning in the period, equivalent to 110% of completions, continuing to benefit from our enhanced planning approach.
• Further 4% growth in outlets to 277 at 30 June as we progress towards our target of at least 300 outlets.
• Continuing to invest in future growth, with £210m spend on land in H1 at excellent margins; strong strategic land pipeline.
• Good building safety progress: all buildings assessed and works started or completed on over 80%³ (ahead of industry at 48%³). Plan to be on site at all known developments by year end.

Current trading and outlook

In the five weeks since 30 June 2025, net private sales rates excluding bulk have been 0.61, compared to 0.55 for the same period last year (including bulk 2025: 0.68; 2024: 0.69). Given our progress in opening new outlets this equates to weekly sales of 188 compared to 183 in the same period last year. Our current private forward order book² is up 11% at £1.25bn at a private average sales price of c.£292,800, up 1.3% on the prior year. Including Partnerships, our total current forward order book² is up 9% at £1.86bn. We are now c.80% secured on private completions and fully secured on Partnerships completions for the full year⁴, positioning us well as we enter the second half of the year. Overall, while we are mindful of geopolitical events and challenging market conditions, including uncertainty in advance of the Budget, we continue to expect to deliver between 11,000 and 11,500 completions for the full year with a housing operating margin of between 14.2% and 14.5%, enabling us to deliver strong underlying profit growth over two years.

Our sustained activity in the land market, combined with our on-going planning success, have further strengthened our land bank and grown our sales outlets. Given our investment and improvement in our key capabilities, we currently expect volume to grow to c.12,000 units in 2026 with operating margin progression similar to 2025 positioning us well for another year of good profit growth. As we look ahead, the pace of margin progression will be impacted by diminishing embedded build cost inflation, on-going affordability constraints and increased industry-wide costs. However, with a stable housing market, we remain confident of further growth in outlets, volume and profit.

Dean Finch, Group Chief Executive, said:

“I am pleased that we have continued to grow in the first half of the year despite challenging market conditions and with affordability still an important constraint. Our average sales price, sales, completions, planning approvals, active sites and forward order book are all up, many against industry trends, showing that our strategy including a focus on self-help has continued to deliver. An improvement in operating profit and return on capital demonstrate the benefit of our on-going operational discipline.

“We continue to invest in our key capabilities to further strengthen this growing platform. Disciplined investment in land is being complemented by planning success to secure additional site openings. Our vertical integration strengths have been further enhanced, with more efficiency benefits to come. Our three-brand strategy is helping to increase sales, with investment in marketing seeking to drive further growth.

“We are on course to deliver our previously guided range of 11,000-11,500 completions this year. While mindful of macroeconomic volatility we remain focused on driving further improvements to secure the medium-term growth ambitions we set out in March.

“Given our strong progress with building safety remediation, we anticipate being able to review our capital allocation policy when the programme of works is substantially complete.”

^Footnotes

<sup>1. Stated before net exceptional charge of £16.2m (2024: £2.0m), as set out in note 4, and goodwill impairment (2025: £2.0m, 2024: £0.9m). Margin based on new housing revenue (2025: £1.31bn, 2024: £1.17bn).
2. 2025 figure as at 3 August 2025; 2024 figure as at 4 August 2024.
3. Persimmon figure based on all buildings across Great Britain; Industry figure based on MHCLG data for England in June 2025 published on 17 July 2025.
4. Relative to company compiled consensus for 2025 as at 6 August 2025 (Total volume 11,332 homes, underlying operating profit of £446m).</sup>

For further information please contact:

There will be an analyst and investor presentation at 09.00 today, hosted by Dean Finch, Group Chief Executive and Andrew Duxbury, Chief Financial Officer.

Analysts unable to attend in person may listen live via webcast using the link below. All participants must pre-register to join the webcast. Once registered, an email will be sent with important details for this event, as well as a unique Registrant ID. This ID is to be kept confidential and not shared with other participants.

Live webcast: https://edge.media-server.com/mmc/p/tes8na9j/

An archived webcast of today’s analyst presentation will be available from this afternoon on www.persimmonhomes.com/corporate.

Our next scheduled update is on 13 November 2025.