213800XI72Y57UWN6F312024-01-012024-12-31iso4217:GBPxbrli:sharesiso4217:GBP213800XI72Y57UWN6F312023-01-012023-12-31213800XI72Y57UWN6F312024-12-31213800XI72Y57UWN6F312023-12-31213800XI72Y57UWN6F312022-12-31ifrs-full:IssuedCapitalMember213800XI72Y57UWN6F312022-12-31ifrs-full:SharePremiumMember213800XI72Y57UWN6F312022-12-31ifrs-full:CapitalRedemptionReserveMember213800XI72Y57UWN6F312022-12-31persimmonplc:OtherNonDistribuatbleReserveMember213800XI72Y57UWN6F312022-12-31ifrs-full:RetainedEarningsMember213800XI72Y57UWN6F312022-12-31213800XI72Y57UWN6F312023-01-012023-12-31ifrs-full:IssuedCapitalMember213800XI72Y57UWN6F312023-01-012023-12-31ifrs-full:SharePremiumMember213800XI72Y57UWN6F312023-01-012023-12-31ifrs-full:CapitalRedemptionReserveMember213800XI72Y57UWN6F312023-01-012023-12-31persimmonplc:OtherNonDistribuatbleReserveMember213800XI72Y57UWN6F312023-01-012023-12-31ifrs-full:RetainedEarningsMember213800XI72Y57UWN6F312023-12-31ifrs-full:IssuedCapitalMember213800XI72Y57UWN6F312023-12-31ifrs-full:SharePremiumMember213800XI72Y57UWN6F312023-12-31ifrs-full:CapitalRedemptionReserveMember213800XI72Y57UWN6F312023-12-31persimmonplc:OtherNonDistribuatbleReserveMember213800XI72Y57UWN6F312023-12-31ifrs-full:RetainedEarningsMember213800XI72Y57UWN6F312024-01-012024-12-31ifrs-full:IssuedCapitalMember213800XI72Y57UWN6F312024-01-012024-12-31ifrs-full:SharePremiumMember213800XI72Y57UWN6F312024-01-012024-12-31ifrs-full:CapitalRedemptionReserveMember213800XI72Y57UWN6F312024-01-012024-12-31persimmonplc:OtherNonDistribuatbleReserveMember213800XI72Y57UWN6F312024-01-012024-12-31ifrs-full:RetainedEarningsMember213800XI72Y57UWN6F312024-12-31ifrs-full:IssuedCapitalMember213800XI72Y57UWN6F312024-12-31ifrs-full:SharePremiumMember213800XI72Y57UWN6F312024-12-31ifrs-full:CapitalRedemptionReserveMember213800XI72Y57UWN6F312024-12-31persimmonplc:OtherNonDistribuatbleReserveMember213800XI72Y57UWN6F312024-12-31ifrs-full:RetainedEarningsMember213800XI72Y57UWN6F31bus:ChiefExecutive2024-01-012024-12-31213800XI72Y57UWN6F31bus:Director12024-01-012024-12-31213800XI72Y57UWN6F31bus:Consolidated2024-01-012024-12-31213800XI72Y57UWN6F31bus:Consolidated2024-12-31213800XI72Y57UWN6F31bus:FullAccounts2024-01-012024-12-31213800XI72Y57UWN6F31bus:FullIFRS2024-01-012024-12-31xbrli:pure213800XI72Y57UWN6F31bus:Consolidatedbus:ChiefExecutive2024-01-012024-12-31213800XI72Y57UWN6F31bus:Consolidatedbus:Director12024-01-012024-12-31213800XI72Y57UWN6F31bus:Audited2024-01-012024-12-31
Delivering
growth
Persimmon Plc Annual Report 2024
Persimmon Plc Annual Report 2024
Discover more online
 Visit persimmonhomes.com/corporate
Strategic report
Our strategic framework 01
At a glance 02
Highlights 2024 03
Investment case 03
Chairman’s statement 04
Our markets 06
Our business model 08
Our value chain 10
Group Chief Executive’s statement
11
Our strategy 14
Key performance indicators 16
Financial review 20
Our people 23
Sustainability 28
Non-financial andsustainability
information statement
51
Section 172 statement 52
Principal decisions 59
TCFD 60
Principal and emerging risks 70
Viability statement 76
Governance
Directors’ Report 79-117
Governance at a glance 80
Chairman’s introduction togovernance 82
Board leadership 84
Corporate governance statement 86
Nomination Committee report 99
Audit & Risk Committee report 107
Other disclosures 115
Remuneration Committee report 118
Statement of Directors’ responsibilities 143
Financial statements
Independent auditor’s report 144
Consolidated statement of
comprehensive income
151
Balance sheets 152
Statement of changes in
shareholders’equity
153
Cash flow statements 155
Notes to the financial statements 156
Other information 195
Persimmon Plc Annual Report 2024
Clear priorities
withsustainability
atthe heart
Our mission
To build homes with quality our customers
canrely on at a price they can afford.
Our vision
To be Britain’s leading homebuilder, with
quality andcustomer service at its heart,
building the best value homes on the market
insustainable and inclusive communities.
We will invest in innovation and technology to
extend our low-cost strengths and enhance our
five-star capabilities to enable as many people
aspossible to buy the homes we build.
Our strategic framework
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Customer focused
Value driven
Team work
Social impact
Excellence always
1
Build quality
and safety
2
Reinforce trust:
customers at the
heart of our business
3
Disciplined growth:
high quality land
investment
4
Industry-leading
financial
performance
5
Supporting
sustainable
communities
 Read more on pages 14 and 15
  Read more about this on pages 14 to 15
Delivered through our
strategic framework
Persimmon Plc Annual Report 2024 01
Financial statementsGovernance Other informationStrategic report
At a glance
Building for the future
Persimmon is a leading UK homebuilder and is well placed in a market
where there is strong demand for new homes. We have adifferentiated
proposition focused on delivering high-quality homes ataffordable price
points for our customers, in an efficient and cost-effective manner.
Persimmon Homes is our core brand which delivers arange of traditional
family housing throughout the UK in places where customers wish to live and
work. With a focus on delivering value and quality for our customers, we sell
most of our homes under this brand.
The Charles Church brand complements and differentiates itself from
Persimmon by delivering larger, higher specification homes in premium
locations across the UK. We build homes under this brand tailored to local
markets where our research and experience have identified a strong demand
for a premium product.
Westbury Partnerships is our brand with a focus onaffordable social
housing. We sell these homes to housing associations across the UK. This
brand plays akey part in the delivery of sustainable homes for the benefit of
lower-income occupiers, offering solutions tosome of the country’s affordable
housing needs.
 Discover more at www.persimmonhomes.com
Persimmon Homes 2,222
Charles Church 384
Westbury Partnerships 257
Total 2,863
Persimmon Homes 8,128
Charles Church 947
Westbury Partnerships 1,589
Total 10,664
Persimmon Homes 57,472
Charles Church 9,235
Westbury Partnerships 15,377
Total 82,084
Group housing
revenue
(£m)
Homes
sold
Land holdings
(plots)
Offices
Off-site manufacturing
Head Office
  Discover more about our locations online:
www.persimmonhomes.com/corporate/about-us/our-locations/
Persimmon Plc Annual Report 202402
Highlights 2024
Footnotes:
1. Stated before net exceptional charge (2024: £34.4m; 2023: £nil) and goodwill impairment (2024: £1.6m; 2023: £7.6m).
2. 12-month rolling average calculated on operating profit before net exceptional charge (2024: £34.4m; 2023: £nil), goodwill
impairment (2024: £1.6m; 2023: £7.6m) and total capital employed. Capital employed being the Group’s net assets less cash and
cash equivalents plus land creditors.
3. The value of homes delivered to housing associations, the value of discounted open market value homes plus the value of planning
contributions we have made over the last five years.
4. The Group participates in a National New Homes Survey, run by the Home Builders Federation. The rating system is based on the
number of customers who would recommend their builder to a friend.
5. Estimated using an economic toolkit.
Operational highlights
Number of new homes sold
10,664
2023: 9,922
Net private sales rate
0.70
2023: 0.58
Outlets at 31 Dec
270
2023: 258
Average selling
price 2024
£268,499
2023: £255,752
Underlying
operating profit
1
£405m
2023: £355m
Return on capital
employed (‘ROCE’)
2
11.1%
2023: 10.5%
Cash at 31 Dec
£259m
2023: £420m
Owned land holdings (plots)
69,189
2023: 66,742
Dividend per share
60p
2023: 60p
Sustainable
Investment in
local communities
3
c.£2.2bn
2023: £2.3bn
Customer satisfaction
score
4
96.0%
2023: 92.9%
Construction and supply
chain jobs supported
5
c.79,000
2023: c.76,000
Investment case
Experienced teams
Operating margin and ROCE
ambition of 20%
Increasing shareholder returns
Supported by market fundamentals
and a pro housing government
High-quality
land bank and
growing
outlets
Three strong
brands
providing
diversification
Build quality
and customer
service
Strong
balance sheet
Innovation
and vertical
integration
Volume
Margin
ROCE
Shareholder return
Persimmon Plc Annual Report 2024 03
Financial statementsGovernance Other informationStrategic report
2024 marked the turning point
with good progress on all metrics.
Roger Devlin
Chairman
Opportunity for everyone
Chairman’s statement
Introduction
I am delighted that the Group’s results deliver
on our ambition of a strong return to growth
in2024, with a 7% increase in completions
anda 10% improvement in underlying profit
before tax¹. But more importantly, I believe
theymark the start of an exciting new growth
phase for Persimmon.
Over the past few years, we have been very clear that we needed to be building
five-star homes that met or exceeded our customer expectations. We needed
to build them safely and we needed to leverage our in-house supply chain
effectively while continuing to buy land at the right price to increase the
number of outlets we have open. I believe 2024 marked the turning point
withgood progress across the board, and we have achieved this whilst
maintaining a strong balance sheet.
At Persimmon, we have three fundamental principles. First, we will protect our
robust balance sheet and maintain a disciplined approach to investment in
land. This, coupled with the significant improvements in our operational
capabilities, haspositioned the business for success over the next housing
cycle.
Second, our commitment to build quality and customer care has improved
both our brand and reputation in a highly competitive market. I am proud of
our team’s dedication and progress as evidenced by further improvement in
our customer satisfaction score and the achievement of a five-star HBF rating
for the third year in a row.
Third, vertical integration remains a key advantage and differentiates us
fromour peers. These key capabilities provide us with security of supply
andsupport our drive to deliver high-quality, affordable homes consistently
and cost efficiently, as demonstrated by our industry-leading margins.
These core elements to Persimmon’s approach are reinforced by ourrecent
disciplined investment in land, complemented by the current Government’s
pro-housebuilding agenda. The recent, and very welcome, planning reforms
are creating a positive tailwind on the supply side, providing additional
momentum towards our ambition of growing our outlets to at least 300.
With a greater focus on our three well positioned brands, we have the opportunity
to drive further growth as this enhanced diversification for the Group caters to
different customer segments.
Persimmon is well placed to drive further growth, delivering strong financial
performance and value for our shareholders. I would like to thank all our
employees and subcontractors for their dedication and hard work, which
have been instrumental in driving our success.
1.
Stated before net exceptional charge (2024: £34.4m; 2023: £nil)
,
and goodwill impairment (2024: £1.6m; 2023: £7.6m)
Persimmon Plc Annual Report 202404
Industry leadership
I am proud to reaffirm our unwavering commitment to our building safety
remediation programme and we are delivering ahead of the Government’s
Remediation Acceleration Plan timetable. The proactive measures taken in
addressing our building safety remediation have meant we have completed or
started works on over 70% of known developments or over 80% of accepted
buildings and are on track to be on site at all developments by the end of
2025. We anticipate completing remediation works on the majority of the
outstanding developments over the next two years.
During the year, the Board were pleased to meet with Dame Judith Hackitt,
the former Chair of the Independent Review of Building Regulations and Fire
Safety, to discuss our approach to building safety.
Shareholder returns
Our Capital Allocation Policy balances cash returns to shareholders with
business investment for future growth. For 2024, the Board proposes a final
dividend of 40p per share, payable on 11 July 2025 to shareholders on the
register at20 June 2025, following shareholder approval at the AGM. This
dividend, combined with the interim dividend of 20p per share paid in
November 2024, totals 60p per share for the 2024 financial year.
Board changes
We were delighted to welcome Andrew Duxbury as CFO in June 2024.
Andrew is already making a significant contribution to the business and brings
a wealth of experience to the team.
Additionally, Paula Bell and Anand Aithal joined the Board as Non-Executive
Directors in September 2024 and January 2025 respectively. Paula has an
extensive background in finance and strategic planning, which will help
support the financial performance and strategic growth of the Company.
Anand is an entrepreneur who brings significant experience in digital
transformation and innovation, as well as Government relations, which will
beinvaluable as Persimmon continues to modernise its operations. The Board
and I look forward to working with them both. We bid farewell to Shirine
Khoury-Haq, who departed from the Board in September 2024 to focus on
her Executive role, having served on the Persimmon Board for three years.
Weextend our thanks and best wishes to Shirine in her future endeavours.
In conclusion
We believe we are well positioned for the future. This is as a result of the
landand planning investments we have made in recent years, our vertical
integration capabilities, and our excellent teams. This investment, coupled
with the Government’s ambitious planning reforms should drive more ofthe
high-quality, affordable homes which are Persimmon’s core strength, thus
supporting our long-term growth ambitions.
Roger Devlin
Chairman
10 March 2025
Persimmon Plc Annual Report 2024 05
Financial statementsGovernance Other informationStrategic report
Our markets
Opportunity for the future
Housing supply challenges
The UK continues to face a chronic undersupply of housing,
exacerbated by population growth and the need to replace
ageing housing stock. The Government has pledged to
deliver 1.5m homes over this Parliament
1
equivalent to
300,000 new homes annually in England. Delivery is
currently well below this with 162,710 new build dwelling
completions in England in the year to June 2024
2
, adding to
the housing crisis. The Government has an ambitious
affordable homes programme and we expect this to be a
growing market in the coming years.
The planning system and limited land availability pose
significant barriers to meeting housing demand with delays
inplanning permissions, compounded by local authorities
pausing or withdrawing their housing plans in late 2023,
hindering housing delivery. In addition, there are a number of
homes currently held up by Natural England environmental
mitigation measures regarding nutrient and water neutrality.
The Government has pledged to improve the planning
system, including reinstating local targets and hiring
additional local authority planners with changes to the
National Planning Policy Framework announced in 2024.
Our response
Despite the planning challenges we have not been waiting
for policy changes to get approvals with the changes made
to our planning approach over the past few years bearing fruit.
During the course of 2024, we achieved planning on 13,064
plots, equivalent to 123% of plots utilised in the same period.
This included a site in Bedworth which we acquired on outline
planning in February 2024 and for which we achieved a
reserved matters approval in December. We continue to
engage proactively with policymakers to push for planning
reforms and advocate for more streamlined, sustainable
development processes.
1.5m homes
Government target for new home
additions over this parliament¹
Discover more at www.persimmonhomes.com
1. www.gov.uk/government/news/housing-targets-increased-
to-get-britain-building-again.
2. www.gov.uk/government/statistics/housing-supply-
indicators-of-new-supply-england-april-to-june-2024/
housing-supply-indicators-of-new-supply-england-april-to-
june-2024.
Affordability and market trends
The UK experienced a technical recession in late 2023 with
two quarters of GDP decline. By early 2024, the economy
had showed slight improvement, with estimated GDP growth
of 0.8% in 2024, up from 0.4% in 2023¹. While inflation has
come down from the peak, helped by higher interest rates,
the Consumer Price Index remains above the Government’s
2% target which has led to concerns over interest rates
staying higher for longer. This has a knock-on effect to
mortgage rates and affordability remains a key barrier for
customers, particularly first-time buyers post the removal of
Help to Buy in late 2022. Over the past 12 months
affordability has been on an improving trend as house price
growth has not kept pace with wage inflation and mortgage
rates have started to come down. As at November 2024, the
average two-year fixed rate for all loan-to-value (‘LTV’)
products had reduced to 5.39% from 6.29% a year earlier
with two-year fixed rate 95% LTV mortgages at 5.83%, down
from 6.14% a year earlier².
Housing associations are currently facing funding challenges
in relation to the purchase of homes delivered through section
106 agreements stemming from a perfect storm of rising costs,
reduced funding, market pressures and policy uncertainty. This
has created some uncertainty over demand for this tenure of
homes in the short term while consultations over social rent
increases and funding programmes are finalised.
Build to rent (‘BTR’) is becoming a more important part of the
UK market, with a total of £5.1bn invested in 2024³ of which
c.50% was for single family housing.
Our response
We continue to offer a range of homes at different price points
with our core Persimmon Homes private average selling price
of £273,318 well below the national average, offering
quality homes which are affordable. With notable disparities
in housing prices across the UK regions, our national coverage
offers some protection from the more challenging markets in
the South of England. We have been focusing on making
surewe are making the most of our three strong brands. Our
Charles Church brand offers a premium product and we are
seeing the benefits of improved specification and opportunities
for dual branding at sites alongside Persimmon Homes.
Wehave also built relationships with partners in the private
rentalsector market and are seeing good demand for our
high-quality homes for this growing segment of the market.
Through our Westbury Partnerships brand we continue to
work with partners to deliver high-quality homes for the
affordable homes market.
1. www.ons.gov.uk/economy/grossdomesticproductgdp/
bulletins/gdpmonthlyestimateuk/december2024#annual-
overview.
2. www.moneyfactsgroup.co.uk/media-centre/group/
mortgage-product-choice-and-shelf-life-plummet/.
3. www.savills.co.uk/research_articles/229130/373389-0.
Links to key priorities
2
Reinforce trust: customers at the
heart of our business
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
Read more on pages 14 and 15
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
6
Land and planning
7
Supply chain
12
Regulatory compliance
Read more on pages 72 to 75
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
6
Land and planning
11
Reputation
Read more on pages 72 to 75
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
3
Disciplined growth: high-quality land investment
Read more on pages 14 and 15
Persimmon Plc Annual Report 202406
Labour and build cost pressures
The UK construction industry faces persistent challenges from
labour shortages, driven by an ageing workforce and skills
gaps, which limit productivity and increase build costs.
Negative perceptions of the industry and a shrinking pool of
skilled workers have exacerbated delays in meeting demand.
To address these issues, the sector increasingly relies on
apprenticeships and graduate programmes. While build cost
inflation eased in 2024 compared to the highs of 2023, its
impact continues to affect projects started before and during
this period which are still under construction.
412
apprentices within the business
c.79,000
supply chain jobs supported
Discover more at www.persimmonhomes.com
Our response
We mitigate as many of the supply chain challenges as
possible by leveraging our vertically integrated manufacturing
facilities and securing robust supply chain agreements to
manage material costs.
Our proactive recruitment of apprentices and our partnerships
with educational institutions will help address labour shortages
in the long term and ensure continued productivity across
ourprojects.
We believe that the strategic use of off-site manufacturing
isessential for addressing skill shortages and enhancing
construction efficiency in the longer term. We continue to
work with partners on developing a commercial brick facade
product for use with our timber frames which would significantly
improve the speed of build. During the year we built a prototype
house in five days from slab to roofed in using the brick
facade at our Space4 factory in Birmingham; see more
onpage 13.
Regulatory shifts
The planning environment continues to be challenging,
although there are positive signs that this might improve under
the new Labour Government. Labour has pledged to deliver
1.5m homes over the next parliament and reform planning to
improve supply by reinstating local housing targets, prioritising
affordable and sustainable homes, empowering local
authorities and streamlining processes.
In February 2024, the Biodiversity Net Gain legislation came
into effect requiring a 10% net gain on all new projects.
The upcoming Future Homes Standard (‘FHS’) is a UK
Government initiative aimed at ensuring that new homes built
in England are more energy efficient and environmentally
friendly. It is part of the Government’s broader strategy to
achieve net zero carbon emissions by 2050 and while an
exact date has not yet been set it is expected to come into
force in 2027.
During the year, in addition to the Building Safety Remediation
Programme, the Government proposed the introduction of a
Building Safety Levy to fund the remediation of unsafe cladding
on high-rise residential buildings. While the exact date or
format for the implementation of these changes has not been
specified it is expected to be towards the end of 2025.
Our response
While planning reforms are expected to ease supply constraints
in the medium-term, we are continuing to utilise our diverse,
high-quality short-term and strategic land banks to meet
market demand through our enhanced planning approach.
Our ongoing focus on sustainability, with trials of low-carbon
building methods, ensures we remain aligned with regulatory
expectations and broader environmental goals. In preparation
for the forthcoming Future Homes Standard (FHS) and as part
of our implementation of the New Build Heat Standard in
Scotland, we have developed energy transition plans for
allour developments. This ensures that we phase out the
installation of gas boilers while considering the appropriate
timescales and commercial needs. Ahead of the regulatory
requirements, we have already started installing low-carbon
design and heating solutions, such as air source heat pumps.
13,064
plots achieved detailed planning
in2024
Discover more at www.persimmonhomes.com
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
Read more on pages 14 and 15
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the
heartofourbusiness
3
Disciplined growth: high-quality land investment
4
Industry-leading financial performance
Read more on pages 14 and 15
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
7
Supply chain
9
Skilled workforce, retention and succession
Read more on pages 72 to 75
Links to principal risks
2
Government policy and political risk
3
Climate change and sustainability
5
Legacy buildings
6
Land and planning
11
Reputation
12
Regulatory compliance
Read more on pages 72 to 75
Persimmon Plc Annual Report 2024 07
Financial statementsGovernance Other informationStrategic report
Our business model
What we do
We are a UK homebuilder focused
on identifying and meeting local
housing needs. Ourskilled land,
planning anddesign teams
collaborate closely with local
governments, landowners and
communities toplan and deliver
developments in areas where
people desire tolive and work.
With a disciplined land investment strategy and in-house
manufacturing facilities for key materials, we ensure quality
and sustainability. Our goal is to create affordable,
well-designed homes within sustainable communities,
backed by exceptional customer service throughout the
home buying journey.
  See Sustainability
on pages 28 to 50
T
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BRANDS
AND
GEOGRAPHIC
REACH
Our UK-wide network and
three strong brands provide
quality homes at a range
ofprice points.
VERTICAL
INTEGRATION
AND
INNOVATION
Our factories provide
security of supply over key
materials while allowing
continued innovation.
HIGH-QUALITY LAND
Our high-quality land holdings with industry-leading
embedded margins areakey strength.
QUALITY AND AFFORDABILITY
We build high quality homes at attractive
prices,enabling our customers to access
thehousingmarket.
CUSTOMERS
Placing customers first, building
trust, and delivering exceptional
value homes.
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Persimmon Plc Annual Report 202408
Create sustainable communities
Our Placemaking Framework ensures
thatallour developments create a sense of
place for our customers and put communities
attheheart of our developments.
New homes delivered
10,664
1,589 delivered to housing associations
‘Homes for all’
£273,318
Persimmon Homes private average selling price
c.20% lower than the UK national average
1
Investing in communities
c.£2.2bn
over the last five years
Public open spaces
484
acres created
2
HBF score
96.0%
HBF survey – percentage of customers who
wouldrecommend Persimmon to a friend
The value we create
Financial performance
Our well-established strategy provides
aresilient balance sheet and high-quality
landholdings from which we have the
expertiseto deliver sustainable returns
forallour stakeholders.
Financial strength
£3.51bn
balance sheet net assets
at 31 December 2024
Capital returned to shareholders
£192m
in the year to 31 December 2024
Resilient balance sheet
£259m
net cash at 31 December 2024
Employment
4,731
direct employees at 31 December 2024
Jobs supported
c.79,000
construction and supply chain jobs
2
Our improvements in customer
service and build quality have
ensured that prospective
purchasers continue to choose
Persimmon in a highly
competitive market.
Dean Finch
Group Chief Executive
1. Based on the Persimmon Homes private average
selling price of £273,318 for the year to
31December 2024 compared with the national
average selling price for newly built homes
sourced from the UK House Price Index as
calculated by the Office for National Statistics
from data provided by HM Land Registry.
2. Estimated using an economic tool kit.
Persimmon Plc Annual Report 2024 09
Financial statementsGovernance Other informationStrategic report
Our value chain
Opportunity through vertical integration
Our vertical integration provides
security of supply and quality
ofkey materials at efficient cost.
Thisis supported by Group
andlocal buying teams which
securethe best deals on other
materialrequirements.
Through our vertically integrated capabilities, we will
investin innovation and technology to extend our low-cost
strengths and enhance our five-star capabilities toenable
as many people as possible to buy the homeswebuild.
Capacity of current
Space4 factory
6,250
units
Bricks sourced from
Brickworks in 2024
56%
Our Space4 manufacturing business produces timber frames,
highly insulated wall panels and roof cassettes as a‘fabric first’
solution to the construction of new homes. Space4’s MMC system
helps us to improve site productivity (cutting seven weeks off build
time), increase build capacity and mitigate construction industry
skills shortages. Space4 supports allof our brands and supplied
c.3,400 timber frame kits and roof systems to the Group in 2024.
Our Space4 factory provides us with the unique ability to
implement (among other initiatives) innovative ‘fabric first’
solutions to enhance the future efficiency ofour homes.
Brickworks produces concrete bricks and is entirely focused on
supplying the Group’s housebuilding operations. During 2024,
Brickworks supplied c.49m bricks and block paving to 246 sites
across the Group. This represented 56% of the Group’s brick usage
in 2024. The factory has the capacity to produce c.70m bricks
peryear giving us security of supply as volumes recover.
Tileworks, the Group’s own concrete roof tile manufacturing
facility, produces tiles solely for the Group. During the year,
Tileworks supplied c.7m tiles to 238 sites across the Group. This
represented 85% of the Group’s tile usage in 2024.
FibreNest is the Group’s own ultrafast, nationwide full fibre
broadband service to the home, which aims to ensure all our
customers are connected to the internet from moving in day.
FibreNest provides ultrafast speeds coupled with excellent levels
ofservice. At the end of 2024, there were over 44,000 connected
customers across 425 housing developments.
Persimmon Plc Annual Report 202410
Group Chief Executive’s statement
Delivering growth
Persimmon’s disciplined investment and
significant operational improvements in
recent years have created a stronger
business. This is demonstrated by our
return to growth in 2024.
Dean Finch
Group Chief Executive
Persimmon benefits from a strong balance sheet
and a secure and growing pipeline of outlets,
complemented by longer-term strategic land
positions. Our decisions to sustain disciplined
investment in new land, enhance sales and
marketing, improve build quality and customer
service and extend the efficiency benefits of our
vertical integration have enabled us to build a
better and more sustainable business. Our
return to growth in 2024, with a 7% increase
incompletions and 14% improvement in underlying
operating profit¹, demonstrates the success of
our approach.
We are well placed to capture further opportunities. The Government’s planning
reforms and ambitious pro-house building agenda coupled with our strong
land bank and enhanced planning approach, support our aim of operating
from at least 300 outlets. Further investment in our digital marketing platforms
and the targeted expansion of our three brands – each well positioned at the
affordable end of their respective markets – will enable us to further increase
volumes, driving growth and financial returns. A new automated production
line in our Space4 timber frame factory will further enhance build efficiency
and mitigate anticipated industry skills shortages. A second timber frame
factory, together with innovations such as a brick facade product and
construction management digitisation, will provide further efficiency benefits.
I am really proud of the Persimmon team for its dedication and hard work
inrecent years in positioning our business for sustained growth and success.
Iam pleased to welcome Iain McPherson as our new UK Managing Director
and would like to thank Paul Hurst for his 28 years of dedicated service.
Persimmon has built a platform for longer-term growth, well placed to drive
further margin improvement and enhanced returns.
Trading performance
Our stated ambition was to capitalise on our enhanced operational capabilities
and leverage our investment in land to return to growth as quickly as possible.
These results demonstrate the success of this strategy as we delivered 10,664
new homes in the year (2023: 9,922). Enhanced sales and marketing led to a
net sales rate of 0.70 per outlet per week which included a 0.13 per outlet per
week contribution from bulk sales (2023: 0.07) as we took advantage of the
growing institutional investor and Built to Rent (‘BTR’) market. Since the 2024
spring selling season, customer enquiries and sales rates have been consistently
ahead of the prior year. Private average selling prices on reservations increased
as the year progressed with incentives controlled at c.4.5% per gross reservation
(2023: c.4.0%).
We are pleased to have achieved an underlying operating margin² of 14.1%
(2023: 14.0%). Our vertical integration and operational efficiencies enabled
us to mitigate the substantial impact of embedded build cost inflation coming
into the year. These unique capabilities have helped underpin the margin
performance and will help drive further growth.
Persimmon Plc Annual Report 2024 11
Financial statementsGovernance Other informationStrategic report
Land and planning success
We made a strategic decision to continue to invest in land in recent years at the
right point in the cycle. Savills Greenfield Development Land Index
5
fell 9% from
September 2022 to March 2024, with our disciplined investment in this period
helping secure the strong embedded margins within our land bank. In the year,
we successfully brought 13,404 plots into our owned and under control land
holdings, a replacement rate of 126%.
We have continued to focus on actions we can take to address challenges in
theplanning system to improve our performance. In the period, we secured
detailed or reserved matters planning for 13,064 plots, reflecting a 21%
increase from the previous year (2023: 10,809) and representing 123% of
2024 completions, demonstrating the success of this approach. The Government’s
revision of the National Planning Policy Framework will provide further helpful
momentum in coming years.
Our approach is to proactively engage local authorities and find innovative
solutions to address challenges. For example, our Anglia business developed
itsown nature-based nutrient mitigation solution at Guist, Norfolk, to treat both
phosphates and nitrates. This solution will allow us to bring forward c.1,000
plots across three sites in a more timely and cost-effective manner than
available alternatives.
Our sustained, disciplined investment in land and planning approval success
positions the business for future growth. We ended the period with 270 outlets,
a 5% increase from the previous year (2023: 258 outlets) against a backdrop
of industry decline. We have a strong pipeline of new outlets to open in 2025
and remain on track to achieve our target of at least 300 outlets.
Vertical integration providing efficiency and resilience
insupply
Our Brickworks, Tileworks and Space4 factories are a differentiator and
continue to provide a secure supply of cost-effective, high-quality materials to
the business. We estimate that where we use our own bricks, tiles and timber
frames we save up to £5,500 per plot, insulating us from supplier cost
increases and providing a positive contribution to margin. In 2024, we sourced
56% of our brick (2023: 54%) and 85% of our roof tiles (2023: 81%) from our
in-house factories.
We completed 1,456 bulk sales to investors in the period (2023: 780) and
continue to expect this segment of the market to contribute c.10-15% of our
future volume. Savills reported £5.1bn of investment in the BTR market in
2024, of which c.50% was for single family housing³. With the institutional
investor and BTR markets presenting a large and growing opportunity, we
willcontinue to develop long-term relationships to secure sales that enhance
capital returns and accelerate delivery.
The Government has an ambitious affordable homes programme, and
weexpect this to be a growing market in the coming years. Our new UK
Managing Director has significant experience in this market, complementing
our improved relationships in this segment of the market. We anticipate growing
our affordable homes delivery in 2025 with nearly all units secured for the
year, demonstrating the benefit of our proactive engagement with housing
associations and local authorities.
Continued focus on build quality and safety sustainability
Our improvements in customer service and build quality have ensured that
prospective purchasers continue to choose Persimmon in a highly competitive
market. Recent investment in digitisation of on-site build processes is helping
drive further improvement in build quality and efficiency, health and safety
management and engagement with our customers.
The results of these improvements are clear. We have further improved our
HBF eight-week customer satisfaction score
4
to 96.0% (2023: 92.9%), having
maintained our five-star HBF rating for the third consecutive year. Reportable
items improved by 7% to 0.26 in 2024 (2023: 0.28); this equates to a 60%
improvement from the position in 2019. These efforts were also acknowledged
in the industry’s Pride in the Job Awards, where 19 sites received awards in
2024, more than double the number in 2023 and Persimmon’s best results
inat least a decade.
I am pleased that we continue to make good progress on our building safety
remediation programme, ahead of the Government’s Remediation Acceleration
Plan targets. We have completed works or are on site at 73% of known
developments or 82% of accepted buildings, with the remainder expected
tobe on site by the end of the year. Further detail is provided in the
FinancialReview.
Group Chief Executive’s statement continued
Improving sales effectiveness
The benefit of our investment in our sales and marketing platforms and
teamsis evident in a 34% increase in website visitors and a 26% growth
inenquiries in the year. This increased interest helped drive an improved net
private sales per outlet per week of 0.70 (2023: 0.58), 0.57 excluding bulk
sales (2023: 0.50).
We have three strong brands across the business in Persimmon Homes,
Charles Church and Westbury Partnerships, providing diversification and
theability to realise our assets more efficiently. This strategy broadens our
customer pool, with each brand’s ambition to be the leading provider of
valuein their respective markets.
We have reinvigorated the Charles Church brand with an enhanced specification
which will drive increased value for the business. Charles Church saw a 31%
increase in private completions in the period demonstrating the initial
progress we’ve made in capturing the demand in this market. Our newly
promoted Deputy UK Managing Director will drive the brand’s further growth.
Persimmon Plc Annual Report 202412
Innovation will be key to the delivery of our growth and build efficiency
ambitions. Anticipated skills shortages present a challenge to the whole
industry particularly considering the Government’s ambitious growth targets.
New techniques that significantly shorten build times provide an opportunity
for further efficiency gains and factory-assured high quality. Timber frame has
a crucial role to play as it reduces the demand for scarce labour and typically
shortens our build times by around eight weeks. This is why we have continued
to invest in our existing Space4 factory, beginning the installation of a new
automated line in early 2025 to further improve productivity, efficiency and
quality of our timber frame product. We anticipate commencing work on our
second Space4 factory in Loughborough this year, to further increase our
capacity and range of timber frame products. We have also piloted further
innovation, such as the combined use of our timber frame with the Mauer
brick facade product. The combination of timber frames produced in our new
factory and the Mauer facade provides the opportunity for a significant step-up
in housing output, while securing additional savings through lower off-site
manufacturing costs and even faster build times.
Current trading and outlook
We entered 2025 with an improved forward order book and have added to it
further since the start of the year. In the first nine weeks of the year our net private
sales rate per outlet per week was 0.67, up 14% compared to the same period
last year. The private average selling price in the current order book is up 3%
compared to last year. Together, these improved sales rates and average selling
prices means our current private forward sales position is £1.15bn, 27% higher
year on year (2024: £0.90bn).
With this progress in our forward order book, alongside an anticipated increase
in the delivery of affordable homes, we are targeting 11,000–11,500 completions
for 2025. With the ongoing benefit of our improved operational capabilities
and disciplined investment in our land holdings, we are on track to deliver
further growth in profit and returns and an improved underlying operating
margin again this year.
We are mindful of the ongoing macroeconomic and geopolitical uncertainties
and their potential impact on delivery. The timing of any future interest rate
changes is likely to impact prevailing customer confidence. Government policy
and regulatory changes, such as the National Insurance increase and proposed
Building Safety Levy, are adding costs to the business. We will continue to mitigate
their impact through our relentless focus on cost control and efficiency, and we
expect to be able to restrict build cost inflation to low single digits in the year.
The underlying market fundamentals remain strong, and Persimmon’s disciplined
investment and operational improvement in recent years mean we are confident
the business will grow margins, returns and shareholder value over the medium-term.
Our enhanced approach to planning is already helping to convert our sustained
investment in land into new outlets and supports our target of at least 300
outlets. Ourdisciplined land buying incorporates the new regulations such as
Future Homes Standard, Building Safety Levy, nutrient neutrality and
Biodiversity Net Gain to preserve embedded margins.
Our investment in new technology is enhancing our sales and marketing, both
driving greater customer interest and enhancing conversion rates. Our on-site
digitisation has already secured operational, commercial and quality improvements
and efficiencies, with more opportunities ahead. Enhanced automation in
both our existing and new timber frame factories, coupled with innovations
such as the combination with a brick facade product, means we have
significant further build efficiency opportunities ahead.
With three strong brands, each positioned as good value products in their
respective markets, we are well placed to increase volumes and returns. With
this volume growth delivered efficiently given our investment and operational
improvements, our overhead leverage will improve, further strengthening our
margin. Taken together we believe we are well placed to deliver a medium-
term margin and ROCE ambition of 20%, driving increasingly stronger
shareholder returns.
Dean Finch
Group Chief Executive
10 March 2025
Brick facade trial at Space4
We continue to seek further opportunities for innovation,
including working with our partners on developing a
brick facade product. During the year, we built a timber
frame house using the facade at our Space4 factory.
Thistrial saw the house built to roof, with the facade
installed, within five days, demonstrating the clear
opportunity for build efficiency and key supply chain
resilience in the coming years.
 Discover more at www.persimmonhomes.com
Footnotes:
1. Stated before net exceptional charge (2024: £34.4m; 2023: £nil), and goodwill
impairment (2024: £1.6m; 2023: £7.6m).
2. Stated before net exceptional charge (2024: £34.4m; 2023: £nil), and goodwill
impairment (2024: £1.6m; 2023: £7.6m) and based on new housing revenue.
3. Savills UK | UK Build to Rent Market Update – Q4 2024.
4. The Group participates in a National New Homes Survey, run by the Home Builders
Federation. The rating system is based on the number of customers who would recommend
their builder to a friend.
5. Savills Greenfield Index.
Persimmon Plc Annual Report 2024 13
Financial statementsGovernance Other informationStrategic report
Our strategy
Key priorities
going forward
1
Build quality and safety
What this means
Our mission is to build homes with quality our customers can rely on at a price
they can afford.
We aim to consistently deliver high-quality homes to our customers, striving to
‘build right, first time, every time’. Since being named as a ‘Chartered Champion’
for leadership and culture around building safety by the Building a Safer Future
organisation, we are determined to remain an industry leader on building safety.
We aim to build sustainably and minimise our impact on the environment.
How we do it
●
We have embedded The Persimmon Way, the Group’s construction
excellence programme, into our operations. Thisprovides a comprehensive
approach covering all aspects of our build programmes.
●
Training our teams is key – the ‘Persimmon Construction Pathway’ provides
an internal training programme for our site teams.
●
Technology – we have developed a number of digital applications that assist
our on-site teams to drive quality and efficiencies across the business.
●
Innovation and vertical integration – we have our own timber frame factory
and seek to enhance modern methods of construction. OurBrickworks and
Tileworks factories have supplied relevant materials to over 235 sites this year.
●
Quality assurance – we have a team of Independent Quality Inspectors that
undertake inspections at certain key stages of the build programme.
●
Health, safety and environment (‘HS&E’) – we have a team of HS&E
Advisors that undertake frequent site visits to ensure that our sites are
operating in ways that ensure the safety of all those on site.
●
Building safety – we place significant emphasis on building safety and
review our designs, procurement and operations regularly to ensure we are
delivering safe homes for our customers.
Progress
●
Our Persimmon Way app has been fully rolled out across the business and to
our subcontractors with c.55,000 users and around 7,000 signing in daily.
●
Technology and innovation – we built a trial house at our Space4 factory using
abrick facade, going from slab to roof in five days.
●
Our National Homes Building Council (‘NHBC’) Reportable Items* have
improved by 7% in the year. Our NHBC Construction Quality Review (‘CQR’)
score has improved by 440bps in the year.
●
We continue to make good progress on remediating our legacy buildings having
completed works or started on site on over 70% of our developments.
Aligning to our sustainability strategy
●
We are committed to operating efficiently, and have committed to reduce our
operational carbon emissions by 46% by 2030.
●
Where appropriate, our new sites have hybrid generators in order to reduce
our diesel consumption. As a result of this measure, together with improved
site efficiency, our diesel consumption has declined by 19% in comparison to
the previous year.
* The number of items reported on by the NHBC on inspections of our homes at key
build stages.
2
Customers at the heart
ofour business
What this means
We aim to be a trusted partner which reliably delivers an outstanding experience
from the moment a customer starts their research into buying a home, through the
sales journey and after occupation.
How we do it
●
We provide attractively priced, good quality homes.
●
We offer a range of sales schemes and incentives that help our customers
toovercome constraints, enabling them to purchase their dream home.
●
We invest in our people, providing robust training pathways (a combination
ofin-house and externally accredited training) and improved tooling that
delivers better employee experiences, in turn enabling our teams to better
service our customers.
●
We are looking to strengthen and develop all three of our brands, Persimmon
Homes, Charles Church and Westbury Partnerships, with the growth in Charles
Church and Westbury serving to create additionality to our customer base.
●
We have placed an increased emphasis on marketing and continue to make
improvements to our website and our customers’ digital journey.
●
We have dedicated customer service throughout our customers’ journey.
Progress
●
We are delighted to have been awarded the HBF five-star rating for the third year
in a row and pleased to report a 310bps improvement in customer recommendation
on the NHBC eight-week customer satisfaction survey.
●
Our Trustpilot scores continue to improve with Persimmon Homes scoring an
average of 4.5 (2023: 4.2) and Charles Church 4.4 (2023: 4.1), reflecting our
continued focus on customer service.
Aligning to our sustainability strategy
●
During 2024, we delivered over 5,000 homes in the year that have a form of
renewable energy (48% of the homes delivered in the year). This is a significant
increase from 2023 where we delivered over 1,500 homes with a form of
renewable energy (17% of the homes delivered in 2023).
●
The average SAP rating of our homes is 86 (equivalent to a ‘B’ EPC rating).
●
Through our Placemaking Framework, we are integrating sustainability into
the design of new communities, providing green spaces, sustainable transport
and Biodiversity Net Gain.
Our five key priorities provide the
framework for leveraging our
sector-leading land holdings and
strong operational capabilities.
Our land holdings and pipeline of outlets provide us with a
strong platform todeliver disciplined growth, leveraging our
operational capabilities.
We continue to advance our systems and processes to
improve our product for our customers while building
high-quality, safe and sustainable homes. Wedrive value for
our customers through an efficient and effective build programme
and innovation in vertical integration and modern methods
ofconstruction.
Strategic progress
NHBC Reportable Items
0.26
7% improvement
SAP rating¹
86
average on
ourhomes
Embedded in land bank
c.29%
gross margin
1. The average standard assessment procedure (‘SAP’) rating
of our new homes; equivalent to EPC ‘B’ rated.
Persimmon Plc Annual Report 202414
3
Disciplined growth: high-quality
landinvestment
What this means
We ensure our land investment opportunities meet our strict investment criteria,
in high-demand locations where people wish to live and work, and take place
at the right time in the housing market cycle.
How we do it
●
Our experienced land, planning and design teams bring a consistent
approach to our land buying.
●
We work closely with all stakeholders, including land owners, local
communities and local planning authorities, to deliver new housing in the
areas of greatest need.
●
We maintain high-quality consented land holdings, enabling the Group to
beresilient to any volatile movements in the land market.
●
We invest in strategic land, securing options on areas of land which will give
a stronger return on investment in the future.
Progress
●
58 new sites acquired in the year, adding 13,404 new plots to our owned
landholdings.
●
Forward-owned land supply of 69,189 plots, equivalent to c.6.5 years at
2024volumes.
●
c.12,000 acres of strategic land at 31 December 2024, having added
c.1,100 acres in the year.
Aligning to our sustainability strategy
●
All our land acquisitions are subject to rigorous environmental and flood risk
assessments, ensuring we respect the natural environment and mitigate
against adverse environmental impacts.
●
We assess our long-term strategic portfolio against climate risk, to ensure we
are investing in land which is resilient to climate risk, and disclose in
accordance with the TCFD framework.
4
Industry-leading financial performance
What this means
We aim to operate efficiently in all areas, providing a sound investment case,
generating strong cash flows, maintaining financial flexibility, minimising
financial risk and retaining financial strength by making well-judged
assessments through the housing cycle.
How we do it
●
We maintain a strong balance sheet supporting continued investment and
future returns.
●
We maintain high-quality land holdings through a disciplined approach to
our land replacement.
●
We place customers at the heart of our business by pursuing developments
that deliver good quality new housing for the benefit of all potential occupiers.
●
We exercise discipline and strong control over the Group’s outlets and levels
of work in progress (‘WIP’).
●
We maintain strict levels of governance and financial discipline across all
our operations and financial processes.
Progress
●
Improved underlying housing operating margin to 14.1%.
●
Net asset value per share of 1,096p.
●
c.£500m investment in new land in 2024.
●
Disciplined investment in WIP with build rates closely matching sales at 201
equivalent units per week.
●
Net cash of £259m at 31 December 2024.
Aligning to our sustainability strategy
●
Our investment in vertical integration through our in-house manufacturing,
Space4, Brickworks and Tileworks, is a key contributor to efficiency,
sustainable construction and reducing our carbon footprint, particularly as
we increase our use of timber frames.
●
We are progressing with our plans for a new Space4 timber frame factory
with construction of the facility due to commence in 2025.
●
We have built long-term strategic supplier relationships and framework
agreements, embedding sustainability criteria as key requirements.
5
Supporting sustainable communities
What this means
We are committed to leaving a positive legacy in the communities in which we
work. We are proud to deliver homes and provide jobs for local people in their
local communities.
How we do it
●
Our Placemaking Framework provides our site design teams with appropriate
tools to deliver attractive communities close to local amenities and that
promote customer wellbeing.
●
We enhance local facilities, providing investment in local infrastructure
(e.g.transport, education, retail and recreation facilities) through the
planning system.
●
The Community Champions scheme donates to charities, sports clubs and
local community groups across the country.
●
We deliver energy-efficient homes to our customers, making them less costly
to run.
Progress
●
1,763 affordable homes* provided.
●
Donated c.£905,000 to 355 charities, sports clubs and community groups
across the country through local donations and our Community Champions Fund.
Aligning to our sustainability strategy
●
Our engagement in the wider community is very important to us and as
wellas providing local energy-efficient homes, local jobs and charitable
donations we engage with the broader community including local schools.
●
Through the planning process, we invest in local communities, providing
green space, education and community buildings and this amounted to
c.£115m in2024.
* Homes provided to our housing association partners and discounted open market
value homes.
Persimmon Plc Annual Report 2024 15
Financial statementsGovernance Other informationStrategic report
Links to key priorities
1
Build quality and safety
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
2
Reinforce trust: customers at the heart of our business
4
Industry-leading financial performance
Read more on pages 14 and 15
Key performance indicators
Financial
Definition
Revenue generated from the legal completion ofnew homes
to our private customers and housing association partners.
Why we measure it
Strength of housing revenue is an important measure of
the success of our strategy. Our range of house types and
emphasis on quality homes at a range of price points put
us in a strong position in our markets.
Definition
Anticipated revenue for future home sales to private
customers and contracts with housing associations that
have yet to legally complete.
Why we measure it
Forward sales give us an indication of the level of demand
we have for homes going into future periods. This allows
us to ensure we are controlling work in progress to meet
demand andmaintain strong financial discipline.
Definition
Based on operating profit before net exceptional charge
and goodwill impairment (underlying operating profit)
and new housingrevenue.
Why we measure it
We have a strong track record of delivering industry-leading
returns and we monitor our performance to ensure
continued discipline inour approach.
Definition
Stated before net exceptional charge and
goodwillimpairment.
Why we measure it
Our disciplined land replacement processes, cost
management and efficiency programmes aim to generate
superior returns which provide a platform for further
investment in the Group’s resources to support our
futuregrowth.
Links to key priorities
2
3
4
New housing revenue
£2,863m
+13%
2023
2024
2022
2021
2020
2,538
2,863
3,696
3,450
3,130
Read more on page 20 Read more on page 13 Read more on page 20 Read more on page 20
Links to key priorities
2
3
4
Forward sales
at 31 December
£1,146m
+8%
2023
2024
2022
2021
2020
1,060
1,146
1,040
1,624
1,689
Underlying new housing
operatingmargin
1
14.1%
+10bps
2023
2024
2022
2021
2020
14.0
14.1
27. 2
28.0
27. 6
Links to key priorities
2
3
4
Underlying profit
beforetax
2
£395m
+10%
2023
2024
2022
2021
2020
359
395
1,012
973
863
Links to key priorities
2
3
4
Persimmon Plc Annual Report 202416
Read more on page 22 Read more on page 22 Read more on page 21 Read more on page 21
Definition
Net cash flow before financing activities.
Why we measure it
We use this to measure balance sheet strength and
liquidity. Ensuring we have an appropriate capital
structure to support the business through the cycle is
keyto our success.
Definition
Cash and cash equivalents, bank overdrafts andinterest
bearing borrowings.
Why we measure it
Ensuring we have an appropriate capital structure to
support the business through the cycle is key to our success.
Definition
12-month rolling average calculated on underlying
operating profit and total capital employed. Capital
employed is the Group’s net assets less cash and cash
equivalents plus land creditors.
Why we measure it
Our focus on return on average capital employed allows
us to measure the efficiency ofour use of capital. We will
continue our disciplined approach to working capital
management to meet market demand.
Definition
Calculated as the total value of the Group’s assets minus
total liabilities divided by the number of shares in issue.
Why we measure it
Net asset value per share movement is an indicator of
thevalue that we are delivering for our shareholders.
Wehave a good track record of delivering strong returns
for our shareholders through the cycle.
Free cash generation
3
£40m
+£213m
2023
2022
2021
2020
(173)
373
40
767
749
Links to key priorities
2
3
4
Net cash
£259m
-£161m
2023
2024
2022
2021
2020
420
259
862
1,247
1,234
Links to key priorities
2
3
4
Return on average
capitalemployed
4
11.1%
+60bps
2023
2024
2022
2021
2020
10.5
11.1
30.4
35.8
29.4
Links to key priorities
3
4
Net assets per share
1,096p
+2%
2023
2024
2022
2021
2020
1,070
1,096
1,077
1,136
1,022
Links to key priorities
3
4
5
2024
Persimmon Plc Annual Report 2024 17
Financial statementsGovernance Other informationStrategic report
Key performance indicators continued
Non-financial
2023
2024
2022
2021
2020
89.6
93.5
86.6
87.9
84.7
2023
2024
2022
2021
2020
92.9
96.0
90.6
92.0
89.7
Links to key priorities
1
2
4
5
Links to key priorities
1
2
4
5
Links to key priorities
1
2
4
5
Number of work-related
incidents (RIDDORs)
2.2
-21%
2023
2024
2022
2021
2020
2.8
2.2
3.6
4.0
3.4
Links to key priorities
3
4
5
Land holdings
82,084
0%
2023
2024
2022
2021
2020
82,235
82,084
87,190
88,043
84,174
Definition
Based on the number of customers who would recommend
their builder to a friend in the National New Homes
Survey, run by the HBF.
Why we measure it
We put our customers at the heart of our business and
ensuring they are satisfied is key to the Group’s success.
We were delighted to be awarded HBF five-star builder
status again in 2024.
Definition
Based on how satisfied customers are with thequality of
their new home in the National New Homes Survey, run
by the HBF.
Why we measure it
Our ethos is to ‘build right, first time, every time’.
Monitoring our performance is key to building
consistently high-quality homes for our customers.
Definition
Reportable accidents, RIDDORs, reported per 1,000
workers in our housebuilding operations (including,
where relevant, those reported by our subcontractors).
Why we measure it
The safety of our employees, subcontractors and
customers is the number one priority for ourbusiness.
Definition
The number of plots we have either owned orunder
control to support our future homedelivery.
Why we measure it
The Group’s high-quality land holdings with
industry-leading margins are a key strength of the
business. By monitoring them we can track our future
pipeline of work.
Customer satisfaction score
96.0%
+310bps
Quality
93.5%
+390bps
Read more on pages 12, 15, 21 and 22 Read more on pages 12, 14 and 53 Read more on pages 12 and 14 Read more on pages 47 and 48
Links to key priorities
1
Build quality and safety
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
2
Reinforce trust: customers at the heart of our business
4
Industry-leading financial performance
Read more on pages 14 and 15
Persimmon Plc Annual Report 202418
Links to key priorities
2
4
5
Absolute Scope 1 and 2
carbon emissions (tonnes
CO
2
e market based)
20,306
2023
2024
2022
2021
2020
21,973
20,306
25,017
26,447
27, 5 4 3
1.
Based on new housing revenue (2024: £2,863.3m; 2023: £2,537.6m)
and underlying operating profit (2024: £405.2m; 2023: £354.5m)
(stated before net exceptional charge (2024: £34.4m; 2023: nil)
and goodwill impairment (2024: £1.6m; 2023:£7.6m).
2. Stated before net exceptional charge (2024: £34.4m; 2023: £nil)
and goodwill impairment (2024: £1.6m; 2023: £7.6m). Profit
before tax after net exceptional charge and goodwill impairment
is £359.1m (2023: £351.8m).
3. Free cash generation is defined as net cash flow before financing
activities and before £nil of employers’ National Insurance
contribution payments in respect of share-based payments
(2023:£nil, 2022: £nil, 2021: £nil, 2020: £0.7m, 2019: £13.9m).
4. 12-month rolling average calculated on underlying operating
profit and total capital employed (including land creditors).
Underlying operating profit is stated before net exceptional
charge (2024: £34.4m; 2023: £nil) and goodwill impairment
(2024: £1.6m; 2023: £7.6m).
Definition
The amount of carbon we emit from using energy in our
own activities including offices, manufacturing businesses,
construction sites and business travel. Energy sources
include diesel, petrol, LPG, kerosene, gas and electricity.
Why we measure it
We are committed to reducing our carbon emissions,
ensuring we meet our approved science-based targets,
and contribute to achieving the Government’s long-term
net zero carbon goal.
Read more on pages 32 and 39
Persimmon Plc Annual Report 2024 19
Financial statementsGovernance Other informationStrategic report
A strong performance in 2024
Financial review
The Group operates with a very strong
balance sheet and delivered an improved
financial performance and growth in the
volume of new homes, as a result of our
disciplined and strategic financial investment
into the business.
Andrew Duxbury
Chief Financial Officer
The Group generated total revenue¹ of £3.20bn
(2023: £2.77bn), with new housing revenue
13% higher than 2023 at £2.86bn (2023: £2.54bn).
In total, the Group delivered 10,664 new homes in 2024, 7% higher than in
the prior year (2023: 9,922), at a blended average selling price up 5% at
£268,499 (2023: £255,752).
Of these, 9,075 homes were delivered to private customers, an increase of
18% on last year (2023: 7,681) and representing 85% of total completions
(2023: 77%). This greater weighting towards private sales reflects a more
typical completion mix, after accelerating delivery of affordable homes in
2023 when private market conditions were weaker. The private average
selling price of £287,162 was marginally up on the prior year (2023: £285,774)
reflecting the strength of the market in some of our regions, offset by an increased
use of incentives and an increase in the number of plots sold to investors.
During the year, we completed the sale of 1,456 homes to investors, up from
the 780 delivered last year, as we continue to strengthen our strategic
relationships in this increasingly important part of the market.
The Group delivered a further 1,589 new homes to housing associations
(2023: 2,241) at an average selling price of £161,916, 6% higher than the
prior year (2023: £152,852). We are aware of the financial challenges
facing many registered providers, and the impact on their ability to bid for
s106 housing plots, and so are pleased that we have nearly all of our
expected s106 housing delivery for 2025 already secured.
The Group’s performance continues to be supported by our high-quality land
portfolio, with land cost recoveries² of 11.9% of new housing revenue for the
year (2023: 11.7%). The small increase in the year reflects the mix of completions
and has resulted in a small decrease in the Group’s underlying gross margin³
to 20.3% from 20.5% last year. As a percentage of new housing revenue,
build and other direct costs were flat year on year.
The Group’s underlying gross profit
4
for the year increased by 12% to
£582.4m (2023: £520.1m). The Group’s reported gross profit for the year
is£580.4m (2023: £520.1m) after exceptional items, as described below.
The Group has maintained its focus on cost control and has been able to
increase its operating margin in the year. Underlying operating profit
5
for the
Group increased 14% to £405.2m (2023: £354.5m), generating an underlying
operating margin
6
of 14.1% (2023: 14.0%). On a reported basis operating
profit increased 6% to £369.2m (2023: £346.9m) including the
netexceptional charge described below.
The Group has reported a net exceptional charge of £34.4m (2023: £nil).
This includes a net exceptional charge within gross profit of £2.0m (2023:£nil)
in relation to the anticipated costs of the Group’s commitments tothe costs of
removal of combustible claddings and other fire related remediation works
(see below). The Group also recognised an exceptional charge of £25.0m in
relation to the impairment of its investment and long-term loan notes in TopHat
Enterprises Limited, which writes down the value of the investment andlong-
term notes to £nil, as well as a charge of £7.4m relating to costs incurred on
professional fees associated with one-off projects, including for prospective
M&A opportunities and the ongoing CMA investigation. These have been
classified as exceptional given they are non-recurring in nature. Further detail
is provided in note 4 to the financial information.
Net finance cost for the year was £10.1m (2023: £4.9m net finance income)
being a result of lower average cash balances, increased utilisation of our
£700m Revolving Credit Facility (‘RCF’), £3.8m of imputed interest payable
on land creditors (2023: £6.0m) and £7.4m of imputed interest payable on
the legacy buildings provision (2023: £4.3m).
The Group generated an underlying profit before tax
5
of £395.1m (2023:
£359.4m),
and a reported profit before tax of £359.1m (2023: £351.8m).
Persimmon Plc Annual Report 202420
The Group has an overall tax charge of £92.0m for the year (2023: £96.4m)
and an effective tax rate of 25.6% (2023: 27.4%), lower than the standard
rate of 29.0% (including both corporation tax and the Residential Property
Developers Tax) (2023: 27.5%). The lower rate was driven by deductions
arising from the finalisation of prior year tax returns, including one-off items
inrespect of the treatment of building safety remediation provisions, and we
anticipate the rate reverting towards the standard rate in the future.
Underlying basic earnings per share
5
for the year was 92.1p, 12% higher
than the prior year (2023: 82.4p). Reported basic earnings per share was
5%higher than last year at 83.6p (2023: 80.0p).
Underlying return on average capital employed (‘ROCE’) including land
creditors was 11.1%
7
, higher than the prior year (2023: 10.5%) reflecting the
increase in underlying operating profit
5
in the year. ROCE excluding land
creditors was 12.2%
7
compared with 11.8% at 31 December 2023. On a
statutory basis, ROACE including land creditors was 10.1%
7
(2023: 10.2%).
Building safety
The Group has committed to make progress on its building safety remediation
programme, as well as investing in future building quality. Our work has been
recognised by our membership of the Building Safer Future Charter.
Across our legacy building programme, we continue our proactive approach of
working with management companies, factors (in Scotland) and their agents to
carry out necessary remediation as soon as possible. The table below sets out
our detailed position at 31 December 2024, compared to 31 December 2023.
Of the total of 83 developments in our programme, 40 (48%) have already
hadany necessary works completed. Of the remaining 43 developments,
21currently have work on site and 22 are at varying stages of pre-tender,
livetender, progressing to contract or agreed contract and works starting very
soon. As we actively progress the programme the number of developments at
orbefore the tender stage has reduced by 37% to 10; and the number of
developments on site or completed has increased 9% to 61.
Identified developments
As of
31 Dec 2024
As of
31 Dec 2023
Recently made aware and under investigation 1 2
Pre-tender preparation on-going 9 8
Live tender process — 6
Sub-total: progressing through tender 10 16
Progressing to contract 8 7
Contracted but works yet to start 4 3
Sub-total: pre-works starting 22 26
Currently on site 21 17
Sub-total: to complete 43 43
Completed developments 40 39
Total identified developments 83 82
Cash expenditure in the year £58m £46m
31 December provision £235m £283m
During the year, the provision has been increased by £25.0m, following a review
of the projected costs to complete rectification work, partly offset by the
recoverabilit
y of VAT applicable to certain costs resulting in a net £2.0m
increase in the provision. Duetothe non-recurring nature of these changes,
they have been disclosed as exceptional items to support the understanding
of financial performance and improve the comparability between reporting
periods.
We spent £58.1m on the programme in the year, with total aggregate
expenditure now over £120m, whilst a further £7.4m of imputed interest was
charged to the income statement through finance costs. The remaining
provision at 31 December 2024 was £235.3m and the next 24 months are
projected to be the peak period of cash expenditure on this programme.
Given our own proactive approach, and the sustained significant publicity
around cladding and building safety, we do not anticipate substantial new
building additions into the programme.
Competition and Markets Authority (‘CMA’)
On 26 February 2024, the CMA launched an investigation under Chapter I of
the Competition Act 1998 into suspected breaches of competition law by eight
housebuilders, including Persimmon, relating to concerns that it may have
exchanged competitively sensitive information. On 10 January 2025, the CMA
extended the timeline for the initial investigation by five months to May 2025.
The Group continues to cooperate with the CMA in relation to its ongoing
market investigation into alleged anti-competitive conduct by housebuilders.
Balance sheet
Total equity increased by £0.09bn to £3.51bn at 31 December 2024
(2023:£3.42bn). This is after returning £191.8m of capital to shareholders
through a final dividend of 40p per share in respect of the 2023 financial
year and an interim dividend of 20p per share for the 2024 financial year.
Retained earnings increased to £2.94bn (2023: £2.85bn). Reported net
assets per share of 1,096p represents a 2% increase from 1,070p at
31December 2023.
Land holdings
A core strength of the business remains its disciplined approach to land
replacement. Over the last three years we have maintained our selective
landpurchase strategy, positioning us well for the future as we look to grow
our outlet position. At 31 December 2024, we had 270 outlets, 5% higher
than 31 December 2023, and remain on track to increase outlets in 2025 as
we position the business for further growth.
At 31 December 2024, the carrying value of the Group’s land assets increased
by 8% to £2,266m (2023: £2,104m), reflecting continued investment in the
Group’s future and our ongoing focus on converting owned land with outline
planning permissions to implementable consents. The Group’s land cost
recoveries for the year of 11.9%² of new housing revenue is 20bps higher
thanthe prior year, reflecting the mix of completions in the year, and remains
an excellent position.
During the year, the Group brought 13,404 plots into its owned and under
control land holdings across 58 locations throughout the country, of which
7,591 (57%) were converted from our strategic land portfolio.
Persimmon Plc Annual Report 2024 21
Financial statementsGovernance Other informationStrategic report
Cash generation and liquidity
During the year, we continued our targeted investment into the business
toenhance quality, efficiency and returns as we build a more sustainable
business. Our long-standing financial discipline will continue to maintain
ourrobust balance sheet.
At 31 December 2024, the Group had a cash balance of £258.6m
(2023:£420.1m) with land creditors of £423.2m (2023: £372.0m),
ofwhichc.£240m are expected to be settled during 2025.
The Group generated £419.6m of cash from operating activities in the year
(2023: £360.1m), before investing £232.7m in working capital (being
principally £113.4m in net land and a £57.3m utilisation of the legacy
buildings provision) and returning £191.8m of capital to shareholders
throughdividend payments (2023: £255.4m).
The Group’s shared equity loans have generated £4.6m of cash in the year
(2023: £5.7m). The carrying value of these outstanding shared equity loans,
reported as ‘shared equity loan receivables’, is £29.0m at 31 December
2024 (2023: £32.1m).
During the year the Group’s banking facility was extended by 12 months to
July 2029, with the possibility of a further extension to 2030. The RCF is a
‘sustainability linked’ facility within the banks’ finance frameworks, with ESG
targets across the facility’s term. The targets are consistent with the Group’s
science-based operational carbon reduction targets, our commitment to
deliver net zero homes in use by 2030 and our long-standing ambition to
deliver excellent development opportunities for our colleagues.
The Group’s defined benefit pension asset has increased to £130.7m at
31December 2024 (2023: £127.1m), the increase reflecting an increase in
the discount rate assumptions applied to the scheme obligations offset in part
by the underperformance of asset returns from that expected at the start of
theyear.
Capital allocation
The Group’s Capital Allocation Policy is to invest in future growth through
disciplined expansion of our land portfolio while maintaining a strong
balance sheet and delivering sustainable returns to shareholders.
For 2024, the Board proposes a final dividend of 40p per share to be paid
on 11 July 2025 to shareholders on the register on 20 June 2025, following
shareholder approval at the AGM. This dividend is in addition to the interim
dividend of 20p per share paid on 8 November 2024 to shareholders on the
register on 18 October 2024 to give a total dividend of 60p per share in
respect of the financial year 2024 (2023: 60p).
Balance sheet continued
Land holdings continued
At the end of the year, the Group had owned and under control land holdings
of 82,084 (2023: 82,235) representing 7.7 years of forward supply at 2024
volumes. Owned plots totalled 69,189 (2023: 66,742) of which 40,430 have
a detailed implementable planning consent, a 5% year on year increase,
providing excellent visibility. The Group’s owned land holdings represent 6.5
years of forward supply at 2024 volumes, with an overall pro-forma site
gross margin
8
of c.29% (2023: c.29%) and a land cost to revenue ratio of
11.9 %
9
(2023: 11.5%) which provides good confidence for future margin
progression.
In addition to its owned plots, the Group controls 12,895 plots (2023: 15,493)
through exchanged contracts. These contracts to acquire the site will be
completed once all outstanding unfulfilled planning conditions have been
satisfied. Cash invested in these under control plots is limited to deposits paid
on the exchange of contracts and fees associated with progressing the sites
through the planning system. During the year, the Group secured detailed or
reserved matters planning for 13,064 plots (2023: 10,809).
The Group incurred net land spend of £437.0m during 2024 (2023: £397.8m),
including £210.6m of payments in satisfaction of deferred land commitments
(2023: £253.0m).
In 2024, the Group acquired interests in a further c.6,900 potential plots of
strategic land opportunities resulting in a total of c.70,000 plots at 31
December 2024 (2023: c.79,500 plots). This will provide a long-term supply
of forward plots for future development by the Group.
Work in progress
At 31 December 2024, the Group had work in progress of 3,684 equivalent
units of new homes under construction, 12% lower than the position we
entered the year in (2023: 4,170). This decrease reflects the strong volume
ofcompletions in 2024, ahead of expectations, alongside good control of
working capital. On average, overall weekly build rates tracked 2% higher
inthe year, with an average of 201 equivalent units of build per week,
compared to 198 per week in 2023.
Our work in progress investment at 31 December 2024 of £1.43bn was
inline with the prior year (2023: £1.43bn).
As at 31 December 2024, we owned 739 part exchange properties
(2023:591 properties) at a value of £154.4m (2023: £114.6m). Part
exchange continues to be a key sales incentive for our customers, and we
areprogressing sales of part exchange properties promptly at around
expected values.
Financial review continued
1. The Group’s total revenues include the fair value of consideration received or receivable
on the sale of part exchange properties and income from the provision of broadband
internet services. New housing revenues are the revenues generated on the sale of newly
built residential properties only.
2. Land cost value for the plot divided by the revenue of the new home sold.
3. Stated before a net exceptional charge of £2.0m (2023: £nil), andbased on new housing
revenue (2024: £2.86bn; 2023: £2.54bn).
4. Stated before a net exceptional charge of £2.0m (2023: £nil).
5. Stated before a net exceptional charge of £34.4m (2023: £nil), andgoodwill impairment
(2024: £1.6m; 2023: £7.6m).
6. Stated before a net exceptional charge of £34.4m (2023: £nil), andgoodwill impairment
(2024: £1.6m; 2023: £7.6m) and based on new housing revenue (2024: £2.86bn; 2023:
£2.54bn).
7. 12-month rolling average calculated on underlying operating profit and total capital
employed. Underlying operating profit is stated before net exceptional charge of £34.4m
(2023: £nil), and goodwill impairment (2024: £1.6m; 2023: £7.6m). Capital employed
being the Group’s net assets less cash and cash equivalents plus land creditors. ROCE
excluding land creditors is calculated on capital employed being the Group’s net assets
less cash and cash equivalents excluding land creditors. Statutory ROCE including land
creditors is calculated on reported operating profit and capital employed with capital
employed being the Group’s net assets less cash and cash equivalents plus land creditors.
8. Estimated weighted average site gross margin based on assumed revenues and costs at
31December 2024 and normalised output levels.
9. Land cost value for the plot divided by the anticipated future revenue of the new home sold.
As we deliver on our medium-term growth ambitions, coupled with further
progress on our fire safety remediation programme, we anticipate increasing
our returns to shareholders.
2025 outlook
Although we are mindful of the potential impact from ongoing
macroeconomic and geopolitical uncertainties, the underlying market
fundamentals remain strong. Our current private forward sales position stands
at £1.15bn, a 27% increase year on year (2024: £0.90bn). With this
progress in our forward order book and an expected rise in the delivery of
affordable homes, we are targeting 11,000-11,500 completions for 2025.
Benefiting from our improved operational capabilities and disciplined investment
in our land holdings, we aim to achieve further growth in profit and returns, as
well as an improved underlying operating margin to between 14.2% and
14.5% for 2025.
The next two years are expected to see peak expenditure on our building
safety remediation programme, with approximately £100m anticipated to be
spent in 2025. The net cash position at the end of 2025 is currently forecast to
be between £nil and £200m.
Andrew Duxbury
Chief Financial Officer
10 March 2025
Persimmon Plc Annual Report 202422
Our people
Supporting our workforce
As we continue to foster a culture of
prideand happiness among our talented
employees, it is essential to support their
growth and development through
comprehensive training programmes
thatenhance their skills and prepare
themforfuture leadership roles.
At Persimmon Homes, our people are the
cornerstone of our success. Their dedication,
talent, and hard work drive our commitment to
delivering high-quality homes and exceptional
customer service.
Our HR strategy is centred on attracting, retaining and developing top talent
through comprehensive training programmes, robust succession planning,
and a commitment to diversity and inclusion, ensuring that we continue to
build a strong and dynamic workforce.
EMPLOYEE
LIFECYCLE
1: Attraction and
recruitment
7: Exit
2: Onboarding6: Culture and
retention
3: Learning and
development
5: Progression and
performance
4: Reward and
recognition
Culture and talent
Our unique business culture fosters pride and happiness among our talented
employees. This culture, combined with our people, is a key driver of our
industry-leading margins. We are well positioned to address industry-wide
skills shortages and continue to attract and retain top talent. Recently, we
welcomed Andrew Duxbury as our new CFO and Iain McPherson as our new
UK Managing Director, both bringing extensive expertise in housebuilding.
At Persimmon Homes, our commitment to attracting top talent and ensuring
robust succession planning has yielded remarkable results. We have successfully
attracted and promoted exceptional individuals such as Adele Jacques, who
is now leading our Land Strategy team. Our award-winning trainees, including
Thomas Tunnicliffe and Sam Veasey, have demonstrated outstanding skills
and dedication, earning recognition at both local and national levels. These
achievements highlight our ability to nurture and develop talent, ensuring a
strong pipeline of future leaders and contributing to our continued success.
Training and development
Continuing our improvement
The introduction of new technologies and processes to enhance the performance
of both our front-line colleagues and support staff has prompted a shift in
priorities for the Group Training department. We continue to improve and
refine our training offerings to support business growth and boost employee
performance. The adoption of a new e-learning authoring tool, AI-driven
video creation and upskilling of our team have accelerated the evolution of
our digital content and training resources.
A key focus remains on build quality and enhancing the customer experience.
The introduction of the Single Sale Principle has strengthened our sales teams
and improved our sales training programmes. New programmes for contract
managers have been launched to facilitate the onboarding of new managers
and support the internal development of future leaders in this role.
Additionally, enhanced customer care programmes, developed in collaboration
with the Institute of Customer Care, have led to our internal team being
accredited to deliver the ICS First Impressions qualification. A new
customer-centric training programme is being rolled out across all
management levels and departments, further driving our commitment
toacustomer-first culture.
In 2024, our training initiatives also focused on staff wellbeing, introducing
programmes on mental health for managers, understanding neurodiversity
and menopause in the workplace. Our in-house accredited trainers have
played a key role in this effort, leading to the establishment of 274 Mental
Health First Aiders across the business, training over 100 managers in mental
health awareness, and providing menopause awareness training to approximatel
y
200 staff members.
c.270
Mental Health FirstAiders
Persimmon Plc Annual Report 2024 23
Financial statementsGovernance Other informationStrategic report
Training and development continued
Training delivery
The ongoing growth of our in-house training team has been demonstrated
through increased flexibility and enhanced support across the business in
adopting new processes, systems and compliance requirements. Our Training
department continues to play a crucial role in supporting the rollout of key
improvement programmes, delivering bespoke, timely and flexible interventions.
This in-house capability allows us to schedule training conveniently for
colleagues and respond swiftly to market changes or new industry standards.
Our expert team ensures that accredited generic programmes are tailored to
the specific needs of our business and the homebuilding industry, integrating
them into our wider training initiatives. This approach helps embed essential
practices into everyday operations.
Feedback from attendees consistently shows high satisfaction with our training,
with 99% recommending it to colleagues and 97% finding it an effective use
of their time. The introduction of a structured academy approach, supported
by partnerships with external organisations and industry-recognised bodies,
will further elevate the professionalism and skills of our teams.
The digitisation of our training offerings will enhance the learning experience,
providing employees with greater access to high-quality e-learning at their
convenience, giving them more control over their development.
In 2024, Persimmon staff attended approximately 15,350 training and
development days (2023: 14,600). Around a third of these sessions were
delivered remotely. We also had 587 apprentices and trainees on programmes
(2023: 720), with 412 participating in formal apprenticeships (2023: 430)
representing an additional c.16,000 training days dedicated to
structuredqualifications.
Persimmon’s
apprenticeship programme
Persimmon has a proud history of training site
operatives through its apprenticeship programme,
continuing to recruit 91 apprentices this year despite
challenging market conditions. Apprenticeships
are central to our workforce development strategy,
ensuring a pipeline of skilled talent for the future.
Over the past five years, our programme has
grown significantly, with more than 500 apprentices
completing their training since 2019. Our
completion rate stands at an impressive 80%, far
exceeding the industry average of 52.4%.
The quality of our apprenticeships is reflected in
the success of our participants, many of whom
have won prestigious awards. Persimmon apprentices
have been recognised at national competitions
and Skill Build events, and as local college
Apprentices of the Year.
One standout apprentice is Chantelle Muir, a
bricklayer who joined us in 2022 through the
Target 50 campaign. Chantelle has achieved
multiple accolades, including Pam Gosal MBE
MSP’s Regional Apprentice of the Year and
Ayrshire College’s John Mather Award. She also
represented Ayrshire College at the regional Skill
Build competition, securing second place.
This year, Chantelle was a finalist in our Excellence
Always Award for Trade Apprentice of the Year,
underscoring her exceptional progress and dedication.
Persimmon Brickwork Apprentice
Chantelle Muir withPam Gosal MBE MSP.
Our people continued
99%
of staff would recommend our
training to colleagues
It is fair to say Chantelle has
a very bright future ahead of
her and we believe she will
develop into greater things
within Persimmon inthe
years to come.
William Smith
Apprentice Manager – Scotland
Persimmon Plc Annual Report 202424
Award-winning training
Talent development and succession planning
In 2024, Persimmon Plc made significant strides in enhancing diversity and
inclusion, focusing on increasing the representation of female employees and
those from ethnic minority backgrounds.
Our Leadership Development Programme continues to progress well,
withhigh-calibre participants from across the Group.
The Advanced Management Programme (‘AMP’) targets high-performing
individuals in junior and middle management roles. With 14 cohorts delivered
or underway, the AMP is making a significant impact across the Group,
helping to develop and retain high-potential talent.
Future talent graduates and apprenticeships
Our commitment to future talent is evident in our Graduate Scheme and
apprenticeship programmes. The fourth cohort of graduates joined us in
September. In 2024 we supported 412 apprentices, with a strong emphasis
on diversity and inclusion, the quality of training and pastoral care.
In summary, Persimmon Plc’s Talent Strategy in 2024 has been instrumental
indeveloping our leaders, supporting succession planning, and fostering a
diverse and inclusive workforce. We remain committed to investing in our
people to drive the Company’s growth and success.
Diversity and inclusion
In 2024, Persimmon Plc made significant strides in enhancing diversity and
inclusion (‘D&I’) within the Company. Our efforts focused on increasing the
representation of female employees and those from ethnic minority backgrounds.
Creating an inclusive environment where diversity is embraced is a priority for
us. The gender split improved from 24% female employees in 2021 to 30% in
2024. We have established network groups for female and LGBTQ+ employee
s
plus a discussion group for ethnic minority colleagues. Our externally assessed
D&I audit result showed progress, moving from Bronze to Silver. We have
also created a D&I dashboard to track progress and increased D&I employee
data from 17% to55% of employees.
Gender diversity: Female representation among our 4,731 employees
rose to 30%, with notable progress in senior roles. Currently, 35% of senior
positions are held by women, including key promotions such as Claire Burton
as Managing Director and Adele Jacques as Group Strategic Land Director.
We have implemented various initiatives to support female talent, including
leadership programmes, individual coaching and targeted recruitment.
Ethnic diversity: We have improved our data collection on employee
ethnicity, now covering 64.5% of our workforce. Of these, 3.1% are from
ethnic minority backgrounds. Our action plan includes targeted recruitment,
extensive training and setting ambitious targets to increase ethnic minority
representation in senior roles.
Future goals: By 2030, we aspire to foster a more diverse and inclusive
workforce, with a particular focus on increasing diversity representation
among our employees and leadership.
After receiving the 2023 Princess Royal Training Award for our Sales
Excellence Programme, emphasising quality and service in the customer
journey, we are proud to receive this honour again for a second consecutive
year. This year’s award recognises our Personal and Management Development
Programmes, which help Persimmon staff advance into management roles
with the highest professional standards.
The Personal Development Programme helps managers understand their
strengths and management styles, forming the foundation of our management
pathway. Building on this, the Management Development Programme equips
them to effectively lead teams. To date, over 500 colleagues across all
operations have benefited, with 80 promoted after completion.
Sponsored by City & Guilds, the Princess Royal Training Award honours
organisations committed to exceptional learning and development. The judging
panel praised our focus on emotional intelligence in management training
and its positive impact on our people culture, noting lower attrition rates among
programme participants compared to our general management population.
Persimmon Plc Annual Report 2024 25
Financial statementsGovernance Other informationStrategic report
81%
6 vs. benchmark
0 vs. 2023
2 vs. 2022
81%
10 vs. benchmark
0 vs. 2023
1 vs. 2022
Our people continued
Employee engagement and wellbeing
We provide an exceptional employee experience. In 2024, our engagement
score was 81%, surpassing the external benchmark by six points. Colleagues
are committed to our purpose and strategy with 80% believing in our mission,
vision and values. Employee perception of the quality of our homes continues to
grow each year. Our wellbeing scores have strengthened since 2022, and
we have made significant progress in fostering a speak-up culture, with 73%
of employees feeling they can voice concerns without fear of repercussion.
‘Your Say’ Employee Engagement Survey
The overall colleague engagement remains stable at 81%, with notable
improvements in IT systems and equipment. Colleagues have observed
significant enhancements in the quality of homes produced by Persimmon
(74%), and there is a general sense of pride (73%) and commitment among
the workforce (90%). Customer service metrics also show continuing improvement
year on year, with colleagues feeling that Persimmon provides better quality
service to customers both before and after the handover of their homes.
Our overall engagement score
Persimmon has a clear strategy for the future
I am committed to
Persimmon and what
itis trying to achieve
10 vs. benchmark
0 vs. 2023
2 vs. 2022
I have a clear
understanding of
Persimmon’s Mission,
Vision and Values
N/A vs. benchmark
2 vs. 2023
New vs. 2022
I believe in Persimmon’s
Mission, Vision and Values
N/A vs. benchmark
1 vs. 2023
New vs. 2022
I am motivated to
domybest at work
16 vs. benchmark
1 vs. 2023
3 vs. 2022
Key:
Positive Neutral Negative
90%
86% 80%
86%
Persimmon Plc Annual Report 202426
Customer service
At Persimmon, we
always aim to provide
good customer service
8 vs. benchmark
1 vs. 2023
2 vs. 2022
Persimmon provides good
service to customers before
the handover of their home
N/A vs. benchmark
7 vs. 2023
6 vs. 2022
When making decisions,
people around me always
take into account what’s
best for their customer
6 vs. benchmark
4 vs. 2023
8 vs. 2022
Persimmon provides good
service to customers after
the handover of their home
N/A vs. benchmark
6 vs. 2023
6 vs. 2022
84%
76%
70%
73%
Recognition and rewards
We have revamped our remuneration structure, driving significant progress in
build, service and quality. During 2024 we introduced a new sales recognition
scheme and an additional sales incentive bonus to support target achievement.
Our pension Salary Sacrifice for monthly employees has a 90% take-up.
Additionally, we implemented a voucher platform for sales recognition and
tosupport long-term Group recognition and long-service plans.
Future plans
Looking ahead, we are committed to attracting, retaining and developing top
talent. We will provide tailored support and development for senior leaders,
ensuring robust succession for all key roles and preparing functional directors
for the transition to broader and more complex MD roles. We are excited
about broadening our Academy offering for MDs and new entrants, as well
as commercial, planning and technical teams. Our continued investment in
our people includes modernising our onboarding, learning, performance,
talent management tools, and core HR and payroll systems.
Persimmon Plc Annual Report 2024 27
Financial statementsGovernance Other informationStrategic report
Sustainability
We have continued to focus on
three key sustainability pillars to
drive our strategic performance
and focus throughout 2024.
Aligned with the Group’s five key
priorities, our pillars ensure that
sustainability is a core part of the
Group’s operations.
Sustainability pillars
Building for
tomorrow
We will reduce our
environmental impacts and
achieve net zero carbon
reductions aligned to
science‑based targets in
boththe near and long term.
●
By minimising our environmental impact, we can also
benefit from increased efficiencies throughout our
supply chain and operations. We focus on not only
operational environmental impact but also the
benefit that improved sustainability can bring to our
customers through their homes and communities.
Key priorities
●
We are committed to reducing our carbon
emissions and have approved near-term
science-based targets for our operations and
indirect emissions (i.e. our homes in use and our
supply chain).
●
We aim to be net zero carbon for our homes in
useby 2030, and in our operations by 2040 (see
pages 30 to 38), and have established a
decarbonisation pathway to achieve our targets.
●
We are progressing with the approval of long-term
carbon targets with the SBTi to be net zero by
2045.
●
We aim to have 50% of our homes built using
timber frames from our off-site manufacturing
facilities in the medium term.
Transforming
communities
We will positively transform
communities directly connected
to Persimmon’s activities.
●
Creating sustainable places for our customers
isatthe heart of what we do. Our Placemaking
Framework guides all our developments and
ensures we create lasting sustainable communities
with great design, the right house types and valued
green open spaces.
●
We make a positive local impact when building
new homes, meeting stakeholder expectations and
engaging with residents.
Key priorities
●
We are committed to maintaining an HBF five-star
rating for our customer satisfaction.
●
We are committed to delivering high-quality
homes. Our NHBC Reportable Items reduced to
0.26 for the year ended 31 December 2024.
●
We are committed to delivering at least a 10%
Biodiversity Net Gain on all new developments.
●
We have signed up to the Future Homes Hub
Homes for Nature commitment, to support the
protection of endangered species and provide
homes for wildlife.
●
We have specific and measurable commitments on
every site to leave a positive and lasting legacy for
the communities in which we operate.
Safety and
inclusion
We have a safe and inclusive
culture focused on the
wellbeing of our customers,
communities and workforce.
●
Recruiting and retaining the right people means we
deliver our five key priorities and provide excellent
customer service.
●
It is a priority that our processes meet stringent
standards to ensure safety and wellbeing. In 2024,
we have implemented our Target Zero initiative, a
bespoke safety excellence commitment.
Key priorities
●
We will report our Annual Incidence Injury Rate
and will aim to improve it year on year.
●
We will use our Target Zero initiative to work
towards zero incidents.
●
We will continue to increase diversity across our
business and create an inclusive workplace.
●
The Group will maintain being a Living Wage
Foundation-accredited employer.
●
We will continue to apply ethical standards
andexpect our supply chain to comply with
similarstandards.
 Read more on pages 30 to 40  Read more on pages 41 to 45  Read more on pages 46 to 50
Persimmon Plc Annual Report 202428
Sustainability highlights
1. Estimated using an economic tool kit.
2. Homes provided to our housing association partners and discounted open market value homes.
Community Champion
donations
c.£699k
2023: c.£627k
Tonnes of greenhouse gas
emissions per home sold
1.90
2023: 2.21
Trees planted on our
developments
c.146,068
2023: c.145,840
Average SAP rating of
ourhomes
86
2023: 84
Operational waste
recycled
98%
2023: 98%
Investment in local
communities over the
lastfiveyears
£2.2bn
2023: £2.3bn
Public open spaces and gardens
provided for families
484 acres
1
2023: 452 acres
Affordable
homes
1,763
2
2023: 2,402
Low-carbon heating solutions
installed instead of gas boilers
671
2023: 185
HBF customer satisfaction score
Persimmon Plc Annual Report 2024 29
Financial statementsGovernance Other informationStrategic report
Building for
tomorrow
In this pillar:
1
Progressing towards net
zero
2
Greenhouse gas reporting
3
Creating a responsible
supply chain
The average standard assessment procedure
(‘SAP’) rating of our new homes
86
equating to an EPC ‘B’ rating
Average dwelling emission rate of our homes
(kgCO
2
e/m
2
/yr)*
14.73
Fuels 12,378
Business travel 3,942
Gas 3,897
Scope 1
(tonnes CO
2
e)
Sites inc. plots 1,541
Manufacturing and FibreNest 510
Offices and business travel 937
Scope 2
(tonnes CO
2
e
location based)
Purchased goods and services 883,938
Use of sold products 767,884
Employee commuting 8,527
Scope 3
(tonnes CO
2
e)
1
Progressing towards
netzero
Reducing carbon emissions to help limit global
warming is a key business priority. We have
developed a decarbonisation pathway to
deliver carbon reductions over the near and
long term, alignedto ensuring that global
warming remains below 1.5
o
C.
During 2024 we developed long-term net zero carbon reduction targets
inaccordance with the Science Based Targets initiative’s (SBTi) Corporate
Net-Zero Standard. These are being progressed with the SBTi for approval.
We have set ambitious carbon reduction targets for our operations (Scope 1
and 2) and from our indirect activities (Scope 3). Our proposed long-term
targets have an end date of 2045 and require areduction in absolute carbon
emissions of circa 90%.
These are challenging targets requiring product innovation, supply chain
engagement and changes to current operational processes.
We continue to evolve our understanding of the carbon emissions from
oursupply chain and report our Scope 3 emissions (see table on page 39).
Asahomebuilder, these Scope 3 emissions make up the majority (c.99%)
oftheemissions that we generate. See our carbon reporting methodology
formore information.
Our carbon reduction targets
Near‑term targets (2030)
●
To reduce carbon emissions from our operations by 46.2% by 2030
(2019baseline).
●
To reduce carbon emissions from our indirect operations (i.e. those from
our homes in use and our supply chain, known as Scope 3) by at least
22% per m
2
completed floor area by 2030 (2019 baseline).
Long‑term targets (2045)
●
We are committed to setting long-term science-based targets with the
SBTi. To achieve net zero by 2045, we need to reduce our absolute
carbon emissions across the supply chain by circa 90%, with the
remaining 10% offset or neutralised through a suitable mechanism.
Sustainability continued
* The average dwelling emission rate has been externally
assuredtoa limited level of assurance by Ernst & Young LLP
(seewww.persimmonhomes.com/corporate/sustainability).
Persimmon Plc Annual Report 202430
Our decarbonisation pathway
We have developed our decarbonisation pathway with the support of the
Carbon Trust to help us achieve net zero carbon across our value chain by 2045.
We already have near-term science-based carbon reduction targets in place,
which have been approved by the SBTi. Our long-term net zero carbon targets
are being progressed with the SBTi. To achieve net zero by 2045, a reduction
in absolute carbon emissions of circa 90% for Scope 1, 2 and 3 is required,
with the remaining 10% to be offset or neutralised through a suitable mechanism.
We have identified key decarbonisation levers which are shown on our
decarbonisation pathway graphic, and these provide the most material
reductions with current known technologies and are in line with other key
sector decarbonisation pathways.
The main areas of reduction opportunity are:
1
Reducing our Scope 1 and 2 emissions – These account for a small
percentage of our total emissions, but they are under our direct control
and so this is a key area of focus.
2
Reducing in‑use emissions from completed homes – We are committed
to producing zero carbon-ready homes by 2030. The decarbonisation of
the grid by 2035 is a key enabler to reducing carbon emissions.
3
Reducing the embodied carbon of materials – this is a complex area
across multiple supply chains, and we are engaging with our supply
chains. Our vertical integration strategy with the use of our own timber
frames, concrete bricks and tiles is a key contributor to reducing our
carbon emissions.
Long-term carbon reductions require significant assumptions on the achievement
of decarbonisation of key carbon-intensive sectors such as cement, asphalt
steel and bricks, on which the construction sector is dependent. These sectors
have mostly made commitments to NZC targets and are investing in innovation
and technology. We will review and update our decarbonisation pathway
regularly as new information becomes available and key sectors evolve their
transition plans.
We have a strong relationship with our supply chain and, collectively, the
sector is developing common tools and methodologies to ensure comparability
in carbon data, including EPDs and LCAs, and to support decision-making.
We are an active member of the Future Homes Hub and are a member of the
Embodied Carbon/Whole Life Carbon Working Group.
The following tables on pages 32 to 34 summarise our decarbonisation
pathway actions as we transition towards net zero carbon emissions.
Emissions from electricity use
Reduce as the grid decarbonises.
Emissions from natural gas use
Phases out of natural gas, in line with the Future Homes Standard.
Scope 1 and 2 emissions from onsite operations
Decarbonisation strategies such as fuel switching, compound
energysavings.
Scope 3 emissions from bricks
Use of low carbon cements and alternatives in brick manufacture.
Scope 3 emissions from asphalt
Use of low-carbon alternative materials and methods.
Scope 3 emissions from MMC and Steel
Increased use of MMC, and in low-carbon steel use.
Scope 3 emissions from concrete
Increased use of low carbon cements and alternative materials.
Remaining emissions In the next 10-20 years, new decarbonisation
levers will become available to further reduce emissions. Persimmon will
also explore offsetting emissions through a suitable mechanism.
2035 2040 2045
2030 near-term SBTi targets:
●
46% reduction in Scope 1 and 2
absolute emissions.
●
Scope 3 intensity reduction of
22% bym
2
completed floor area.
2045 proposed long-term SBTi target:
●
circa 90% absolute reduction in Scope 1,
2 and 3 carbon emissions.
100%
50%
0%
CO
2
e absolute emission as a % of the 2029 baseline
2022 2025 2030
Persimmon Plc Annual Report 2024 31
Financial statementsGovernance Other informationStrategic report
Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Our decarbonisation pathway continued
Reducing our operational carbon emissions (Scope 1 and 2 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
29% reduction in absolute carbon emissions
(from2019 baseline)
46% reduction in absolute carbon emissions
(froma2019 baseline)
Achieve net zero absolute carbon emissions by 2045
(expected to be circa 90% reduction)
Our priority actions
(already underway and planned)
100% REGO-backed electricity
100% REGO-backed electricity (already in place)
100% eco site cabins with diesel-free hybrid generators
Efficiency first strategy – reduction in diesel use Up to 90% switch to hybrid generators
Construction plant all-electric or hydrogen
Introduce hybrid generators onto new sites Eco cabin replacement programme underway
100% EV car fleet
New energy-efficient cabin strategy in place
c.80% of car fleet EV
Achieve 40% car fleet EV or hybrid
Option to use green/HVO diesel replacement
Option to use green/HVO diesel replacement
Introduce electric/hydrogen construction
plantvehiclesin use
External enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity gridcapacity
• Sustainable HVO or green diesel alternatives available
• Gas in new homes banned through FHS
• Grid decarbonisation on track for 100% by 2035
• Industry availability of electric or hydrogen construction plant
• 100% green electricity from grid
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Persimmon Plc Annual Report 202432
Improving energy efficiency of our homes in use (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve net zero carbon homes by 2030
Achieve net zero carbon emissions across our value
chain by 2045 (expected to be circa 90% reduction)
Achieve a carbon reduction of at least 22% per m
2
completed floor area by2030 (vs. 2019 baseline)
Our priority actions
(already underway and planned)
Energy transition plans in place for all developments
All homes will achieve 75-80% Scope 3 carbon
emission reductions in line with FHS
Increased thermal efficiency
Part L 2021 homes designed with a ‘fabric first’
approach to maximise energy efficiency
New house type designs already in place in readiness
for FHS introduction
Smart home technology trials underway
12-month real-life trial of zero carbon home
atGermany Beck undertaken
Zero carbon house at Malmesbury built
Increase use of timber frame
c.1,000 ASHPs to be installed by the end of 2025
External enablers
• Availability of ASHPs and sufficient qualified installers
• Grid decarbonisation trajectory maintained and sufficient
electricity grid capacity
• Lenders recognise the increased value of more energy-efficient
homes and this is reflected in mortgage offers
• Grid decarbonisation on track for 100% by 2035
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Persimmon Plc Annual Report 2024 33
Financial statementsGovernance Other informationStrategic report
Our decarbonisation pathway continued
Reducing the carbon footprint of our homes during construction (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve a carbon reduction of at least 22% per m
2
completed floor area by 2030 (2019 baseline)
Achieve net zero carbon emissions across our value
chain by 2045 (expected to be circa 90% reduction)
Achieve 50% timber frame build
Our priority actions
(already underway and planned)
Building around 30% timber frame homes
Increasing timber frame and MMC components
New Space4 factory operational
Introduction of ~30% GGBS at Brickworks and
Tileworks to reduce cement content
Actions underway to be a zero-waste company
Detailed embodied carbon study already complete
and informing materials targets and reduction plans
Building circular economy principles into our operations
Strategic partnerships with suppliers and trials
oflow-carbon alternatives being built
Innovation programme in place – undertaking a trial of
zero cement substitute for bricks and tiles (2024/2025)
Enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity grid capacity
• Development of supply chain partnerships
• Standardisation of LCA methodologies and data
• Cement industry on track to achieve its NZC pathway
• Iron and steel industry on track to achieve its NZC pathway
• Clay brick industry on track to achieve its NZC pathway
Grid decarbonisation on track for 100% by 2035
Embodied carbon regulations
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Persimmon Plc Annual Report 202434
Zero carbon ready homes
With customer experience as a key consideration,
we have been carefully implementing our
low‑carbon design and heating solutions to
improve energy efficiency and reduce the
emissions of our homes.
This year, we have fully implemented the step change to delivering Part L
2021 following our approved transitional arrangements. We have taken
a‘fabric first’ design route to make a 31% reduction in carbon emissions.
Solutions used to achieve this include increased insulation, smart heating
technology, waste water heat recovery and solar PV. As a result, our homes
now use less energy compared to traditional older properties.
In preparation for the forthcoming Future Homes Standard (‘FHS’) and as part
of our implementation of the New Build Heat Standard in Scotland, we have
developed energy transition plans for all our developments. This ensures that
we phase out the installation of gas boilers while considering the appropriate
timescales and commercial needs. Ahead of the regulatory requirements, we
have already started installing low-carbon design and heating solutions, such
as air source heat pumps.
Innovative products and new solutions are emerging onto the market, and our
technical teams are constantly analysing options and creating optimised solutions.
We have a significant advantage through our Space4 timber frame products
to provide an effective ‘fabric first’ approach and deliver increased insulation
and thermal efficiency which will be a key contributor to achieving the energy
efficiency requirements.
Optimising energy performance in the home and customer experience is a
key enabler to reducing carbon emissions and energy bills. We are evaluating
the opportunities for smart technology solutions in our homes and currently
have trials underway.
Designing in sustainability – Innovation Home at our Space4 timber
framefacility
At our Space4 timber frame manufacturing facility in Birmingham,
we have built an Innovation Home to trial a range of new
technologies. The project was built with a combined effort
fromGroup Construction, Technical and Commercial, Space4,
and our dedicated team of subcontracted suppliers and
manufacturers.
One new technology used in the Innovation Home is a
prefabricated external wall panel system, which has been
fitted to our Space4 timber frame product. The Innovation
Home is built to meet the upcoming Future Homes Standard,
which will make our homes more energy efficient and reduce
carbon emissions.
To meet these standards, the Innovation Home has been fitted
with air source heating, solar PV, additional wall and floor
insulation, and an electric vehicle charging point. We are
already using these technologies in some places and will
continue to implement them across our sites in 2025.
In each room, different build stages are left exposed to show
best practices. Signage throughout the home highlights the
building regulations and standards, as well as the expectations
of The Persimmon Way. Situated outside our Central Training
Hub, the Innovation Home will be used for the training and
development of our staff, subcontractors, suppliers and manufacturers.
Persimmon Plc Annual Report 2024 35
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