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Persimmon - CEO steps down, outlook remains positive

Nicholas Hyett | 7 November 2018 | A A A
Persimmon - CEO steps down, outlook remains positive

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Persimmon plc Ordinary 10p

Sell: 2,751.00 | Buy: 2,753.00 | Change -54.00 (-1.92%)
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Persimmon has announced its CEO, Jeff Fairburn will step down at the end of this year. That's at the company's request as "distraction around his remuneration from the 2012 LTIP scheme continues to have a negative impact on the reputation of the business".

That came as the group restated its positive outlook for the full year, with low interest rates and good mortgage availability still feeding the top line.

The shares were little moved in early trading.

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Third quarter trading update

Sales for the third quarter are 3% ahead of the same period as last year. Forwards sales have reached £987m (2017: £909m), with Persimmon now currently operating c.370 construction sites across the UK. Sales prices remain firm across Persimmon's regional markets.

During the period the group spent £180m on 4,750 new plots of land. It remains confident that its landbank provides a sustainable long-term platform for growth, even with Brexit unknowns on the horizon.

The group continues to roll out its new house types in order to drive efficiency and margin growth. The new brick manufacturing plant is now complete and running at capacity, with a roof tile manufacturing facility under construction.

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This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research for more information.