First-half revenue rose 15% to £1.7bn (£1.6bn expected), driven by a 13% increase in new home completions to 5,189, with average selling prices rising 1%.
Underlying profit before tax increased 3% to £170mn (£160mn expected), as cost inflation partially offset strong volume growth.
Free cash outflows widened to £276mn, with the group moving from a net cash position to net debt of £180mn, including lease liabilities. Land creditors increased 24% to £497mn, with around £185mn to be paid by year end.
Full-year guidance on new home completions has been upgraded to around 12,500 (previously 12,000-12,500), while underlying profit before tax is expected to be in-line with market expectations of around £454mn (previously £462mn).
The shares were up 3.7% in early trading.
Our view
HL view to follow.
Persimmon key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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