PERSIMMON PLC - 2026 Half Year Results

Persimmon PLC reported a strong 2026 half-year performance despite challenging UK housing market conditions, with underlying profit before tax rising 3% to £170 million and completions increasing 13% to 5,189 homes, supported by higher sales rates and growth across its Persimmon, Charles Church and Westbury brands. First-time buyer completions rose 14%, while the company retained its five-star customer rating and strengthened its land and planning pipeline, securing detailed permission on more than 6,100 plots. Persimmon’s forward order book stands at £1.9 billion, up 3%, including a £1.3 billion private order book, up 5%, providing strong visibility for future revenue and growth. While operating margins reduced from 13.1% to 12.8%, volume leverage and tight overhead control helped mitigate cost pressures. The company expects around £40–50 million of additional build cost inflation over the next 18 months but is pursuing efficiency measures, vertical integration and AI investment to protect margins. With approximately 81,000 owned and controlled plots, a further 82,000 strategic land plots and £1 billion of committed bank facilities, Persimmon remains focused on disciplined investment and shareholder returns. Management now expects approximately 12,500 home completions in 2026, at the upper end of previous guidance, while maintaining its medium-term ambitions of a 20% operating margin and 20% return on capital.