Persimmon shares down after results update

Shares in FTSE 100 housebuilder Persimmon (LON:PSN) dropped 3.91% to 2,676p (as of 12:45 GMT) after revenues for the year ended 31st December fell by 8.7%. Average selling prices increased by 6.8%, but this was outweighed by lower completions. However, the company entered 2021 with a stronger forward sales position than at the comparative point moving into 2020.

CEO Dean Finch commented: “Against the backdrop of the unprecedented challenges of 2020, Persimmon produced a robust performance for the year, as we continued to deliver the new homes the country needs. The Group’s strong second half completions were supported by its advanced build coming into the year, an agile and effective response to the Covid-19 pandemic and resilient customer demand. I would like to take this opportunity to thank my colleagues and our suppliers and subcontractors for their continued hard work and commitment throughout this challenging period.

“[…] Recent events have served to further demonstrate the continuing near term uncertainties arising from the Covid-19 pandemic. However, we believe that the longer term fundamentals of the UK housing market remain resilient and I am confident Persimmon will continue to deliver superior long term value for all of its stakeholders“.