Persimmon’s reopening plans don’t reassure markets

The price of shares in FTSE 100 housebuilder Persimmon (LON:PSN) slipped 4.83% to 2,047p (as of 10:35 BST) after the firm reported that 65% of production capacity had been restored as of the week beginning 4th May. Sales offices and show homes are expected to reopen shortly with new social distancing and hygiene measures in place.

CEO David Jenkinson commented: “We support the Government’s view that the housing sector has a key role to play in the UK’s economic recovery. The urgent need for new homes has not been diminished by COVID-19 and the new measures announced by the Government will re-open the housing market and allow people to get moving again. Our sales colleagues can now begin to return to site but staff and customer safety remains our first priority and we have put in place new protocols and training procedures to enable them to restart operations safely.

“Persimmon decided not to access any form of Government support during the shutdown period and has maintained its commitments to its colleagues and communities in full throughout. Now, as we re-start activity, this decision is also enabling us to get back to work swiftly and safely. Persimmon is open for business and we are looking forward to welcoming customers back to site and continuing to play our part in rebuilding Britain’s economy“.