## Persimmon PLC Full Year Results 2025Summary
**Key Highlights**
* **Strong Performance** Persimmon delivered a robust performance in 2025, with a 12% increase in completions to 11,905 homes and a 13% rise in underlying profit before tax to £445.6 million.
* **Brand Diversification** All three brands (Persimmon, Charles Church, Westbury Partnerships) showed growth, demonstrating the success of their diversified market approach.
* **Strategic Land Bank** Persimmon strengthened its land bank, acquiring over 16,000 new plots and increasing its strategic land pipeline by 10% to over 77,000 potential plots.
* **Vertical Integration** The companys vertical integration model, including its brickworks, tileworks, and timber frame facility, contributed to cost efficiency and supply chain security.
* **Building Safety Remediation** Persimmon made significant progress in its building safety remediation program, with 90% of known developments either fully tendered, on-site, or completed.
* **Dividend and Shareholder Returns** The company maintained its dividend at 60p per share and reaffirmed its commitment to sustainable shareholder returns.
**Financial Performance**
* **Revenue** Total revenue increased by 17% to £3.75 billion, driven by higher completions and average selling prices.
* **Profitability** Underlying operating profit rose by 17% to £472.1 million, with an operating margin of 14.3%.
* **Cash Position** Cash balance decreased to £117.0 million due to increased land investment and dividend payments.
**Outlook**
* **2026 Guidance** Persimmon expects to deliver between 12,000 and 12,500 completions in 2026, with underlying operating profit towards the upper end of current consensus.
* **Market Conditions** The company acknowledges potential challenges from the Iran conflict but remains confident in its ability to navigate market uncertainties.
* **Long-Term Growth** Persimmon is well-positioned for long-term growth, supported by its strong land bank, diversified brands, and commitment to quality and customer service.
**Key Takeaways**
Persimmons 2025 results demonstrate its resilience and strategic focus in a challenging market. The companys diversified brand portfolio, strong land bank, and vertical integration provide a solid foundation for future growth. While acknowledging potential market headwinds, Persimmon remains confident in its ability to deliver sustainable performance and shareholder value.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| New home completions | 11,905 | 10,664 | +12% |
| New home average sales price | £278,203 | £268,499 | +4% |
| New housing revenue | £3.31bn | £2.86bn | +16% |
| Underlying operating profit | £472.1m | £405.2m | +17% |
| Underlying operating margin | 14.3% | 14.1% | +20bps |
| Underlying profit before tax | £445.6m | £395.1m | td>+13%|
| Cash at 31 December | £117.0m | £258.6m | -(141.6)m |
| Total Group revenue | £3.75bn | £3.20bn | +17% |
| Profit before tax | £397.3m | £359.1m | +11% |
| Land holdings at 31 Dec - plots owned and under control | 84,879 | 82,084 | +3% |
| Number of sales outlets at 31 December | 277 | 270 | +3% |
| Current private forward sales position | £1.25bn | £1.15bn | +9% |