Persimmon on target for profitable 2003

Housebuilder Persimmon has said today (Thursday) that results for the first half will meet expectations - and it is confident of another successful 2003.

In a statement prepared for its AGM to be held later today, chairman Duncan Davidson said one of the group's key strengths is its broad geographic spread and product diversity.

Persimmon builds homes throughout the country from Aberdeen in the north to Cornwall in the south. "This coverage gives resilience to our business."

Davidson said volumes are lower in the south but the group continues to experience steady price growth of homes sold in all regions outside of the London area. Persimmon builds only a very small proportion of its homes within the M25.

Davidson added that the forward sales achieved to date will ensure that first half expectations are met and, in addition, the group has £170m of sales value already contracted or reserved for the second half of the current year.

Persimmon's first half trading update will take place on 25 June.