Persimmon posts another record profit

A rise in operating margin to 19.4% has helped housebuilder Persimmon unveil a record interim pre-tax profit of £146m.

The latest figure represents a rise of £34m on the first six months of 2002. Financial results (six months to 30 June) published this morning show Persimmon's turnover £40m higher at £860m.

Chairman Duncan Davidson said: "Market conditions are sound. Our broad geographic spread and long landbank gives us great confidence that we can continue to achieve excellent growth.

"We have been encouraged by good sales volumes and visitor levels throughout the summer months. The market has resumed a more normal trading pattern and we continue to achieve price growth in all markets outside London."

Persimmon has increased its investment in land and work in progress to £1.6bn. The total plots owned and under the group's control stands at 56,400 which represents four-and-a-half year's of supply.

In the north, the average selling price was £126,000 (up from £103,000 in the same period last year) while in the south the average climbed to £164,000 (up from £144,000).

Charles Church, the group's premium brand, completed 460 properties at an average of £242,000. Its operating margins were better at 14.3%.