Persimmon aims to impress the City

Persimmon told the City this morning that it expects profit for the full year of 2003 to be ahead of analysts' expectations after a strong second half.

In a trading statement issued to the City this morning, the group said that it expects to pay a full year dividend at least 15% higher than last year.

Persimmon's selling price increases moderated during the year. At the half year the average selling price was up 15% to £154,110; by the end of this year, the group expects this figure to reach £155,000.

Margins continued to improve in the second half as labour and material cost increases were kept to a minimum.

Forward orders are 24% ahead of last year at £550m.