Persimmon profit up by a third

Housebuilder Persimmon's pre-tax profit jumped one third higher to £340m last year. Operating margin roared ahead to 20.3%, almost three percentage points higher than the figure of 17.5% the previous year.
Completions were slightly lower at 12,200 homes as a result of difficulties in getting new outlets open. The average selling price moved up strongly, lifting 12% to £155,000.
Chairman Duncan Davidson said: "We are delighted to report another set of record full-year results. Profit has risen in every consecutive half-year period for the last nine years."
Profit in the second half was in excess of £200m, the highest-ever six-month figure, while operating margin ran to 21%.
Debt has been cut back to £310m, the lowest figure for the company since the acquisition of the Beazer Group three years ago.