Persimmon Posts Rise In H1 Profit

Persimmon PLC

reported a 57% rise in its first-half profit. Persimmon's pretax profit for the period surged to 208.9 million pounds ($349.3 million), versus a year-ago profit of GBP132.9 million. Its sales rose 33% to GBP1.2 billion. Persimmon's net profit jumped to GBP163.2 million, versus a year-ago profit of GBP100.9 million. The company sold 6,408 new homes, compared to 5,022 homes in the year-ago period, at an average price of GBP186,970. The company sold 28% more homes at 4.3% higher prices. Persimmon also generated GBP122.0 million of free cash, compared to GBP74.5 million. Persimmon's shares gained 1.32% to close at $44.47 yesterday.