Overview

• Underlying operating profit rose 13% to £172 million in the first half, while profit before tax climbed 11% to £164.9 million.
• Home completions increased 4% to 4,605 and average selling prices gained 8% to around £284,000, driving housing revenues up about 12% to £1.31 billion.
• The private forward order book expanded 11% year-on-year to £1.25 billion, supporting guidance for 11,000–11,500 completions in 2025 and roughly 12,000 in 2026.
• Net cash fell by £227 million to £123 million and the interim dividend was held at 20 pence per share, triggering a roughly 3% decline in Persimmon’s share price.
• Management warned that diminishing embedded cost benefits, persistent affordability barriers and rising industry costs will limit further margin progression.