Building momentum: Persimmon H125 sales and revenue rise despite headwinds

Key takeaways

• Completions rise: Total up 4% to 4,605; private up 7% to 3,987
• Selling prices higher: Average £284,047, up 8% year-on-year
• Revenue growth: New housing revenue up 12% to £1.31bn
• Profit improvement: Underlying operating profit up 13% to £172m
• Order book up: Private forward order book up 11% to £1.25bn

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Persimmon has reported higher sales and revenue for the first half of 2025, with growth in completions, selling prices and its forward order book.

For the six months to 30 June 2025, total completions rose 4% year-on-year to 4,605 homes, including a 7% increase in private completions to 3,987. The average selling price increased by 8% to £284,047.

These factors contributed to a 12% rise in new housing revenue, which reached £1.31bn. Underlying operating profit increased by 13% to £172.0m, while underlying operating margin edged up 10 basis points to 13.1%. Underlying profit before tax was £164.9m, up 11% from the same period last year.

Cash at 30 June stood at £123.0m, compared with £350.2m a year earlier. The private forward order book increased by 11% to £1.25bn, with the total forward order book, including partnerships, up 9% to £1.86bn.

The board has declared an interim dividend of 20p per share, unchanged from the prior year.

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Data as at 12 August 2025. MarketScreener. Total return in GBP.

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Dean Finch, group chief executive, said:

“Our average sales price, sales, completions, planning approvals, active sites and forward order book are all up, many against industry trends, showing that our strategy including a focus on self-help has continued to deliver.”

Persimmon maintained its full-year guidance, targeting between 11,000 and 11,500 completions in 2025 and a housing operating margin of between 14.2% and 14.5%. For FY26, the group expects volumes of around 12,000 units.

Mr Finch added:

“Given our strong progress with building safety remediation, we anticipate being able to review our capital allocation policy when the programme of works is substantially complete.”

Persimmon has shown resilience in a challenging market as the help-to-buy scheme wound down and build costs remain elevated. 

Investors should keep an eye on cash levels going forward as any further deterioration in the market may spell trouble for this homebuilder.