Persimmon steps up digital investment after profit slides

Persimmon recorded a pre-tax profit of £783.8 million in 2020, down £257 million year-on-year.

Group Chief Executive Dean Finch said it delivered a "robust performance" despite the challenges presented by the pandemic, with revenues totalling £3.33 billion and liquidity of £1.2 billion held at the year end.

Digital will be an increasingly key focus, supporting its 21 key stage inspection processes, improving communication with customers and enhancing training. The provision of full fibre to the home through FibreNest is aligned with the UK Government’s digital strategy.

The homebuilder has around 10 sites under construction awaiting their first sales release and it plans to open another 50 or so new sites in the first half of 2021.

Persimmon Homes and Taylor Wimpey - whose profits have similarly fallen (click here) - recently exchanged contracts with Morrisons, for a circa three acres site within the Town Centre at Newcastle Great Park, and a planning application will be submitted this month.

Work has begun on the next phase of a major housing development near Wakefield, which aims to bring more than 600 new homes over the coming years. 

Rob Murphy, Managing Director at Edison Group, said: "Despite current uncertainties, the longer-term fundamentals of the UK housing market remain resilient, and we expect Persimmon to continue its robust performance."