Persimmon PLC's (LSE:PSN) shares fell around 3.4% after it slightly lowered its 2026 profit guidance.
The housebuilder’s first-half results were solid: completions rose 4% to 4,605, helped by a 5% improvement in sales rates, while the average selling price climbed 8% to £284,000.
Operating profit increased 13% to £172 million, with pre-tax profit up 11% to £165 million. The interim dividend was held at 20p and net cash stood at £123 million.
Peel Hunt noted that 2025 targets are unchanged, but 2026 will see only modest margin growth as older, less profitable land continues to weigh on returns.
This prompted the broker to trim its 2026 profit forecast by 3–4%, mainly on margin assumptions.
At 1,096.55, the shares trade on about 7.5 times forecast 2026 earnings, offering a 5.5% yield. The broker says 'buy' up to 1,350p.