Persimmon profits fall in first half as reputation rebuild takes priority
The housebuilder has pushed back move-in dates and increased its spending as it tries to make sure it can hand over the keys to new homes in time without botching them
Company
LON:PSN
Persimmon is a house building company, which has been trading since 1972, and operates under three main brands, Persimmon Homes, Charles Church and Westbury Partnerships.
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The housebuilder has pushed back move-in dates and increased its spending as it tries to make sure it can hand over the keys to new homes in time without botching them
The US government's move to allow Huawei 90 days to keep buying from US suppliers has added to the positive mood
Another relatively quiet week of financial news is expected
Persimmon and Taylor Wimpey both make it onto Goldman Sachs’ Best and Brightest UK Ideas list, amid expectations they will return lots of money to shareholders over the next year
“Given the attractive yields on offer, the question of sustainability becomes more hazy the further out you look”
Builders and building materials
A survey of surveyors showed interest among house buyers rose for the first time in more than two and a half years
Investments and investor services
The UK's premier share index finished nearly four points lower at 7,549
Investments and investor services
The UK's premier share index closed down around 51 points at 7,552 on the day, but over the week as a whole the index added around 1.7%.
“We enter the second half with our build programme well progressed, healthy rates of sale on site and an encouraging forward sales position," said chief executive Dave Jenkinson
Investments and investor services
The Footsie finished down nearly six points at 7,603
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Aside from the AB Foods update, investors will also be eyeing updates from builders Persimmon and MJ Gleeson, while US markets will be shut for Independence Day
Investments and investor services
The mid-cap FTSE 250 added over 147 points to close at 19,462 on Friday
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Footsie closed up nearly a point at 7,368, while mid-cap cousin FTSE 250 shed over 77 points at 19,172
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Tesco, DS Smith and PZ Cussons are the standout names in Thursday's diary.
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Aide from Tesco's latest update, a number of lesser-known blue chip firms will also report in the Week Ahead including British American Tobacco, Ferguson, DS Smith, and Halma
Grace Jones' Slave to the Rhythm might well have been about the pressure of a progressive dividend policy: 'Build on up, don't break the chain; Sparks will fly when the whistle blows'
Housebuilder's forward sales revenue are down 4% and the weekly private sales rate per site was 5% lower
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The UK's premier share index finished down nearly 33 points at 7,385
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There’s a lot for investors to get their teeth into on Wednesday, with Sainsbury’s, GSK and Persimmon among the slew of companies reporting alongside Next
Many UK housebuilders have had to put aside money to tackle issues such as poorly built homes and Grenfell Tower-style cladding