Persimmon PLC (FRA:OHP)

€ 15.165 0.1 (0.66%) Market Cap: 4.80 Bil Enterprise Value: 4.38 Bil PE Ratio: 15.58 PB Ratio: 1.16 GF Score: 83/100

Half Year 2023 Persimmon PLC Earnings Call Transcript

Aug 10, 2023 / 08:00AM GMT

Release Date Price: €13.22 (+1.93%)

Transcript

Dean Kendal Finch

Persimmon Plc - Group Chief Executive & Executive Director

Thank you all for joining us today. I'm going to open with a couple of slides before handing over to Jason to take you through the numbers in detail. Today, I'll outline the key steps we've taken to manage uncertainty during this current downturn, whilst at the same time, seeking to protect both our margins and continuing to build a platform for future growth.

First, let me pull out some headline figures for our first half. In keeping with Persimmon's long-term strategy, we've not chased volume, but rather we prioritized gross margin over volume and held prices wherever we can.

As you can see from our results, this is playing out as we anticipated in March, with gross margin performing relatively strongly, but with fixed costs impacting operating margins. As we grow volumes through the remainder of the year, I expect this strategy to pivot back to our advantage, given that our fixed cost base is relatively lower than our peers. Our completions reflect both our pricing strategy and the weaker forward order

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