Persimmon: H1 profit before tax down 1%

(CercleFinance.com) - UK home builder Persimmon has reported H1 2019 adjusted profit before tax of 513 million pounds, down 1%, although in line with Liberum's forecast.


"This was achieved in spite of management deliberately slowing sales to focus on rectifying quality," the broker says, pointing out that its operating margin improved by 0.9 point to 29.1%, 0.2 point above Libertum's estimate.

"The outlook remains firm as the strong sales rate has continued beyond June," Liberum said, which confirms its "buy" rating on the share, along with its target price of 2,800 pence.


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