Persimmon Earnings: Shares Remain Attractive Despite Weak Start To 2023

Persimmon confirmed its soft first-half 2023 result, which saw a 36% fall in home completions to 4,249 relative to the prior year, reflecting the weaker order book to start the year. Management expects a stronger second half of the year, anticipating full-year completion to be at least 9,000, at the upper end of its previously indicated range of 8,000–9,000. Private average selling prices in the current forward book are up 0.9% since the start of the year, but management gave no further guidance on average selling price, instead stating it anticipates operating profits in line with expectation, given continued build cost inflation.