Proactiveinvestors Australia Persimmon https://www.proactiveinvestors.com.au Proactiveinvestors Australia Persimmon RSS feed en Mon, 22 Jul 2019 01:15:54 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190704070005_14135981/ Thu, 04 Jul 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190704070005_14135981/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190611071805_14106116/ Tue, 11 Jun 2019 16:18:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190611071805_14106116/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190603135348_14096499/ Mon, 03 Jun 2019 22:53:48 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190603135348_14096499/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190603134809_14096493/ Mon, 03 Jun 2019 22:48:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190603134809_14096493/ <![CDATA[RNS press release - Additional Listing ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190523130739_14085510/ Thu, 23 May 2019 22:07:39 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190523130739_14085510/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501162210_14059942/ Thu, 02 May 2019 01:22:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501162210_14059942/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501112303_14059336/ Wed, 01 May 2019 20:23:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501112303_14059336/ <![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501070005_14058392/ Wed, 01 May 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190501070005_14058392/ <![CDATA[RNS press release - Director Appointment ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190417070004_14043835/ Wed, 17 Apr 2019 16:00:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190417070004_14043835/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190401134256_14023852/ Mon, 01 Apr 2019 23:42:56 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190401134256_14023852/ <![CDATA[RNS press release - Customer Care Improvement Plan ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190321070008_14009963/ Thu, 21 Mar 2019 18:00:08 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190321070008_14009963/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190318143010_14006176/ Tue, 19 Mar 2019 01:30:10 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190318143010_14006176/ <![CDATA[RNS press release - Additional Listing ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190312151931_13999499/ Wed, 13 Mar 2019 02:19:31 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190312151931_13999499/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190304133656_13989308/ Tue, 05 Mar 2019 00:36:56 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190304133656_13989308/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190301163443_13987919/ Sat, 02 Mar 2019 03:34:43 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190301163443_13987919/ <![CDATA[RNS press release - CEO Appointment ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190226070027_13981269/ Tue, 26 Feb 2019 18:00:27 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190226070027_13981269/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190226070018_13981230/ Tue, 26 Feb 2019 18:00:18 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190226070018_13981230/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190201163650_13956077/ Sat, 02 Feb 2019 03:36:50 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190201163650_13956077/ <![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190115070002_13934299/ Tue, 15 Jan 2019 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190115070002_13934299/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190111175507_13932605/ Sat, 12 Jan 2019 04:55:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190111175507_13932605/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190102125530_13921210/ Wed, 02 Jan 2019 23:55:30 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20190102125530_13921210/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181211101804_13899165/ Tue, 11 Dec 2018 21:18:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181211101804_13899165/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181207120421_13896115/ Fri, 07 Dec 2018 23:04:21 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181207120421_13896115/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181206165319_13894781/ Fri, 07 Dec 2018 03:53:19 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181206165319_13894781/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181204152548_13891315/ Wed, 05 Dec 2018 02:25:48 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181204152548_13891315/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181203155042_13889569/ Tue, 04 Dec 2018 02:50:42 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181203155042_13889569/ <![CDATA[RNS press release - CEO change ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181107070005_13857614/ Wed, 07 Nov 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181107070005_13857614/ <![CDATA[RNS press release - Third Quarter Trading Statement ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181107070004_13857547/ Wed, 07 Nov 2018 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181107070004_13857547/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181101163518_13852142/ Fri, 02 Nov 2018 03:35:18 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181101163518_13852142/ <![CDATA[RNS press release - Additional Listing ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181024173905_13841394/ Thu, 25 Oct 2018 03:39:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181024173905_13841394/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181023175708_13839699/ Wed, 24 Oct 2018 03:57:08 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181023175708_13839699/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181019094707_13835502/ Fri, 19 Oct 2018 19:47:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181019094707_13835502/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181015160836_13829361/ Tue, 16 Oct 2018 02:08:36 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181015160836_13829361/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181008163607_13820711/ Tue, 09 Oct 2018 02:36:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181008163607_13820711/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181003155209_13815469/ Thu, 04 Oct 2018 00:52:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181003155209_13815469/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181001142022_13811578/ Mon, 01 Oct 2018 23:20:22 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20181001142022_13811578/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180919103137_13796637/ Wed, 19 Sep 2018 19:31:37 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180919103137_13796637/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180903103602_13776504/ Mon, 03 Sep 2018 19:36:02 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180903103602_13776504/ <![CDATA[RNS press release - Half Year Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180821070004_13762103/ Tue, 21 Aug 2018 16:00:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180821070004_13762103/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180801134406_13740057/ Wed, 01 Aug 2018 22:44:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180801134406_13740057/ <![CDATA[News - House-builders have fallen into buying range ]]> https://www.proactiveinvestors.com.au/companies/news/201553/house-builders-have-fallen-into-buying-range-201553.html After a golden run, characterised by generous special dividends in many cases, the housebuilders have fallen sharply into buying territory, Berenberg suggests.

“The UK housebuilders have endured a tough 2018, falling 16% ytd, with concerns about cooling house price inflation and rising build costs fuelling speculation that the cycle has peaked,” the broker noted, as it initiated coverage on a plethora of stocks in the sector.

READ: Persimmon's growth continues as pay row rumbles on

The ones it has initiated with ‘buy’ recommendations are:

Barratt Developments PLC (LON:BDEV), with a price target of 870p Bellway PLC (LON:BWY), with a price target (PT) of 3,760p Bovis Homes PLC (LON:BVS), PT 1,340p Redrow PLC (LON:RDW), PT 650p Taylor Wimpey PLC (LON:TW.), PT 210p Countryside Properties PLC (LON:CSP), PT 430p (from 335p) MJ Gleeson PLC (LON:GLE), PT 890p (from 820p)

The following companies have been initiated with a ‘hold’ rating:

Berkeley Group Holdings PLC (LON:BKG), PT 3,360p Crest Nicholson Holdings PLC (LON:CRST), PT 440p McCarthy & Stone PLC (LON:MCS), PT 110p Persimmon PLC (LON:PSN), PT 2,760p

Berenberg thinks this year's slide has been overdone and the macroeconomic outlook remains supportive.

"Housing is still affordable in most regions of the UK and with the support of the government’s Help to Buy (HTB) scheme we expect the new build sector to continue to outperform the wider market," the broker said. 

Berenberg concedes that the housing market remains the proverbial political football in the UK, with so many people regarding a home as a surrogate pension pot rather than a place in which to leave.

What Berenberg calls "the supposed lack of supply" may get the headlines but in its view, the problem with the housing market is too much readily available credit.

"Better lending standards since the crisis (a positive, in our view) have increased deposit requirements for new buyers, reducing effective demand. With the government facing the impossible task of maintaining a healthier mortgage market while avoiding significant house price declines, we view the continuation of a deposit subsidy as the most politically expedient solution. Even if HTB is extended with caps on prices or income, we expect little impact on overall demand," Berenberg said.

 

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Wed, 25 Jul 2018 12:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201553/house-builders-have-fallen-into-buying-range-201553.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180705070003_13706254/ Thu, 05 Jul 2018 16:00:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180705070003_13706254/ <![CDATA[News - Persimmon's growth continues as pay row rumbles on ]]> https://www.proactiveinvestors.com.au/companies/news/200177/persimmon-s-growth-continues-as-pay-row-rumbles-on-200177.html It may not have reported the eye-popping growth we have become used to, but house-builder Persimmon PLC (LON:PSN) continues to grow steadily.

The first half of 2018 saw revenues rise 5% to £1.84bn from £1.75bn in the first half of 2017.

READ: Housebuilder Persimmon reports robust trading since the start of the year

Housing completions rose 3.6% to 8,072 from 7,794 in the same period of 2017 while the average selling price increased by 1.2% to around £215,800 from £213,262 the previous year.

The average selling price of the roughly 4,900 new homes sold forward into the private sales market was around £236,700, some 2% or so ahead of the prior year. The group's new homes sold forward to its housing association partners at 30 June had an average selling price of around £117,600.

Persimmon H1 revenues +5%, completions +3.6%, average prices +1.2%; forward sales +5%, enquiries +6%; expects continued improvement in underlying using margins, despite inflationary cost pressures.

— Mike van Dulken (@Accendo_Mike) July 5, 2018

Total enquiry levels are running roughly. 6% ahead of the prior year, Persimmon revealed.

The weekly private sales rate per site for the first half continued to be strong at around 0.78 from an average of roughly 375 active sales outlets, which was in line with 2017's performance.

“Consumer confidence remains resilient in our markets and attractive mortgage products provide compelling support to purchasers of new homes,” Persimmon said.

The value of the group's total forward sales of new housing at the end of June stood at £1.68bn, up 5% than a year earlier (2017: £1.60bn).

Management said that, despite inflationary cost pressures, it expects a continued improvement in the group's underlying housing operating margin in the second half of 2018.

As at 30 June, the group – famed for its generous dividend pay-outs (and even more generous management bonus schemes) held £1.15bn of cash, up from £1.12bn the year before, though this was before the payment of the scheduled capital return of £344mln on July 2.

No wonder Persimmon didn’t want to tell us about their pay ratio….@CommonsBEIS pic.twitter.com/OKCgI749fv

— Rachel Reeves (@RachelReevesMP) July 3, 2018 Some scepticism among analysts over how long the party can continue

Liberum Capital Markets, which is a buyer of the stock, said: “Management reports that its consumer confidence remains resilient, which is as expected given its geographical and customer mix (more skewed to the north and towards first time buyers). The shares look good value on 2.6x 2018E book (sector 1.8x) as its return on equity is expected to be 27% compared to 21% for the sector.”

Laith Khalaf, a senior analyst at Hargreaves Lansdown, suggested pickings for the house-builders may be slimmer from here on in.

“Interest rates still remain attractive for house buyers, and the Help to Buy scheme continues to provide critical support for transactions in the new build market. While the government has committed to the scheme until 2021, share prices in the sector may come under pressure as we get nearer to that date, unless the deadline is extended,” he suggested.

Russ Mould, the investment director at AJ Bell, said continuing growth for housebuilders Persimmon and Bovis Homes "helps reassure a sceptical market on the prospects for the sector but there are some more worrying signs beyond the headline advances in revenue and profit".

“It is clear from both statements that the housebuilders are no longer able to rely on house price growth to drive their returns," Moul ventures.

“Persimmon’s own average selling price creeps up 1.2%. The question remains on how profitability will fare when supportive factors like low interest rates and the Help to Buy scheme are removed.

“Persimmon, which has attracted criticism for its levels of executive pay, also revealed that chief executive Jeff Fairburn is paid 3,000 times more than its lowest paid worker – a revelation which could keep the excessive pay issue in the spotlight for the company," he suggested.

Shares in Persimmon were up 2.1% at 2,535p in early trading.

--- adds broker comment ---

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Thu, 05 Jul 2018 08:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200177/persimmon-s-growth-continues-as-pay-row-rumbles-on-200177.html
<![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180702103649_13701503/ Mon, 02 Jul 2018 19:36:49 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180702103649_13701503/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180628105355_13697474/ Thu, 28 Jun 2018 19:53:55 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180628105355_13697474/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180613101428_13677972/ Wed, 13 Jun 2018 19:14:28 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180613101428_13677972/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180601161001_13664469/ Sat, 02 Jun 2018 01:10:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180601161001_13664469/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180601134313_13664140/ Fri, 01 Jun 2018 22:43:13 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180601134313_13664140/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180501150807_13626136/ Wed, 02 May 2018 00:08:07 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180501150807_13626136/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180425162101_13618701/ Thu, 26 Apr 2018 01:21:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/3445/LSE20180425162101_13618701/