FinanceReal Estate
Persimmon

Persimmon receives one-year extension to revolving credit facility

The FTSE 100-house builder said the extension had strong support from its five relationship banks and that the RCF was an important element in its ongoing growth strategy to meet UK market demand

House on money
Persimmon now has 30 house building businesses across the UK

Persimmon PLC (LON:PSN) has received a one-year extension to its £300mln revolving credit facility (RCF) out to 31 March 2023.

The FTSE 100-house builder said the extension had strong support from its five relationship banks and that the RCF was an important element in its ongoing growth strategy to meet UK market demand.

READ: Persimmon pops down the pub to grab its new chairman

The group added that the growth “will require continued substantial investment in new land, necessary community infrastructure and site development work in progress, and in the Group's training programmes for trade skills and management capabilities.”

Persimmon now has 30 house building businesses across the UK, having opened six new businesses over the last three years to support its increases in new home construction.

The company said since the launch of its new strategy in 2012 to the end of 2017 it has increased its annual construction of new homes by over 70%, opened 1,189 new outlets, invested c. £3.2bn in land and delivered c.470% total returns to shareholders, placing it third in the FTSE 100 index over the period.

The news of the extension comes following a board change in March, when the group appointed former Marston’s PLC (LON:MARS) chairman Roger Devlin as its new chairman following the retirement of Nigel Wrigley, who walked the plank after the furore over the company’s ineptly conceived long term incentive plan (LTIP) for senior management, which resulted in chief executive Jeff Fairburn being awarded a £100mln bonus for working “very hard”.

Persimmon shares were down 0.34% to 2,635p in late-morning trading Monday.

Quick facts: Persimmon

Price: £18.47

Market: LSE
Market Cap: £5.88 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

JCurve Solutions further expands into Asia as part of new growth strategy

JCurve Solutions (ASX:JCS) chief executive officer Stephen Canning updates Proactive Investors on its further expansion into the asian market, with a new base recently announced in Manila, Philippines. The cloud technology and service provider now holds officers in Sydney, Melbourne,...

28 minutes ago

RNS

Half-year results - Amendment

21 hours, 17 minutes ago

Half-year Results

22 hours, 59 minutes ago

Total Voting Rights

2 weeks, 5 days ago

Trading Update

on 4/7/19

Additional Listing

on 23/5/19

2 min read