Persimmon (LSE:PSN) has reported a 10% rise in underlying operating profit for the six months to 30 June, as new home completions climbed 13% to 5,189.
New housing revenue rose to £1.48 billion from £1.31 billion a year earlier, with the York-based housebuilder citing higher volumes and operational discipline behind the improved margin. Net private sales rates improved 7% to 0.75 per week, though the figure eased to 3% growth, at 0.64, when bulk sales are excluded.
"Persimmon delivered a strong first half performance, growing our market share, increasing completions by 13% and underlying operating profit by 10%," said Dean Finch, Group Chief Executive.
Charles Church, the group's premium brand, delivered the standout segmental gain, with private completions up 25% to 555 homes, while Westbury Partnerships' housing association completions rose 50% to 928. Persimmon Homes, the core brand, grew private completions by 5%, with the North and Scotland outperforming a softer South held back by affordability constraints.
The group secured detailed planning approval on 6,123 plots in the period and increased use of its Space4 timber frame product by 30%.
Persimmon guided to around 12,500 completions for the full year, at the upper end of previous guidance, with underlying profit before tax in line with market expectations based on consensus of £454 million.
Net debt/cash at year end is expected to remain in line with previous guidance, with the current private forward order book up 5% at £1.31 billion. The company's next scheduled update is 12 November.
News Intelligence what this means for the company
Persimmon delivered H1 2026 results tracking guidance: underlying operating profit up 10% to an implied £227m (half of full-year £454m consensus), completions up 13% to 5,189, and revenue up 13% to £1.48bn. The group reaffirmed full-year guidance of ~12,500 completions and £454m profit, both at the upper end of prior ranges, but acknowledged affordability pressures in southern England are tempering private sales growth outside bulk deals (3% vs 7% including them). Net debt/cash guidance remains unchanged.
Results confirm execution on volume and margin, but the divergence between bulk-inclusive (7%) and organic private sales growth (3%) signals demand softness in the group's largest market. Reaffirmed guidance at the upper end leaves limited upside surprise; the real test is whether southern England affordability headwinds persist into H2.
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