Persimmon drops divi after £780m loss

Published 04th Mar 2009

Builder Persimmon today racked up losses of £780m and cancelled its dividend, but insisted it was financially secure.

The 2008 losses followed profits of £582.7m in 2007 and came after the firm, whose brands include Charles Church and Westbury, wrote £652.3m off the value of its land.

House sales slumped 36% to 10,202 and average selling prices fell by more than £16,500 to £172,994.

Chief executive Mike Farley said that 2008 had been 'challenging' for Persimmon, and warned that 2009 would be 'another difficult year'.

However, he added that the firm was on a sound financial footing following a deal with bankers over its debts.

Source: ' This is Money '

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