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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/persimmon-wary-despite-results-lift.jpg"><img class="alignnone size-full" title="Housebuilder Persimmon reported a strong bounce back in annual profits" src="http://londonglossy.com/wp-content/uploads/2011/03/min-persimmon-wary-despite-results-lift.jpg" alt="Housebuilder Persimmon reported a strong bounce back in annual profits"/></a></p>
<p>Housebuilder Persimmon revealed that efforts to slash costs and sell more higher priced houses paid off as it reported a strong bounce back in annual profits.</p>
<p>The group, which trades as Persimmon, Charles Church and Westbury Partnerships, said underlying pre-tax profits soared to £95.5 million from £7 million a year earlier.</p>
<p>The UK&#8217;s second biggest housebuilder said buyer activity in the first eight weeks of 2011 had been &#8220;encouraging&#8221;, with prices remaining stable &#8211; at an average of £147,282 &#8211; and visitor levels up around 10%.</p>
<p>Forward sales are below last year, at £848 million against £898 million a year earlier, but this has improved since the end of last year.</p>
<p>Persimmon&#8217;s upbeat outlook comes as figures from Nationwide Building Society showed house prices rose 0.3% in February &#8211; the second gain recorded since May last year. But the society cautioned the market would remain sluggish.</p>
<p>Persimmon&#8217;s annual results rebound follows moves to cut costs throughout the business and rein in land buying to match reduced demand.</p>
<p>It has also boosted average selling prices by 5.7% to £167,249 as it sold houses rather than flats, boosted by an underlying increase in values of 3%.</p>
<p>On a bottom-line basis, pre-tax profits nearly doubled to £153.9 million from £77.8 million in 2009.</p>
<p>Despite its improved results, Persimmon cautioned that &#8220;general market indicators remain mixed and there remain significant challenges ahead&#8221;.</p>
<p>Matrix analysts praised the company&#8217;s results, saying: &#8220;The self-help approach adopted by Persimmon and the intelligent use of incentives will help to sustain a gentle improvement in reservations and, more importantly, a slow but sustainable recovery in margins through 2011.&#8221;</p>
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