Persimmon's pre-tax profits rise - graduate jobs

Graduates planning to build a career in the construction industry will be interested to know that the annual underlying pre-tax profits of York-based housebuilder Persimmon rose to £95.5 million last year.

The group's underlying pre-tax profits were £7 million in 2009.

The housebuilder posted a 10.5% rise in its revenues to £1.57 billion for the year ended December 31, while home completions reached 9,384, up 4.5% year-on-year.

John White, outgoing group chairman, said: "Despite a continuing low level of mortgage approvals, the group is achieving improving returns and remains well positioned for the upturn in the housing market when it occurs."

Mr White said the company's efforts to control costs and maximise sales revenues helped boost its performance.

Commenting on the outlook for the market, he said: "Of course, we would like to see an increase in mortgage approvals and an increase in loan to value products for first time buyers. However, the organisation, scale and cost base of the group enable us to operate successfully at the current levels of activity.

"We also reduced debt by over £215 million and reinstated dividends whilst continuing to invest in our landbank."

The average selling price of a Persimmon home rose 5.7% year-on-year to £167,249 in 2010.