TIDMPSN

RNS Number : 1370L

Persimmon PLC

17 April 2018

17 April 2018

Persimmon plc

Capital Markets Event and Update on Manufacturing Initiatives - 7(th) and 8(th) November 2018

Persimmon plc ("the Company") is pleased to announce that it will hold a Capital Markets Event on the evening of Wednesday 7 November and during Thursday 8 November 2018.

The senior management team of Persimmon will host the event at the Company's off-site manufacturing hub at Harworth, Doncaster. Attendees will be invited to tour the Company's new brick manufacturing plant and to review the progress being made in establishing the new roof tile manufacturing facility. An update will also be provided on the progress of the Company's Space4 business, which produces timber frames, highly insulated wall panels and roof cassettes to deliver a 'fabric first' approach to the construction of new homes. The Company continues to expand the output of the Space4 business in support of the Group's further growth.

Jeff Fairburn, CEO said "We believe our Harworth manufacturing hub is a major differentiator for Persimmon and is already making a substantial contribution to our brick volumes, an area where the industry is currently facing supply constraints. We expect the facility to play an increasingly significant role in the supply of building materials to our business as we continue to increase our new home construction volumes."

In addition, the Capital Markets Event will provide attendees with the opportunity to gain a further insight into the following additional matters relating to the Persimmon Group:

 
      --   On site productivity 
      --   Planning - the application of Government planning policy 
            guidelines in the light of recent policy adjustments 
      --   Strategic land - Persimmon's opportunities in the near, 
            and longer, term 
      --   The Cycle - performance, and how the Company's strategy 
            mitigates the risks to sustaining higher levels of shareholder 
            value creation posed by the inherent cyclicality of the 
            UK housing market

Invitations will be distributed shortly.

A short trading update will be released on 7 November 2018.

The Company recently announced record results for 2017 based on excellent operational performance, delivering a 24% increase in operating profit from average capital employed which was 5% lower, year on year. Over the last six years since the launch of its new strategy in 2012, the Company has increased its annual output of new homes by over 70%, generated GBP2.8 billion of free cash before return of surplus capital to shareholders whilst investing GBP3.2 billion in new land. Over this period the Company's performance has delivered total shareholder returns of c. 470%, which places the Company third in the FTSE 100 Index.

Enquiries:

 
 Citigate Dewe Rogerson   Tel: +44 (0) 20 7638 9571 
 
 Simon Rigby 
 Kevin Smith 
 Jos Bieneman

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDDLBFVZFFBBQ

(END) Dow Jones Newswires

April 17, 2018 03:30 ET (07:30 GMT)

Persimmon (LSE:PSN)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Persimmon Charts.
Persimmon (LSE:PSN)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Persimmon Charts.