Homebuilder Persimmon on Wednesday warned the slowdown in the housing market and higher mortgage rates would hit profit and home-building targets as it slashed its dividend for fiscal 2022, sending the company's shares down 9%.
The company proposed a final dividend of 60 pence per share for fiscal 2022 as per its new capital allocation policy announced in November. Persimmon has paid an annual dividend of 235 pence per share for the last five fiscal years except one, when pandemic lockdowns disrupted operations.in January that British housebuilders might cut dividends to preserve cash and ride out the property downturn.company, said its average net private weekly sales rate stood at 0.
The company's forward order book so far in 2023 was about 30% weaker year-on-year and it expects to build 8,000 to 9,000 homes for 2023, compared with 14,868 units constructed a year earlier. Persimmon's underlying pre-tax profit rose 4% to 1.01 billion pounds in the year ended Dec. 31, above analysts' estimates of 983.4 million pounds, according to Refinitiv data.
Reporting by Aby Jose Koilparambil in Bengaluru and Suban Abdulla in London; Editing by Subhranshu Sahu, Sherry Jacob-Phillips and Shounak Dasgupta
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