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Persimmon profit misses consensus by 21.0% in H1

Persimmon PLC said its first-half normalized net income amounted to 54 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 69 pence per share.

EPS increased 27.3% year over year from 43 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £170.5 million, a gain of 30.6% from £130.6 million in the year-earlier period.

Total revenue increased 11.2% year over year to £1.33 billion from £1.20 billion, and total operating expenses rose 7.4% on an annual basis to £1.06 billion from £989.6 million.

Reported net income grew 45.2% on an annual basis to £236.9 million, or 76 pence per share, from £163.2 million, or 53 pence per share.