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Persimmon profit misses consensus by 17.8% in H2

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Persimmon profit misses consensus by 17.8% in H2

Persimmon PLC said its normalized net income for the second half came to 70 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 85 pence per share.

EPS climbed 33.7% year over year from 52 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £219.3 million, a gain of 37.2% from £159.8 million in the prior-year period.

Total revenue increased 14.1% on an annual basis to £1.57 billion from £1.38 billion, and total operating expenses increased 8.8% on an annual basis to £1.22 billion from £1.12 billion.

Reported net income grew 36.4% from the prior-year period to £284.9 million, or 91 pence per share, from £208.8 million, or 68 pence per share.

For the year, the company's normalized net income totaled £1.24 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of £1.60.

EPS rose 30.8% from 95 pence in the prior year.

Normalized net income was £389.8 million, a gain of 34.2% from £290.4 million in the prior year.

Full-year total revenue grew 12.7% from the prior-year period to £2.90 billion from £2.57 billion, and total operating expenses grew 8.2% year over year to £2.28 billion from £2.11 billion.

The company said reported net income increased 40.3% on an annual basis to £521.8 million, or £1.66 per share, in the full year, from £372.0 million, or £1.22 per share.