Persimmon make positive third quarter noises

Persimmon plc, the housebuilder today released its third quarter Interim Management Statement
saying that trading levels were up on the same period last year since and it expects to have completed around
9,000 homes for the year to 31 December.

Forward sales are now well ahead of last year and they expect to carry forward a healthy order book into
2010. They are currently fully sold up for 2009 and have a further £500 million
of sales already taken for 2010 which is  50% ahead of the same point last
year. 

Continued good visitor levels, low cancellation rates of 16% and the increase
of 6% in the average selling price of homes reserved since 1 July 2009 to
£173,000 provides a more positive position.

At 31 October 2009 total borrowings were £399 million (31 October 2008: £960 million). October is usually a peak debt month and therefore
and the firm expect borrowings at the year end to be significantly lower than the £400
million guidance given at the announcement of the Half Year Results.

In the second half terms were agreed to buy  2,850 plots on 34 new sites, including 350 plots from
their strategic landbank. Most of these additional plots are located in the south
of England. They currently have 62,500 plots of land owned and under control.

The statement added that" whilst we remain concerned about the potential impact on our markets
of any significant increase in unemployment over the coming months, debt is
reducing well ahead of our previous guidance, sales volumes have stabilised and
pricing conditions are currently more positive.  Having strengthened our forward
order book and reduced borrowings significantly, the Group's financial position
remains strong."