Persimmon PLC gave an update on its quarterly trading ahead of its annual general meeting on Thursday morning.

The York, England-based house builder reported that home completions in the first quarter of 2024 fell 11% to 1,027 from 1,136 a year earlier. This included 852 private homes and 175 Partnership homes. Persimmon said that this was in line with expectations.

It added that net private sales rate per outlet were up 6.4% in the first quarter at 0.66, compared to 0.62 the year prior.

Looking ahead, the company said that it is ‘encouraged’ by the level of visitors to its sites, adding that it is making good progress in expanding its outlet network. Persimmon noted that it opened 28 gross outlets in the first quarter, ending the period with 263 outlets, up 2% on the position at the start of the year. A further 30 gross outlets are planned to open by the end of June, it added.

Persimmon added that it continues to expect growth in full year completions to between 10,000 and 10,500 completions with an operating margin in line with the prior year. New home completions in 2023 were 9,922, and operating margin was 14%

Chief Executive Dean Finch said: ‘Our first quarter performance was in line with expectations, and we saw an improvement in sales rates alongside firm pricing. Trading over recent weeks has been encouraging with robust visitor numbers and enquiries, giving us confidence for the remainder of the year.’

Shares in Persimmon were up 0.8% at 1,302.50 pence each in London on Thursday morning.

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