Persimmon expects 50% rise in full-year profits

National housebuilder Persimmon is predicting its final results for 2011 will show a 50% growth in underlying pre-tax profits.

In a trading update today, it said profits would be towards the top end of analysts’ expectations (£130-148m).

The company said encouraging levels of visitors to new developments, resilient sales reservations, stable prices and a return of the traditionally stronger autumn selling season in 2011 helped bolster its performance.

It has forward sales of £615m compared to £565m a year ago.

“In anticipation of an active spring 2012 selling season we have opened about 25 new sites in the last quarter of 2011 and, subject to market conditions, we expect to open a further 60 new developments as we progress through the first six months of 2012,” it said.

New home legal completions in 2011 were 9,360 (2010: 9,384), with sales of about £1.53bn. Completions in the second half of the year were more than 4% higher than in 2010.

Persimmon’s final results for 2011 will be announced on February 28.