Builder increases profit

Fareham Borough Council leader Sean Woodward, mayor and mayoress Cllr Geoff  and Tina Fazackarley, with other councillors at the topping out Picture: Malcolm Wells (171120-8909)

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THE Fareham office of a national house builder has contributed to its increase in profits.

Andrew Golawski, managing director of Persimmon Homes South Coast, says an increase in underlying profit, strong cash flow and a major announcement to return capital of £1.9bn to shareholders over the next decade, puts the company in an extremely strong position, despite the state of the economy.

He said: ‘We are delighted with the group financial results, and we look forward to building upon this success in 2012.

‘Three new developments were opened in 2011, and we have five sites to be opened this year.

‘Our team grew in 2011, with the additions of Tom Moody as construction director, and Ted Webster as land director.’

Underlying pre-tax profits, stated before exceptional items and goodwill charges of £148.1m, were 55 per cent ahead of the £95.5m in 2010.