Latest news with #Persimmon
Time of India
10 hours ago
- Business
- Time of India
UK's Berkeley appoints Rob Perrins as executive chair to lead growth strategy
BENGALURU: British homebuilder Berkeley on Friday proposed the appointment of CEO Rob Perrins as executive chair to succeed Michael Dobson and lead its 10-year strategy to invest 5 billion pounds ($6.73 billion) in building new homes. Shares in the high-end home builder dropped 8% and were headed for their worst day since March 2020, as it also reported results and forecast fiscal 2026 and 2027 profit below market expectations as affordability concerns weigh on the sector. "I believe the market is overly focused on the very short term, while the long-term prospects for this business remain unchanged," Peel Hunt analyst Clyde Lewis said, saying the share move is likely an over-reaction to the cautious outlook. As part of the board reshuffle due to Dobson's planned departure in September, the company said finance chief Richard Stearn would become CEO to replace Perrins. During Dobson's nearly three-year tenure, Berkeley's shares have risen 20%, outperforming rivals Barratt Redrow, Taylor Wimpey and Persimmon. Berkeley said on Friday it can allocate 5 billion pounds in investments under its 2035 growth strategy, which will include delivering 4,000 rental homes through its Build to Rent platform. The company earmarked 2 billion pounds of shareholder returns over that period. British finance minister Rachel Reeves' spending review outlined an additional 10 billion pound investment to build thousands more homes in England, on top of a 39 billion pound, 10-year affordable housing plan. However, Britain's housing market, which has been under pressure from high interest rates and economic uncertainty, is also grappling with regulatory reforms aimed at enhancing safety and addressing systemic flaws, further slowing delivery. Berkeley posted a 5% drop in pre-tax profit to 528.9 million pounds for the year ended April 30, slightly ahead of the 526.3 million pounds expected in an LSEG poll. The company forecast fiscal 2026 pre-tax profit of 450 million pounds, below analysts' estimates of 477 million pounds. It expects fiscal 2027 profits to be at similar levels.
Time of India
11-06-2025
- Business
- Time of India
UK's Bellway raises full-year volume forecast to 8,600-8,700 homes
BENGALURU: British homebuilder Bellway raised its forecast on Tuesday for the number of homes it expects to build this financial year to 8,600-8,700, from 8,500 previously, supported by stronger spring sales and improved customer demand. Its shares rose about 5% as the company said it was sold out for the year to July 31, and that it expects to build 20% more homes across this fiscal year and next. Home sales in Britain picked up recently ahead of the April 1 expiry of temporary tax incentives for affordable and first-time buyers, supported by gradual interest rate cuts. Data on Tuesday showed UK pay growth slowed and unemployment rose to a four-year high in the three months to April, possibly easing the way for more rate cuts. "Ultimately, lower rates in the UK should lead to lower mortgage rates and better affordability in the housing market, a key factor in the ultimate recovery in the sector," said Colin Sheridan, an analyst at Davy. Shares of rival homebuilders Persimmon , Barratt Redrow , Taylor Wimpey and Berkeley Group were up between 1.8 and 4%. Government efforts to boost housing supply, including a 2 billion-pound pledge for 18,000 affordable homes, have raised optimism in the sector, though builders are worried about the impact of a building safety levy, now delayed until late 2026. Bellway constructs everything from one-bedroom apartments to six-bedroom family homes and luxury penthouses. The company said it now expects an average selling price of around 315,000 pounds ($425,502) this financial year, up from a previous forecast of 310,000 pounds, as the final quarter will include a higher proportion of private completions. Its forward order book, a indicator of near-term demand, was up 7.7% year-on-year to 5,759 homes, as of June 1. In contrast, Bellway's bigger rival Persimmon last month said it was cautious about how economic uncertainty could affect affordability and demand.
Reuters
10-06-2025
- Business
- Reuters
London stocks gain after weak labour data raises rate-cut bets
June 10 (Reuters) - London shares gained on Tuesday after soft labour market data cemented bets of more interest rate cuts in the year, while investor attention remained on U.S.-China trade talks. The benchmark FTSE 100 (.FTSE), opens new tab was up 0.4% by 0932 GMT, less than 1% away from an intraday record high clinched in late February. Data showed that pay growth in Britain slowed sharply and unemployment rose to its highest in nearly four years in the three months to April, paving the way for the Bank of England to cut interest rates further. "The BoE sounded less sure of a cut in May, opening up the prospect of a pause in August but today's data may tip the balance in favour of an August cut," said Elizabeth Martins, senior UK economist at HSBC Global Research. Investors were also monitoring trade talks between the world's two biggest economies that extended to a second day, hoping for signs of thaw in a tariff war, which has begun to disrupt global supply chains and slowed economic growth. The home construction and household goods sector (.FTNMX402020), opens new tab led the gains on Tuesday, up 3.6%. It was driven by a 5.5% rise in Bellway (BWY.L), opens new tab after the homebuilder raised annual forecast for the numbers of homes it expects to build this year. Peers Vistry (VTYV.L), opens new tab and Persimmon (PSN.L), opens new tab were up 6.8% and 4.2%, respectively. Energy shares (.FTNMX601010), opens new tab climbed 1.9%, tracking higher oil prices. Precious metal miners (.FTNMX551030), opens new tab, however, posted heavy declines, down 3.7%. Hochschild Mining (HOCM.L), opens new tab plunged about 20% after issuing a six-week shutdown at its Mara Rosa mine, following lower-than-expected gold output by the end of May. The stock is set for its steepest one-day fall since November 2021. Mid-caps in London (.FTMC), opens new tab were up 0.5%, largely boosted by gains in Aberdeen (ABDN.L), opens new tab after upgraded the fund manager's stock to "overweight" from "neutral".
ITV News
09-06-2025
- ITV News
Children warned of 'death or injury' as manhole covers are removed in dangerous game in Warwickshire
Children are being warned that they risk death or serious injury if they continue removing manhole covers to climb underground. The Warwickshire parish of Wellesbourne and Walton has several Sustainable Urban Drainage Systems, or SUDS, which the council says are being used to play in. It says groups of young people are putting themselves at risk of being "severely harmed, or worse, killed" and the covers need to be replaced. The council shared photos on their social media, pleading with residents to inform police if they see anyone entering the pipes and to warn their children of the post read: "Danger and dangerous behaviour on The Grange. We do not usually use these terms but there is a group of teenagers who are in danger of personal harm through their behaviour."The pictures show the SUDS area and the open manhole. A group or groups of three or four boys have been seen entering the pipe in the SUDS. They are then crawling through it and coming up the drainpipe and opening the top covering from underneath and then leaving it uncovered as you can see from the picture."There is great danger that a young person could injure themselves severely, the lids are extremely heavy, or potentially kill themselves should it fall on them whilst they are opening it. Equally, they could get stuck in the pipework which could again end in injury."We have informed the police, Persimmon have visited on several occasions to replace the cover, mend the fences and secure the grills. However, this level of replacement is unsustainable, and the police cannot constantly be in attendance."If you see incidents happening, please immediately ring the police. It is an emergency as there is the possibility of harm. Please talk to your young people, about the hazards of such behaviour. We do not want anyone severely harmed or worse, killed."
Daily Record
06-06-2025
- Business
- Daily Record
Ayrshire apprentices to compete in national competition next week
Chantelle Muir and Frankie O'Dea will compete for top titles. Persimmon Homes has unveiled that apprentices Chantelle Muir, a bricklayer from Ayr, and Frankie O'Dea, a painter and decorator from Kilmarnock, have been selected by Ayrshire College to compete in the Scottish SkillBuild competition in 2025. The event, taking place on June 10 at Dundee and Angus College, is a key regional competition for the UK's most promising apprentices. SkillBuild, delivered by CITB, is the UK's largest construction competition, attracting over 1,000 trainees from across the country. Apprentices will be tested on their technical abilities, time management, character, and commitment, providing them with a platform to build confidence, enhance skills, and showcase their talent. Chantelle Muir, who began her apprenticeship with Persimmon in 2022, will compete in the bricklaying category. Having quickly established herself as a skilled and committed apprentice, Chantelle is determined to excel in the competition and take the top spot. Frankie O'Dea, who joined Persimmon in 2023 as a painting and decorating apprentice, is eager to "brush aside the competition" in his event. Frankie's attention to detail and passion for his craft have made him stand out, earning him the John Mather Award at Ayrshire College. William Smith, Persimmon Homes Regional Apprenticeship Manager, said: "We are incredibly proud of Chantelle and Frankie for being selected to compete in SkillBuild. This is an excellent opportunity for them to demonstrate their skills on a national stage and advance their careers in construction. We look forward to supporting them through this exciting challenge." Frankie O'Dea added: "I'm excited to represent Persimmon and Ayrshire College at SkillBuild. I'll give it my all and aim to brush aside the competition to win in painting and decorating!" SkillBuild Regional Qualifiers take place across the UK each year, with apprentices completing a trade-specific task within a 6-hour time frame. The top eight highest-scoring competitors from each category will then progress to the National Final, where the best in the country compete for the title. To follow Chantelle and Frankie's progress, please visit here.
