The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Rajesh Patki - JPMorgan Chase & Co, Research Division - Analyst
: I've got three questions, please. The first one is on incentives. Can you talk about how the incentive usage has evolved over the last couple of
months and if there is any regional variation of incentive levels required? Second one is on build cost inflation, you've noted limited signs of easing
in the short term. I was just wondering which key aspects have been more persistent than you were expecting? And thirdly, based on the guidance,
can you comment on how you see this year's profitability split between H1 and H2?
Question: Christopher James Millington - Numis Securities Limited, Research Division - Analyst
: I just wanted to explore the sales rate trends a little bit further and just hoping you could perhaps provide a little bit of color over what's been
happening over the last month or so. Have you seen any sort of just see or, I don't know, steadying of the sales rate in the back end of March. So
that's the first one, just the breakdown there.
Next one is really just about your confidence on the outlet growth for 2024. How material could that be. And suppose just a lag for that, how quick
could you recover volumes if the outlets would add, just from a point of view and a capacity point of view. And then the final one's just a -- -- is a
bit of a follow-on from the last one there. And I just noted last year, you were quite heavily Q4 weighted on completions. I'm just wondering if we
should be expecting the same sort of trends this year.
Question: Christopher James Millington - Numis Securities Limited, Research Division - Analyst
: That was very helpful. Can I just have a very quick follow-up? I'm just curious, if the outlets are down in the markets there, could Persimmon grow
volumes 20% in the year? I mean would the business allow that? Or would that be pushing it too hard?
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Can you hear me?
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Just 3 questions from me. I think just asking on the build costs. Just coming back on the comments you made, so I think you've kind of said your
margins potentially 15%, and build cost inflation were 8% to 9%. I mean how much visibility do you have for the rest of the year assuming the
materials acquired is locked at this point? And what's your current expectation now for build cost inflation for the full year? Is it around the 8% that
you kind of mentioned quickly a couple of weeks ago with your results?
And then secondly, I just wonder, if you had any comments on the mortgage market, if you're seeing they're quite supportive and healthy in terms
of lending and appetite there. And then thirdly, just curious what your part exchange is running at? I think it was run at 25%. Any changes to that?
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