Q2 2022 Persimmon PLC Trading Statement Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Rajesh Patki - JPMorgan Chase & Co, Research Division - Analyst : Two questions for me, please. Firstly, on the completions guidance and the planned outlet profile, does the guidance revision for this year have any bearing on what you can deliver for 2023? And just related to that, based on what you've seen on planning delays, do you think the plan to add 7 new outlets in the second half is realistic or an ambition still? And my second question is on the sales rate evolution. Do you think the evolution we've seen in the trend for May and June compared to the first 4 months of the year, driven by underlying market or there are any exceptional factors in there?

Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst : Just 2 questions from me actually. Just on the first half, obviously, volumes are lower, but you expected seeing better gross margins. Pricing is strong. Just wondered when you look at the full year lower volume guidance, but are you kind of more confident or seeing better gross margins and ASP for the full year? I guess, just trying to work out how much of that would offset the kind of lower volume guidance or the PBT level for the full year? And secondly, you mentioned labor and material shortages. I mean I've been hearing that materials shortages actually are easing across the industry. So just interested to hear, is that specific to Persimmon? Or is it getting worse across the industry? And your view on both labor and materials causing a constraint for your volume delivery.

Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst : Okay. So from that kind of could take the -- your ambition is to maintain margins maybe for the full year?

Question: Christopher James Millington - Numis Securities Limited, Research Division - Analyst : I just wanted to ask about working capital movements in the second half of this year. And how you see the cash position moving over 2022 and '23. Just in light of higher land spend and also the wet investment. That's the first one. Second one is just on Help to Buy usage, just where you are and kind of your thoughts as we travel into '23 there. And perhaps also comments on how you're feeling about the sustainability of the dividend. Just in light of the lower cash balance, higher tax coming through and obviously, the risk around volumes with the planning environment.

Question: Christopher James Millington - Numis Securities Limited, Research Division - Analyst : That's helpful. Can I just have a quick supplementary? Just on the cash guidance, which was very helpful as those working capital moves. Do you think they unwind a little bit in 2023? And so all things being equal, the cash balance starts moving back up? Or is this a more kind of elongated investment profile?