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 2 questions, please. Firstly, on outlet numbers. I think you were targeting around 350 outlets in August last year and have revised it to 320
now. Presumably, it's all related to planning delays. So just wanted to understand how you've seen the planning environment evolved through
the last year. Has it gotten better? Has it gotten worse towards the end of the year? So just wanted a bit more color on that.
And secondly, I think the net cash position is ahead of expectations. Could you help us with the key moving parts there and anything specific that
you might want to flag?
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JANUARY 13, 2022 / 9:00AM, PSN.L - Q4 2021 Persimmon PLC Trading Statement Call
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Just 2 questions from me, please. Just one point of clarity over the outcome for '21. Obviously, a very strong result, but you say expected as expected,
I'm kind of reading into that. I think you'd said that completions will be 10% up back in November. And obviously, they're up 7%. So am I correct
in thinking that maybe the completions are slightly short of where you thought they were -- would be in November?
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Sure. Okay. That makes sense. So from that, you're comfortable with where kind of PBT consensus? I think it's around [GBP 9.70] for this year then
or for '21?
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Sure. Okay. That's all reassuring.
Question: Aynsley Lammin - Investec Bank plc, Research Division - Analyst
: Great. That's all clear. And just my second question was I wonder if you could just provide a bit more color on your expectations for build cost
inflation, trends you expect in labor cost inflation and bill to materials this year?
Question: Gavin Andrew Jago - Barclays Bank PLC, Research Division - Analyst
: Just a few points of clarity. I think I missed the Help to Buy answer just a moment ago. Do you said it was 25% of price in the order book? Yes. Okay,
that's great.
So the other question I had, please, with just on, I guess, your view at this stage on the potential split of volumes. And I guess the timing and outlook
growth at 320 you're looking to get to potentially by the end of this year. Would that be kind of a fairly smooth line? Or are you seeing maybe more
of an H2 weighting in that?
And then the final one is just around the land market, just then, I guess, any commentary about appetite for land and what sort of replenishment
rate you might be aiming for in the current year?
Question: Gavin Andrew Jago - Barclays Bank PLC, Research Division - Analyst
: Well, indeed. Could I just have one brief follow-up. I think it was Aynsley, who was maybe trying to get at right at the start of the call. Just a reference
back to November's trading update when I think you were expecting to deliver 10% increase in 2021 completions over the prior year, but you've
come in at 7%. Can you point to anything in particular between that delta of the 10% and 7% that...
Question: Gavin Andrew Jago - Barclays Bank PLC, Research Division - Analyst
: I think I'm reading it now. It's one of the bullet points on the statement, sorry, back in November.
Question: Gavin Andrew Jago - Barclays Bank PLC, Research Division - Analyst
: Okay. Okay. So it's a reference more to the '19 number then basically is that what we should be thinking about?
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