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Persimmon secures one-year extension to revolving credit facility
Housebuilder Persimmon said on Monday that it has recently concluded a one-year extension of the maturity of its £300m revolving credit facility to the end of March 2023, with "strong support" from its five relationship banks.
The company said the facility is an important element in providing support to its working capital flexibility as it targets further disciplined growth in volume in line with its long-term strategy of meeting market demand across the UK.
"This growth will require continued substantial investment in new land, necessary community infrastructure and site development work in progress, and in the group's training programmes for trade skills and management capabilities"
It now has 30 housebuilding businesses across the UK, having opened six new businesses over the last three years.
Since 2012, when the group launched its new strategy, to the end of 2017, Persimmon's annual construction of new homes has risen by more than 70%, it has opened 1,189 new outlets, invested around £3.2bn in land and delivered circa 470% total returns to shareholders, placing it third in the FTSE 100 index over the period.
At 1025 BST, the shares were down 0.2% to 2,640p.