2023 pretax profit slumps 52 to 351.8 mln pounds
Stock bottoms FTSE 100 index with a more than 3 fall

March 12 Reuters British homebuilder Persimmon warned on Tuesday of subdued market conditions through 2024 despite a relatively good start, after reporting a 52 slump in annual profit that missed market expectations.

Shares in the FTSE 100 firm slipped more than 3 to 1,328 pence in early trading, the biggest decliner on the bluechip index in percentage terms.

The tone on recent trading and the outlook seem a bit more cautious than what peers have recently reported, Investec analysts wrote in a note.

The British housing sector has seen signs of stability at the start of 2024 on easing mortgage rates after battling subdued demand for much of last year, but a delay by the Bank of England in lowering interest rates has tempered hopes of a betterpaced recovery.

Enhanced competition in the mortgage market and wage growth have contributed to improved affordability albeit it continues to be constrained, particularly for first time buyers, and demand for homes remains varied across the country, the company said in a statement.

Persimmon said trading in the southern and eastern counties remained more challenging with weaker pricing, offset by a more robust performance in the northern regions.

The York, North Englandbased company, said weekly net private sales rate per outlet stood at 0.59 units in the first 10 weeks of 2024, compared with 0.54 homes in the comparable…