Persimmon profits double in 2010

Homebuilder Persimmon has reported a sharp rise in full-year profits after cutting costs and selling more houses.

Pre-tax profits for 2010 came in at £153.9m, almost double the £77.9m the company made in 2009. Revenues grew 10.5% to £1.57bn.

The average house sale price rose by 4% to £172, 475, it added.

The company said activity in the first two months of this year had been “encouraging”, with visitor levels up 10% on a year earlier.

Persimmon chairman John White told the BBC that he expected house prices to remain stable this year.

“We don’t see much of an upturn,” he said.