Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Persimmon Plc (PSN)

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Thursday 24 April, 2008

Persimmon Plc

AGM Statement

Persimmon PLC
24 April 2008

                                 AGM STATEMENT

                            THURSDAY 24TH APRIL 2008

Persimmon plc is holding its Annual General Meeting at 12 noon today at York
Racecourse where the following comments will be made regarding current trading,
financial performance and the outlook for the financial year.  This statement
covers the period from 1st January 2008 to the date of this announcement and
constitutes Persimmon plc's first Interim Management Statement as required by
the UK Listing Authority's Disclosure and Transparency Rules.

When we announced our results for the year ended 31st December 2007 on 25th
February 2008, we commented that purchasers were applying a 'wait and see'
approach to house purchases.

During March, visitor levels to our sites were encouraging, although sales
reservation volumes remained flat and cancellation rates continued at normal

However, over the last three weeks the unprecedented tightening in the mortgage
market has caused a further deterioration of the housing market leading to lower
sales volumes and increased cancellation rates.  At the same time the backdrop
of extensively reported concerns about the global credit crisis have continued
to undermine consumer confidence.

As a result an increase in discounting, marketing costs and incentives are being
utilised in the market to compete for the reduced level of demand and this is
having a negative impact on margins.  Whilst we continue to focus on achieving
the best possible selling price in every location it is likely that, with the
continuation of current conditions, the market will become more challenging.

Total sales revenue for 2008 is currently c. £1.37 billion compared to c. £1.80
billion last year, a decrease of 24%.  Volumes are down less, by c. 18% due to
an increase in the amount of partnership homes we are building.

We welcome the recent Government actions being taken to increase liquidity in
the banking system with the key objective of kick starting the mortgage market.
For this action to be effective it needs to result in an increase in the
availability of credit for house purchasers, particularly first time buyers.  We
believe that the Government should urgently consider additional action to
benefit first time buyers by increasing the threshold for stamp duty to support
an improvement in activity and help those who are most in need of assistance.
Further reductions in interest rates would also be helpful in supporting

Because of the uncertainties of the global economy and the UK lending
environment it is difficult to predict when the market will improve.  We are
therefore focusing on management of cash flows within the business to ensure
that our balance sheet strength is maintained.  Close control of investments in
work in progress, land, build costs and overheads are a priority for our
experienced management teams.  We are currently operating off c. 5% more sites
than a year ago.  Against the current backdrop we have postponed the
commencement of scheduled new sites until the mortgage market improves.  At the
end of March, our borrowings were £1.03 billion.  Our committed facilities which
have an average term to maturity of over 3 years provides comfortable headroom
for our seasonal peak debt requirements in April.

Two years ago, in April 2006 John White became Chairman of the Group and at the
same time Mike Farley was promoted to Group Chief Executive.  It was agreed by
the Board that for a transitional period, in addition to fulfilling the normal
role of Chairman, John would provide additional support to the Group as the
significant acquisition of Westbury plc was integrated into the business.  With
the integration period successfully completed John White will now continue as
Group Chairman with the standard responsibilities that role implies.

At some stage, in our view, housing market activity will improve given the
underlying requirement for more housing and a 'place to live' in the UK.  Given
our strong financial position and scale we remain confident in the medium and
long term prospects for Persimmon.

For further information, please contact:

Persimmon plc

Tel: +44 1904 642 199

John White, Group Chairman
Mike Farley, Group Chief Executive
Mike Killoran, Group Finance Director


Ed Orlebar:
+44 (0)20 7153 1523 / +44 (0)7738 724 630
[email protected]

Charlotte McMullen:

+44 (0)20 7153 1549 / +44 (0)7921 881 800
[email protected]

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                           

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