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Sales up, debt down for British home builder

BRITISH home builder Persimmon Plc said yesterday that sales in the second quarter were better than forecast and it had cut its debt despite sale prices continuing to decline.

Since late April, sales volumes had been consistently ahead of the pace a year ago and recently revenue was exceeding 2008 levels, it said.

Persimmon shares were up 3.4 percent at 375.75 pence on the London Stock Exchange.

Persimmon said it completed 4,006 homes in the first half of the year for a total sale price of 625 million pounds (US$1 billion), compared to sales of 998 million pounds in the first half a year ago. Forward sales revenue for the second half was 700 million pounds, compared to 650 million pounds a year earlier.

Total borrowing at the end of June was 495 million pounds, compared to 906 million pounds a year ago.


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