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Persimmon cuts 2,000 jobs

Persimmon is the latest housebuilder to announce it will be cutting 2,000 of its 5,000-strong workforce as a result of the credit crunch.

This figure includes 1,100 full time staff and up to 900 site-based workers on short-term contracts.

It comes after both Taylor Wimpey and Barratt announced a total of 2,000 job cuts last week.

In a trading statement, Persimmon says the first six months of this year have “undoubtedly been the most challenging period in Persimmon’s recent history.”

It says its results for the six months to June 30, 2008 reflect this more difficult environment. Legal completions achieved were down by 31 per cent during the period to 5,501 at an average selling price of £181,500, down from £189,255 in the same period the year before.

Total sales revenue for the period was £1 billion, a reduction of 34 per cent on the first half of last year.

Persimmon says it expects that the underlying operating margin (before goodwill impairment and exceptional costs) for the first half will be 14 per cent, compared to 20.8 per cent in the first half of 2007.

The firm says this reflects the many pressures it has experienced in the market since autumn 2007.


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