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Persimmon Says Remains Confident Of Future Prospects; Cancels Interim Dividend

Persimmon Plc. (PSN.L) said that its board remains confident of the Group's future prospects.

The company has decided to cancel the proposed 125 pence per share interim dividend and postpone the proposed annual, final dividend payment of 110 pence per share on 6 July 2020. It will reassess it later in the calendar year when the effects of the coronavirus will be clearer.

The company will close all of its sales offices from Thursday 26 March until further notice. All Persimmon regional offices will also close, with only a skeleton staff to facilitate the wider workforce working from home.

Persimmon entered this period of uncertainty with a robust operational performance in the year to date and a strong forward order book. Despite this encouraging start to the financial year we are preparing for a significant delay in the timing of legal completions, a rise in cancellation rates and a material slowdown in new sales, the extent and duration of which is uncertain.

The Board believes that conserving cash and maximising financial flexibility is in the long term best interests of the business and all its stakeholders, citing the current uncertainty caused by the Covid-19 virus and its operational impact on UK economic activity.

The Company's AGM is due to be held on Wednesday 29 April 2020. In light of the Government's and Public Health England's advice, the Board has taken the decision to move the location of the AGM to the Company's Head Office at Persimmon House, Fulford, York, YO19 4FE.

The company said it is unable to provide financial guidance for the financial year 2020, due to continued uncertainty around economic and business activity.

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