Persimmon

A high court judgment upheld planning permission for Persimmon Homes to develop 190 houses on a north Somerset site in flood zone 3a, despite the development failing the statutory sequential test. The court found the planning inspector could weigh the scheme’s wider benefits and whether it could be made safe for its lifetime, overruling Environment Agency objections. The decision has prompted calls from MPs, local authorities and campaigners to change the national planning policy framework to prevent a wider precedent, while nearby residents warn of insurance and mortgage risks and potential loss of property value. » More on theguardian.com

Persimmon issued 25,483 ordinary shares with a nominal value of 10 pence each in August to satisfy claims under employee share schemes. Of these, 23,946 shares related to the Persimmon 2017 Performance Share Plan and 1,537 shares to the Persimmon Savings Related Share Option Scheme 2018. After the issue, the total number of ordinary shares admitted to trading is 321,295,378; the new shares are fully fungible with the existing shares and were registered under existing global admissions. » More on de.investing.com

Deutsche Bank has upgraded Persimmon from "hold" to "buy" and slightly cut its price target from 1,419p to 1,403p, citing weakness in the share price. Persimmon beat analysts' expectations in the first half with an adjusted operating margin of 12.8% (consensus 11.7%), completed 5,189 homes and confirmed its full-year guidance targeting 12,500 completions. The company reported net debt of £165m, announced an interim dividend of 20p and plans to prioritise capital investment for growth; share buybacks will be considered if there is excess cash. Deutsche Bank reduced its pre-tax profit estimates for 2026–2028 but regards Persimmon as comparatively resilient and expects an average return on equity of around 9%. » More on de.investing.com