Delivering
growth
Persimmon Plc Annual Report 2024
Persimmon Plc Annual Report 2024

Discover more online
Visit persimmonhomes.com/corporate
Strategic report
Our strategic framework 01
At a glance 02
Highlights 2024 03
Investment case 03
Chairman’s statement 04
Our markets 06
Our business model 08
Our value chain 10
Group Chief Executive’s statement 11
Our strategy 14
Key performance indicators 16
Financial review 20
Our people 23
Sustainability 28
Non-financial andsustainability
information statement
51
Section 172 statement 52
Principal decisions 59
TCFD 60
Principal and emerging risks 70
Viability statement 76
Governance
Directors’ Report 79-117
Governance at a glance 80
Chairman’s introduction togovernance 82
Board leadership 84
Corporate governance statement 86
Nomination Committee report 99
Audit & Risk Committee report 107
Other disclosures 115
Remuneration Committee report 118
Statement of Directors’ responsibilities 143
Financial statements
Independent auditor’s report 144
Consolidated statement of
comprehensive income
151
Balance sheets 152
Statement of changes in
shareholders’equity
153
Cash flow statements 155
Notes to the financial statements 156
Other information 195
Persimmon Plc Annual Report 2024

Clear priorities
withsustainability
atthe heart
Our mission
To build homes with quality our customers
canrely on at a price they can afford.
Our vision
To be Britain’s leading homebuilder, with
quality andcustomer service at its heart,
building the best value homes on the market
insustainable and inclusive communities.
We will invest in innovation and technology to
extend our low-cost strengths and enhance our
five-star capabilities to enable as many people
aspossible to buy the homes we build.
Our strategic framework
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Customer focused
Value driven
Team work
Social impact
Excellence always
1
Build quality
and safety
2
Reinforce trust:
customers at the
heart of our business
3
Disciplined growth:
high quality land
investment
4
Industry-leading
financial
performance
5
Supporting
sustainable
communities
Read more on pages 14 and 15
Read more about this on pages 14 to 15
Delivered through our
strategic framework
Persimmon Plc Annual Report 2024 01
Financial statementsGovernance Other informationStrategic report

At a glance
Building for the future
Persimmon is a leading UK homebuilder and is well placed in a market
where there is strong demand for new homes. We have adifferentiated
proposition focused on delivering high-quality homes ataffordable price
points for our customers, in an efficient and cost-effective manner.
Persimmon Homes is our core brand which delivers arange of traditional
family housing throughout the UK in places where customers wish to live and
work. With a focus on delivering value and quality for our customers, we sell
most of our homes under this brand.
The Charles Church brand complements and differentiates itself from
Persimmon by delivering larger, higher specification homes in premium
locations across the UK. We build homes under this brand tailored to local
markets where our research and experience have identified a strong demand
for a premium product.
Westbury Partnerships is our brand with a focus onaffordable social
housing. We sell these homes to housing associations across the UK. This
brand plays akey part in the delivery of sustainable homes for the benefit of
lower-income occupiers, offering solutions tosome of the country’s affordable
housing needs.
Discover more at www.persimmonhomes.com
Persimmon Homes 2,222
Charles Church 384
Westbury Partnerships 257
Total 2,863
Persimmon Homes 8,128
Charles Church 947
Westbury Partnerships 1,589
Total 10,664
Persimmon Homes 57,472
Charles Church 9,235
Westbury Partnerships 15,377
Total 82,084
Group housing
revenue
(£m)
Homes
sold
Land holdings
(plots)
Offices
Off-site manufacturing
Head Office
Discover more about our locations online:
www.persimmonhomes.com/corporate/about-us/our-locations/
Persimmon Plc Annual Report 202402

Highlights 2024
Footnotes:
1. Stated before net exceptional charge (2024: £34.4m; 2023: £nil) and goodwill impairment (2024: £1.6m; 2023: £7.6m).
2. 12-month rolling average calculated on operating profit before net exceptional charge (2024: £34.4m; 2023: £nil), goodwill
impairment (2024: £1.6m; 2023: £7.6m) and total capital employed. Capital employed being the Group’s net assets less cash and
cash equivalents plus land creditors.
3. The value of homes delivered to housing associations, the value of discounted open market value homes plus the value of planning
contributions we have made over the last five years.
4. The Group participates in a National New Homes Survey, run by the Home Builders Federation. The rating system is based on the
number of customers who would recommend their builder to a friend.
5. Estimated using an economic toolkit.
Operational highlights
Number of new homes sold
10,664
2023: 9,922
Net private sales rate
0.70
2023: 0.58
Outlets at 31 Dec
270
2023: 258
Average selling
price 2024
£268,499
2023: £255,752
Underlying
operating profit
1
£405m
2023: £355m
Return on capital
employed (‘ROCE’)
2
11.1%
2023: 10.5%
Cash at 31 Dec
£259m
2023: £420m
Owned land holdings (plots)
69,189
2023: 66,742
Dividend per share
60p
2023: 60p
Sustainable
Investment in
local communities
3
c.£2.2bn
2023: £2.3bn
Customer satisfaction
score
4
96.0%
2023: 92.9%
Construction and supply
chain jobs supported
5
c.79,000
2023: c.76,000
Investment case
Experienced teams
Operating margin and ROCE
ambition of 20%
Increasing shareholder returns
Supported by market fundamentals
and a pro housing government
High-quality
land bank and
growing
outlets
Three strong
brands
providing
diversification
Build quality
and customer
service
Strong
balance sheet
Innovation
and vertical
integration
Volume Margin ROCE Shareholder return
Persimmon Plc Annual Report 2024 03
Financial statementsGovernance Other informationStrategic report

2024 marked the turning point
with good progress on all metrics.
Roger Devlin
Chairman
Opportunity for everyone
Chairman’s statement
Introduction
I am delighted that the Group’s results deliver
on our ambition of a strong return to growth
in2024, with a 7% increase in completions
anda 10% improvement in underlying profit
before tax¹. But more importantly, I believe
theymark the start of an exciting new growth
phase for Persimmon.
Over the past few years, we have been very clear that we needed to be building
five-star homes that met or exceeded our customer expectations. We needed
to build them safely and we needed to leverage our in-house supply chain
effectively while continuing to buy land at the right price to increase the
number of outlets we have open. I believe 2024 marked the turning point
withgood progress across the board, and we have achieved this whilst
maintaining a strong balance sheet.
At Persimmon, we have three fundamental principles. First, we will protect our
robust balance sheet and maintain a disciplined approach to investment in
land. This, coupled with the significant improvements in our operational
capabilities, haspositioned the business for success over the next housing
cycle.
Second, our commitment to build quality and customer care has improved
both our brand and reputation in a highly competitive market. I am proud of
our team’s dedication and progress as evidenced by further improvement in
our customer satisfaction score and the achievement of a five-star HBF rating
for the third year in a row.
Third, vertical integration remains a key advantage and differentiates us
fromour peers. These key capabilities provide us with security of supply
andsupport our drive to deliver high-quality, affordable homes consistently
and cost efficiently, as demonstrated by our industry-leading margins.
These core elements to Persimmon’s approach are reinforced by ourrecent
disciplined investment in land, complemented by the current Government’s
pro-housebuilding agenda. The recent, and very welcome, planning reforms
are creating a positive tailwind on the supply side, providing additional
momentum towards our ambition of growing our outlets to at least 300.
With a greater focus on our three well positioned brands, we have the opportunity
to drive further growth as this enhanced diversification for the Group caters to
different customer segments.
Persimmon is well placed to drive further growth, delivering strong financial
performance and value for our shareholders. I would like to thank all our
employees and subcontractors for their dedication and hard work, which
have been instrumental in driving our success.
1. Stated before net exceptional charge (2024: £34.4m; 2023: £nil) ,
and goodwill impairment (2024: £1.6m; 2023: £7.6m)
Persimmon Plc Annual Report 202404

Industry leadership
I am proud to reaffirm our unwavering commitment to our building safety
remediation programme and we are delivering ahead of the Government’s
Remediation Acceleration Plan timetable. The proactive measures taken in
addressing our building safety remediation have meant we have completed or
started works on over 70% of known developments or over 80% of accepted
buildings and are on track to be on site at all developments by the end of
2025. We anticipate completing remediation works on the majority of the
outstanding developments over the next two years.
During the year, the Board were pleased to meet with Dame Judith Hackitt,
the former Chair of the Independent Review of Building Regulations and Fire
Safety, to discuss our approach to building safety.
Shareholder returns
Our Capital Allocation Policy balances cash returns to shareholders with
business investment for future growth. For 2024, the Board proposes a final
dividend of 40p per share, payable on 11 July 2025 to shareholders on the
register at20 June 2025, following shareholder approval at the AGM. This
dividend, combined with the interim dividend of 20p per share paid in
November 2024, totals 60p per share for the 2024 financial year.
Board changes
We were delighted to welcome Andrew Duxbury as CFO in June 2024.
Andrew is already making a significant contribution to the business and brings
a wealth of experience to the team.
Additionally, Paula Bell and Anand Aithal joined the Board as Non-Executive
Directors in September 2024 and January 2025 respectively. Paula has an
extensive background in finance and strategic planning, which will help
support the financial performance and strategic growth of the Company.
Anand is an entrepreneur who brings significant experience in digital
transformation and innovation, as well as Government relations, which will
beinvaluable as Persimmon continues to modernise its operations. The Board
and I look forward to working with them both. We bid farewell to Shirine
Khoury-Haq, who departed from the Board in September 2024 to focus on
her Executive role, having served on the Persimmon Board for three years.
Weextend our thanks and best wishes to Shirine in her future endeavours.
In conclusion
We believe we are well positioned for the future. This is as a result of the
landand planning investments we have made in recent years, our vertical
integration capabilities, and our excellent teams. This investment, coupled
with the Government’s ambitious planning reforms should drive more ofthe
high-quality, affordable homes which are Persimmon’s core strength, thus
supporting our long-term growth ambitions.
Roger Devlin
Chairman
10 March 2025
Persimmon Plc Annual Report 2024 05
Financial statementsGovernance Other informationStrategic report

Our markets
Opportunity for the future
Housing supply challenges
The UK continues to face a chronic undersupply of housing,
exacerbated by population growth and the need to replace
ageing housing stock. The Government has pledged to
deliver 1.5m homes over this Parliament
1
equivalent to
300,000 new homes annually in England. Delivery is
currently well below this with 162,710 new build dwelling
completions in England in the year to June 2024
2
, adding to
the housing crisis. The Government has an ambitious
affordable homes programme and we expect this to be a
growing market in the coming years.
The planning system and limited land availability pose
significant barriers to meeting housing demand with delays
inplanning permissions, compounded by local authorities
pausing or withdrawing their housing plans in late 2023,
hindering housing delivery. In addition, there are a number of
homes currently held up by Natural England environmental
mitigation measures regarding nutrient and water neutrality.
The Government has pledged to improve the planning
system, including reinstating local targets and hiring
additional local authority planners with changes to the
National Planning Policy Framework announced in 2024.
Our response
Despite the planning challenges we have not been waiting
for policy changes to get approvals with the changes made
to our planning approach over the past few years bearing fruit.
During the course of 2024, we achieved planning on 13,064
plots, equivalent to 123% of plots utilised in the same period.
This included a site in Bedworth which we acquired on outline
planning in February 2024 and for which we achieved a
reserved matters approval in December. We continue to
engage proactively with policymakers to push for planning
reforms and advocate for more streamlined, sustainable
development processes.
1.5m homes
Government target for new home
additions over this parliament¹
Discover more at www.persimmonhomes.com
1. www.gov.uk/government/news/housing-targets-increased-
to-get-britain-building-again.
2. www.gov.uk/government/statistics/housing-supply-
indicators-of-new-supply-england-april-to-june-2024/
housing-supply-indicators-of-new-supply-england-april-to-
june-2024.
Affordability and market trends
The UK experienced a technical recession in late 2023 with
two quarters of GDP decline. By early 2024, the economy
had showed slight improvement, with estimated GDP growth
of 0.8% in 2024, up from 0.4% in 2023¹. While inflation has
come down from the peak, helped by higher interest rates,
the Consumer Price Index remains above the Government’s
2% target which has led to concerns over interest rates
staying higher for longer. This has a knock-on effect to
mortgage rates and affordability remains a key barrier for
customers, particularly first-time buyers post the removal of
Help to Buy in late 2022. Over the past 12 months
affordability has been on an improving trend as house price
growth has not kept pace with wage inflation and mortgage
rates have started to come down. As at November 2024, the
average two-year fixed rate for all loan-to-value (‘LTV’)
products had reduced to 5.39% from 6.29% a year earlier
with two-year fixed rate 95% LTV mortgages at 5.83%, down
from 6.14% a year earlier².
Housing associations are currently facing funding challenges
in relation to the purchase of homes delivered through section
106 agreements stemming from a perfect storm of rising costs,
reduced funding, market pressures and policy uncertainty. This
has created some uncertainty over demand for this tenure of
homes in the short term while consultations over social rent
increases and funding programmes are finalised.
Build to rent (‘BTR’) is becoming a more important part of the
UK market, with a total of £5.1bn invested in 2024³ of which
c.50% was for single family housing.
Our response
We continue to offer a range of homes at different price points
with our core Persimmon Homes private average selling price
of £273,318 well below the national average, offering
quality homes which are affordable. With notable disparities
in housing prices across the UK regions, our national coverage
offers some protection from the more challenging markets in
the South of England. We have been focusing on making
surewe are making the most of our three strong brands. Our
Charles Church brand offers a premium product and we are
seeing the benefits of improved specification and opportunities
for dual branding at sites alongside Persimmon Homes.
Wehave also built relationships with partners in the private
rentalsector market and are seeing good demand for our
high-quality homes for this growing segment of the market.
Through our Westbury Partnerships brand we continue to
work with partners to deliver high-quality homes for the
affordable homes market.
1. www.ons.gov.uk/economy/grossdomesticproductgdp/
bulletins/gdpmonthlyestimateuk/december2024#annual-
overview.
2. www.moneyfactsgroup.co.uk/media-centre/group/
mortgage-product-choice-and-shelf-life-plummet/.
3. www.savills.co.uk/research_articles/229130/373389-0.
Links to key priorities
2
Reinforce trust: customers at the
heart of our business
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
Read more on pages 14 and 15
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
6
Land and planning
7
Supply chain
12
Regulatory compliance
Read more on pages 72 to 75
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
6
Land and planning
11
Reputation
Read more on pages 72 to 75
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
3
Disciplined growth: high-quality land investment
Read more on pages 14 and 15
Persimmon Plc Annual Report 202406

Labour and build cost pressures
The UK construction industry faces persistent challenges from
labour shortages, driven by an ageing workforce and skills
gaps, which limit productivity and increase build costs.
Negative perceptions of the industry and a shrinking pool of
skilled workers have exacerbated delays in meeting demand.
To address these issues, the sector increasingly relies on
apprenticeships and graduate programmes. While build cost
inflation eased in 2024 compared to the highs of 2023, its
impact continues to affect projects started before and during
this period which are still under construction.
412
apprentices within the business
c.79,000
supply chain jobs supported
Discover more at www.persimmonhomes.com
Our response
We mitigate as many of the supply chain challenges as
possible by leveraging our vertically integrated manufacturing
facilities and securing robust supply chain agreements to
manage material costs.
Our proactive recruitment of apprentices and our partnerships
with educational institutions will help address labour shortages
in the long term and ensure continued productivity across
ourprojects.
We believe that the strategic use of off-site manufacturing
isessential for addressing skill shortages and enhancing
construction efficiency in the longer term. We continue to
work with partners on developing a commercial brick facade
product for use with our timber frames which would significantly
improve the speed of build. During the year we built a prototype
house in five days from slab to roofed in using the brick
facade at our Space4 factory in Birmingham; see more
onpage 13.
Regulatory shifts
The planning environment continues to be challenging,
although there are positive signs that this might improve under
the new Labour Government. Labour has pledged to deliver
1.5m homes over the next parliament and reform planning to
improve supply by reinstating local housing targets, prioritising
affordable and sustainable homes, empowering local
authorities and streamlining processes.
In February 2024, the Biodiversity Net Gain legislation came
into effect requiring a 10% net gain on all new projects.
The upcoming Future Homes Standard (‘FHS’) is a UK
Government initiative aimed at ensuring that new homes built
in England are more energy efficient and environmentally
friendly. It is part of the Government’s broader strategy to
achieve net zero carbon emissions by 2050 and while an
exact date has not yet been set it is expected to come into
force in 2027.
During the year, in addition to the Building Safety Remediation
Programme, the Government proposed the introduction of a
Building Safety Levy to fund the remediation of unsafe cladding
on high-rise residential buildings. While the exact date or
format for the implementation of these changes has not been
specified it is expected to be towards the end of 2025.
Our response
While planning reforms are expected to ease supply constraints
in the medium-term, we are continuing to utilise our diverse,
high-quality short-term and strategic land banks to meet
market demand through our enhanced planning approach.
Our ongoing focus on sustainability, with trials of low-carbon
building methods, ensures we remain aligned with regulatory
expectations and broader environmental goals. In preparation
for the forthcoming Future Homes Standard (FHS) and as part
of our implementation of the New Build Heat Standard in
Scotland, we have developed energy transition plans for
allour developments. This ensures that we phase out the
installation of gas boilers while considering the appropriate
timescales and commercial needs. Ahead of the regulatory
requirements, we have already started installing low-carbon
design and heating solutions, such as air source heat pumps.
13,064
plots achieved detailed planning
in2024
Discover more at www.persimmonhomes.com
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
Read more on pages 14 and 15
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the
heartofourbusiness
3
Disciplined growth: high-quality land investment
4
Industry-leading financial performance
Read more on pages 14 and 15
Links to principal risks
1
UK economic and market conditions
2
Government policy and political risk
7
Supply chain
9
Skilled workforce, retention and succession
Read more on pages 72 to 75
Links to principal risks
2
Government policy and political risk
3
Climate change and sustainability
5
Legacy buildings
6
Land and planning
11
Reputation
12
Regulatory compliance
Read more on pages 72 to 75
Persimmon Plc Annual Report 2024 07
Financial statementsGovernance Other informationStrategic report

Our business model
What we do
We are a UK homebuilder focused
on identifying and meeting local
housing needs. Ourskilled land,
planning anddesign teams
collaborate closely with local
governments, landowners and
communities toplan and deliver
developments in areas where
people desire tolive and work.
With a disciplined land investment strategy and in-house
manufacturing facilities for key materials, we ensure quality
and sustainability. Our goal is to create affordable,
well-designed homes within sustainable communities,
backed by exceptional customer service throughout the
home buying journey.
See Sustainability
on pages 28 to 50
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BRANDS
AND
GEOGRAPHIC
REACH
Our UK-wide network and
three strong brands provide
quality homes at a range
ofprice points.
VERTICAL
INTEGRATION
AND
INNOVATION
Our factories provide
security of supply over key
materials while allowing
continued innovation.
HIGH-QUALITY LAND
Our high-quality land holdings with industry-leading
embedded margins areakey strength.
QUALITY AND AFFORDABILITY
We build high quality homes at attractive
prices,enabling our customers to access
thehousingmarket.
CUSTOMERS
Placing customers first, building
trust, and delivering exceptional
value homes.
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Persimmon Plc Annual Report 202408

Create sustainable communities
Our Placemaking Framework ensures
thatallour developments create a sense of
place for our customers and put communities
attheheart of our developments.
New homes delivered
10,664
1,589 delivered to housing associations
‘Homes for all’
£273,318
Persimmon Homes private average selling price
c.20% lower than the UK national average
1
Investing in communities
c.£2.2bn
over the last five years
Public open spaces
484
acres created
2
HBF score
96.0%
HBF survey – percentage of customers who
wouldrecommend Persimmon to a friend
The value we create
Financial performance
Our well-established strategy provides
aresilient balance sheet and high-quality
landholdings from which we have the
expertiseto deliver sustainable returns
forallour stakeholders.
Financial strength
£3.51bn
balance sheet net assets
at 31 December 2024
Capital returned to shareholders
£192m
in the year to 31 December 2024
Resilient balance sheet
£259m
net cash at 31 December 2024
Employment
4,731
direct employees at 31 December 2024
Jobs supported
c.79,000
construction and supply chain jobs
2
Our improvements in customer
service and build quality have
ensured that prospective
purchasers continue to choose
Persimmon in a highly
competitive market.
Dean Finch
Group Chief Executive
1. Based on the Persimmon Homes private average
selling price of £273,318 for the year to
31December 2024 compared with the national
average selling price for newly built homes
sourced from the UK House Price Index as
calculated by the Office for National Statistics
from data provided by HM Land Registry.
2. Estimated using an economic tool kit.
Persimmon Plc Annual Report 2024 09
Financial statementsGovernance Other informationStrategic report

Our value chain
Opportunity through vertical integration
Our vertical integration provides
security of supply and quality
ofkey materials at efficient cost.
Thisis supported by Group
andlocal buying teams which
securethe best deals on other
materialrequirements.
Through our vertically integrated capabilities, we will
investin innovation and technology to extend our low-cost
strengths and enhance our five-star capabilities toenable
as many people as possible to buy the homeswebuild.
Capacity of current
Space4 factory
6,250
units
Bricks sourced from
Brickworks in 2024
56%
Our Space4 manufacturing business produces timber frames,
highly insulated wall panels and roof cassettes as a‘fabric first’
solution to the construction of new homes. Space4’s MMC system
helps us to improve site productivity (cutting seven weeks off build
time), increase build capacity and mitigate construction industry
skills shortages. Space4 supports allof our brands and supplied
c.3,400 timber frame kits and roof systems to the Group in 2024.
Our Space4 factory provides us with the unique ability to
implement (among other initiatives) innovative ‘fabric first’
solutions to enhance the future efficiency ofour homes.
Brickworks produces concrete bricks and is entirely focused on
supplying the Group’s housebuilding operations. During 2024,
Brickworks supplied c.49m bricks and block paving to 246 sites
across the Group. This represented 56% of the Group’s brick usage
in 2024. The factory has the capacity to produce c.70m bricks
peryear giving us security of supply as volumes recover.
Tileworks, the Group’s own concrete roof tile manufacturing
facility, produces tiles solely for the Group. During the year,
Tileworks supplied c.7m tiles to 238 sites across the Group. This
represented 85% of the Group’s tile usage in 2024.
FibreNest is the Group’s own ultrafast, nationwide full fibre
broadband service to the home, which aims to ensure all our
customers are connected to the internet from moving in day.
FibreNest provides ultrafast speeds coupled with excellent levels
ofservice. At the end of 2024, there were over 44,000 connected
customers across 425 housing developments.
Persimmon Plc Annual Report 202410

Group Chief Executive’s statement
Delivering growth
Persimmon’s disciplined investment and
significant operational improvements in
recent years have created a stronger
business. This is demonstrated by our
return to growth in 2024.
Dean Finch
Group Chief Executive
Persimmon benefits from a strong balance sheet
and a secure and growing pipeline of outlets,
complemented by longer-term strategic land
positions. Our decisions to sustain disciplined
investment in new land, enhance sales and
marketing, improve build quality and customer
service and extend the efficiency benefits of our
vertical integration have enabled us to build a
better and more sustainable business. Our
return to growth in 2024, with a 7% increase
incompletions and 14% improvement in underlying
operating profit¹, demonstrates the success of
our approach.
We are well placed to capture further opportunities. The Government’s planning
reforms and ambitious pro-house building agenda coupled with our strong
land bank and enhanced planning approach, support our aim of operating
from at least 300 outlets. Further investment in our digital marketing platforms
and the targeted expansion of our three brands – each well positioned at the
affordable end of their respective markets – will enable us to further increase
volumes, driving growth and financial returns. A new automated production
line in our Space4 timber frame factory will further enhance build efficiency
and mitigate anticipated industry skills shortages. A second timber frame
factory, together with innovations such as a brick facade product and
construction management digitisation, will provide further efficiency benefits.
I am really proud of the Persimmon team for its dedication and hard work
inrecent years in positioning our business for sustained growth and success.
Iam pleased to welcome Iain McPherson as our new UK Managing Director
and would like to thank Paul Hurst for his 28 years of dedicated service.
Persimmon has built a platform for longer-term growth, well placed to drive
further margin improvement and enhanced returns.
Trading performance
Our stated ambition was to capitalise on our enhanced operational capabilities
and leverage our investment in land to return to growth as quickly as possible.
These results demonstrate the success of this strategy as we delivered 10,664
new homes in the year (2023: 9,922). Enhanced sales and marketing led to a
net sales rate of 0.70 per outlet per week which included a 0.13 per outlet per
week contribution from bulk sales (2023: 0.07) as we took advantage of the
growing institutional investor and Built to Rent (‘BTR’) market. Since the 2024
spring selling season, customer enquiries and sales rates have been consistently
ahead of the prior year. Private average selling prices on reservations increased
as the year progressed with incentives controlled at c.4.5% per gross reservation
(2023: c.4.0%).
We are pleased to have achieved an underlying operating margin² of 14.1%
(2023: 14.0%). Our vertical integration and operational efficiencies enabled
us to mitigate the substantial impact of embedded build cost inflation coming
into the year. These unique capabilities have helped underpin the margin
performance and will help drive further growth.
Persimmon Plc Annual Report 2024 11
Financial statementsGovernance Other informationStrategic report

Land and planning success
We made a strategic decision to continue to invest in land in recent years at the
right point in the cycle. Savills Greenfield Development Land Index
5
fell 9% from
September 2022 to March 2024, with our disciplined investment in this period
helping secure the strong embedded margins within our land bank. In the year,
we successfully brought 13,404 plots into our owned and under control land
holdings, a replacement rate of 126%.
We have continued to focus on actions we can take to address challenges in
theplanning system to improve our performance. In the period, we secured
detailed or reserved matters planning for 13,064 plots, reflecting a 21%
increase from the previous year (2023: 10,809) and representing 123% of
2024 completions, demonstrating the success of this approach. The Government’s
revision of the National Planning Policy Framework will provide further helpful
momentum in coming years.
Our approach is to proactively engage local authorities and find innovative
solutions to address challenges. For example, our Anglia business developed
itsown nature-based nutrient mitigation solution at Guist, Norfolk, to treat both
phosphates and nitrates. This solution will allow us to bring forward c.1,000
plots across three sites in a more timely and cost-effective manner than
available alternatives.
Our sustained, disciplined investment in land and planning approval success
positions the business for future growth. We ended the period with 270 outlets,
a 5% increase from the previous year (2023: 258 outlets) against a backdrop
of industry decline. We have a strong pipeline of new outlets to open in 2025
and remain on track to achieve our target of at least 300 outlets.
Vertical integration providing efficiency and resilience
insupply
Our Brickworks, Tileworks and Space4 factories are a differentiator and
continue to provide a secure supply of cost-effective, high-quality materials to
the business. We estimate that where we use our own bricks, tiles and timber
frames we save up to £5,500 per plot, insulating us from supplier cost
increases and providing a positive contribution to margin. In 2024, we sourced
56% of our brick (2023: 54%) and 85% of our roof tiles (2023: 81%) from our
in-house factories.
We completed 1,456 bulk sales to investors in the period (2023: 780) and
continue to expect this segment of the market to contribute c.10-15% of our
future volume. Savills reported £5.1bn of investment in the BTR market in
2024, of which c.50% was for single family housing³. With the institutional
investor and BTR markets presenting a large and growing opportunity, we
willcontinue to develop long-term relationships to secure sales that enhance
capital returns and accelerate delivery.
The Government has an ambitious affordable homes programme, and
weexpect this to be a growing market in the coming years. Our new UK
Managing Director has significant experience in this market, complementing
our improved relationships in this segment of the market. We anticipate growing
our affordable homes delivery in 2025 with nearly all units secured for the
year, demonstrating the benefit of our proactive engagement with housing
associations and local authorities.
Continued focus on build quality and safety sustainability
Our improvements in customer service and build quality have ensured that
prospective purchasers continue to choose Persimmon in a highly competitive
market. Recent investment in digitisation of on-site build processes is helping
drive further improvement in build quality and efficiency, health and safety
management and engagement with our customers.
The results of these improvements are clear. We have further improved our
HBF eight-week customer satisfaction score
4
to 96.0% (2023: 92.9%), having
maintained our five-star HBF rating for the third consecutive year. Reportable
items improved by 7% to 0.26 in 2024 (2023: 0.28); this equates to a 60%
improvement from the position in 2019. These efforts were also acknowledged
in the industry’s Pride in the Job Awards, where 19 sites received awards in
2024, more than double the number in 2023 and Persimmon’s best results
inat least a decade.
I am pleased that we continue to make good progress on our building safety
remediation programme, ahead of the Government’s Remediation Acceleration
Plan targets. We have completed works or are on site at 73% of known
developments or 82% of accepted buildings, with the remainder expected
tobe on site by the end of the year. Further detail is provided in the
FinancialReview.
Group Chief Executive’s statement continued
Improving sales effectiveness
The benefit of our investment in our sales and marketing platforms and
teamsis evident in a 34% increase in website visitors and a 26% growth
inenquiries in the year. This increased interest helped drive an improved net
private sales per outlet per week of 0.70 (2023: 0.58), 0.57 excluding bulk
sales (2023: 0.50).
We have three strong brands across the business in Persimmon Homes,
Charles Church and Westbury Partnerships, providing diversification and
theability to realise our assets more efficiently. This strategy broadens our
customer pool, with each brand’s ambition to be the leading provider of
valuein their respective markets.
We have reinvigorated the Charles Church brand with an enhanced specification
which will drive increased value for the business. Charles Church saw a 31%
increase in private completions in the period demonstrating the initial
progress we’ve made in capturing the demand in this market. Our newly
promoted Deputy UK Managing Director will drive the brand’s further growth.
Persimmon Plc Annual Report 202412

Innovation will be key to the delivery of our growth and build efficiency
ambitions. Anticipated skills shortages present a challenge to the whole
industry particularly considering the Government’s ambitious growth targets.
New techniques that significantly shorten build times provide an opportunity
for further efficiency gains and factory-assured high quality. Timber frame has
a crucial role to play as it reduces the demand for scarce labour and typically
shortens our build times by around eight weeks. This is why we have continued
to invest in our existing Space4 factory, beginning the installation of a new
automated line in early 2025 to further improve productivity, efficiency and
quality of our timber frame product. We anticipate commencing work on our
second Space4 factory in Loughborough this year, to further increase our
capacity and range of timber frame products. We have also piloted further
innovation, such as the combined use of our timber frame with the Mauer
brick facade product. The combination of timber frames produced in our new
factory and the Mauer facade provides the opportunity for a significant step-up
in housing output, while securing additional savings through lower off-site
manufacturing costs and even faster build times.
Current trading and outlook
We entered 2025 with an improved forward order book and have added to it
further since the start of the year. In the first nine weeks of the year our net private
sales rate per outlet per week was 0.67, up 14% compared to the same period
last year. The private average selling price in the current order book is up 3%
compared to last year. Together, these improved sales rates and average selling
prices means our current private forward sales position is £1.15bn, 27% higher
year on year (2024: £0.90bn).
With this progress in our forward order book, alongside an anticipated increase
in the delivery of affordable homes, we are targeting 11,000–11,500 completions
for 2025. With the ongoing benefit of our improved operational capabilities
and disciplined investment in our land holdings, we are on track to deliver
further growth in profit and returns and an improved underlying operating
margin again this year.
We are mindful of the ongoing macroeconomic and geopolitical uncertainties
and their potential impact on delivery. The timing of any future interest rate
changes is likely to impact prevailing customer confidence. Government policy
and regulatory changes, such as the National Insurance increase and proposed
Building Safety Levy, are adding costs to the business. We will continue to mitigate
their impact through our relentless focus on cost control and efficiency, and we
expect to be able to restrict build cost inflation to low single digits in the year.
The underlying market fundamentals remain strong, and Persimmon’s disciplined
investment and operational improvement in recent years mean we are confident
the business will grow margins, returns and shareholder value over the medium-term.
Our enhanced approach to planning is already helping to convert our sustained
investment in land into new outlets and supports our target of at least 300
outlets. Ourdisciplined land buying incorporates the new regulations such as
Future Homes Standard, Building Safety Levy, nutrient neutrality and
Biodiversity Net Gain to preserve embedded margins.
Our investment in new technology is enhancing our sales and marketing, both
driving greater customer interest and enhancing conversion rates. Our on-site
digitisation has already secured operational, commercial and quality improvements
and efficiencies, with more opportunities ahead. Enhanced automation in
both our existing and new timber frame factories, coupled with innovations
such as the combination with a brick facade product, means we have
significant further build efficiency opportunities ahead.
With three strong brands, each positioned as good value products in their
respective markets, we are well placed to increase volumes and returns. With
this volume growth delivered efficiently given our investment and operational
improvements, our overhead leverage will improve, further strengthening our
margin. Taken together we believe we are well placed to deliver a medium-
term margin and ROCE ambition of 20%, driving increasingly stronger
shareholder returns.
Dean Finch
Group Chief Executive
10 March 2025
Brick facade trial at Space4
We continue to seek further opportunities for innovation,
including working with our partners on developing a
brick facade product. During the year, we built a timber
frame house using the facade at our Space4 factory.
Thistrial saw the house built to roof, with the facade
installed, within five days, demonstrating the clear
opportunity for build efficiency and key supply chain
resilience in the coming years.
Discover more at www.persimmonhomes.com
Footnotes:
1. Stated before net exceptional charge (2024: £34.4m; 2023: £nil), and goodwill
impairment (2024: £1.6m; 2023: £7.6m).
2. Stated before net exceptional charge (2024: £34.4m; 2023: £nil), and goodwill
impairment (2024: £1.6m; 2023: £7.6m) and based on new housing revenue.
3. Savills UK | UK Build to Rent Market Update – Q4 2024.
4. The Group participates in a National New Homes Survey, run by the Home Builders
Federation. The rating system is based on the number of customers who would recommend
their builder to a friend.
5. Savills Greenfield Index.
Persimmon Plc Annual Report 2024 13
Financial statementsGovernance Other informationStrategic report

Our strategy
Key priorities
going forward
1
Build quality and safety
What this means
Our mission is to build homes with quality our customers can rely on at a price
they can afford.
We aim to consistently deliver high-quality homes to our customers, striving to
‘build right, first time, every time’. Since being named as a ‘Chartered Champion’
for leadership and culture around building safety by the Building a Safer Future
organisation, we are determined to remain an industry leader on building safety.
We aim to build sustainably and minimise our impact on the environment.
How we do it
●
We have embedded The Persimmon Way, the Group’s construction
excellence programme, into our operations. Thisprovides a comprehensive
approach covering all aspects of our build programmes.
●
Training our teams is key – the ‘Persimmon Construction Pathway’ provides
an internal training programme for our site teams.
●
Technology – we have developed a number of digital applications that assist
our on-site teams to drive quality and efficiencies across the business.
●
Innovation and vertical integration – we have our own timber frame factory
and seek to enhance modern methods of construction. OurBrickworks and
Tileworks factories have supplied relevant materials to over 235 sites this year.
●
Quality assurance – we have a team of Independent Quality Inspectors that
undertake inspections at certain key stages of the build programme.
●
Health, safety and environment (‘HS&E’) – we have a team of HS&E
Advisors that undertake frequent site visits to ensure that our sites are
operating in ways that ensure the safety of all those on site.
●
Building safety – we place significant emphasis on building safety and
review our designs, procurement and operations regularly to ensure we are
delivering safe homes for our customers.
Progress
●
Our Persimmon Way app has been fully rolled out across the business and to
our subcontractors with c.55,000 users and around 7,000 signing in daily.
●
Technology and innovation – we built a trial house at our Space4 factory using
abrick facade, going from slab to roof in five days.
●
Our National Homes Building Council (‘NHBC’) Reportable Items* have
improved by 7% in the year. Our NHBC Construction Quality Review (‘CQR’)
score has improved by 440bps in the year.
●
We continue to make good progress on remediating our legacy buildings having
completed works or started on site on over 70% of our developments.
Aligning to our sustainability strategy
●
We are committed to operating efficiently, and have committed to reduce our
operational carbon emissions by 46% by 2030.
●
Where appropriate, our new sites have hybrid generators in order to reduce
our diesel consumption. As a result of this measure, together with improved
site efficiency, our diesel consumption has declined by 19% in comparison to
the previous year.
* The number of items reported on by the NHBC on inspections of our homes at key
build stages.
2
Customers at the heart
ofour business
What this means
We aim to be a trusted partner which reliably delivers an outstanding experience
from the moment a customer starts their research into buying a home, through the
sales journey and after occupation.
How we do it
●
We provide attractively priced, good quality homes.
●
We offer a range of sales schemes and incentives that help our customers
toovercome constraints, enabling them to purchase their dream home.
●
We invest in our people, providing robust training pathways (a combination
ofin-house and externally accredited training) and improved tooling that
delivers better employee experiences, in turn enabling our teams to better
service our customers.
●
We are looking to strengthen and develop all three of our brands, Persimmon
Homes, Charles Church and Westbury Partnerships, with the growth in Charles
Church and Westbury serving to create additionality to our customer base.
●
We have placed an increased emphasis on marketing and continue to make
improvements to our website and our customers’ digital journey.
●
We have dedicated customer service throughout our customers’ journey.
Progress
●
We are delighted to have been awarded the HBF five-star rating for the third year
in a row and pleased to report a 310bps improvement in customer recommendation
on the NHBC eight-week customer satisfaction survey.
●
Our Trustpilot scores continue to improve with Persimmon Homes scoring an
average of 4.5 (2023: 4.2) and Charles Church 4.4 (2023: 4.1), reflecting our
continued focus on customer service.
Aligning to our sustainability strategy
●
During 2024, we delivered over 5,000 homes in the year that have a form of
renewable energy (48% of the homes delivered in the year). This is a significant
increase from 2023 where we delivered over 1,500 homes with a form of
renewable energy (17% of the homes delivered in 2023).
●
The average SAP rating of our homes is 86 (equivalent to a ‘B’ EPC rating).
●
Through our Placemaking Framework, we are integrating sustainability into
the design of new communities, providing green spaces, sustainable transport
and Biodiversity Net Gain.
Our five key priorities provide the
framework for leveraging our
sector-leading land holdings and
strong operational capabilities.
Our land holdings and pipeline of outlets provide us with a
strong platform todeliver disciplined growth, leveraging our
operational capabilities.
We continue to advance our systems and processes to
improve our product for our customers while building
high-quality, safe and sustainable homes. Wedrive value for
our customers through an efficient and effective build programme
and innovation in vertical integration and modern methods
ofconstruction.
Strategic progress
NHBC Reportable Items
0.26
7% improvement
SAP rating¹
86
average on
ourhomes
Embedded in land bank
c.29%
gross margin
1. The average standard assessment procedure (‘SAP’) rating
of our new homes; equivalent to EPC ‘B’ rated.
Persimmon Plc Annual Report 202414

3
Disciplined growth: high-quality
landinvestment
What this means
We ensure our land investment opportunities meet our strict investment criteria,
in high-demand locations where people wish to live and work, and take place
at the right time in the housing market cycle.
How we do it
●
Our experienced land, planning and design teams bring a consistent
approach to our land buying.
●
We work closely with all stakeholders, including land owners, local
communities and local planning authorities, to deliver new housing in the
areas of greatest need.
●
We maintain high-quality consented land holdings, enabling the Group to
beresilient to any volatile movements in the land market.
●
We invest in strategic land, securing options on areas of land which will give
a stronger return on investment in the future.
Progress
●
58 new sites acquired in the year, adding 13,404 new plots to our owned
landholdings.
●
Forward-owned land supply of 69,189 plots, equivalent to c.6.5 years at
2024volumes.
●
c.12,000 acres of strategic land at 31 December 2024, having added
c.1,100 acres in the year.
Aligning to our sustainability strategy
●
All our land acquisitions are subject to rigorous environmental and flood risk
assessments, ensuring we respect the natural environment and mitigate
against adverse environmental impacts.
●
We assess our long-term strategic portfolio against climate risk, to ensure we
are investing in land which is resilient to climate risk, and disclose in
accordance with the TCFD framework.
4
Industry-leading financial performance
What this means
We aim to operate efficiently in all areas, providing a sound investment case,
generating strong cash flows, maintaining financial flexibility, minimising
financial risk and retaining financial strength by making well-judged
assessments through the housing cycle.
How we do it
●
We maintain a strong balance sheet supporting continued investment and
future returns.
●
We maintain high-quality land holdings through a disciplined approach to
our land replacement.
●
We place customers at the heart of our business by pursuing developments
that deliver good quality new housing for the benefit of all potential occupiers.
●
We exercise discipline and strong control over the Group’s outlets and levels
of work in progress (‘WIP’).
●
We maintain strict levels of governance and financial discipline across all
our operations and financial processes.
Progress
●
Improved underlying housing operating margin to 14.1%.
●
Net asset value per share of 1,096p.
●
c.£500m investment in new land in 2024.
●
Disciplined investment in WIP with build rates closely matching sales at 201
equivalent units per week.
●
Net cash of £259m at 31 December 2024.
Aligning to our sustainability strategy
●
Our investment in vertical integration through our in-house manufacturing,
Space4, Brickworks and Tileworks, is a key contributor to efficiency,
sustainable construction and reducing our carbon footprint, particularly as
we increase our use of timber frames.
●
We are progressing with our plans for a new Space4 timber frame factory
with construction of the facility due to commence in 2025.
●
We have built long-term strategic supplier relationships and framework
agreements, embedding sustainability criteria as key requirements.
5
Supporting sustainable communities
What this means
We are committed to leaving a positive legacy in the communities in which we
work. We are proud to deliver homes and provide jobs for local people in their
local communities.
How we do it
●
Our Placemaking Framework provides our site design teams with appropriate
tools to deliver attractive communities close to local amenities and that
promote customer wellbeing.
●
We enhance local facilities, providing investment in local infrastructure
(e.g.transport, education, retail and recreation facilities) through the
planning system.
●
The Community Champions scheme donates to charities, sports clubs and
local community groups across the country.
●
We deliver energy-efficient homes to our customers, making them less costly
to run.
Progress
●
1,763 affordable homes* provided.
●
Donated c.£905,000 to 355 charities, sports clubs and community groups
across the country through local donations and our Community Champions Fund.
Aligning to our sustainability strategy
●
Our engagement in the wider community is very important to us and as
wellas providing local energy-efficient homes, local jobs and charitable
donations we engage with the broader community including local schools.
●
Through the planning process, we invest in local communities, providing
green space, education and community buildings and this amounted to
c.£115m in2024.
* Homes provided to our housing association partners and discounted open market
value homes.
Persimmon Plc Annual Report 2024 15
Financial statementsGovernance Other informationStrategic report

Links to key priorities
1
Build quality and safety
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
2
Reinforce trust: customers at the heart of our business
4
Industry-leading financial performance
Read more on pages 14 and 15
Key performance indicators
Financial
Definition
Revenue generated from the legal completion ofnew homes
to our private customers and housing association partners.
Why we measure it
Strength of housing revenue is an important measure of
the success of our strategy. Our range of house types and
emphasis on quality homes at a range of price points put
us in a strong position in our markets.
Definition
Anticipated revenue for future home sales to private
customers and contracts with housing associations that
have yet to legally complete.
Why we measure it
Forward sales give us an indication of the level of demand
we have for homes going into future periods. This allows
us to ensure we are controlling work in progress to meet
demand andmaintain strong financial discipline.
Definition
Based on operating profit before net exceptional charge
and goodwill impairment (underlying operating profit)
and new housingrevenue.
Why we measure it
We have a strong track record of delivering industry-leading
returns and we monitor our performance to ensure
continued discipline inour approach.
Definition
Stated before net exceptional charge and
goodwillimpairment.
Why we measure it
Our disciplined land replacement processes, cost
management and efficiency programmes aim to generate
superior returns which provide a platform for further
investment in the Group’s resources to support our
futuregrowth.
Links to key priorities
2 3 4
New housing revenue
£2,863m
+13%
2023
2024
2022
2021
2020
2,538
2,863
3,696
3,450
3,130
Read more on page 20 Read more on page 13 Read more on page 20 Read more on page 20
Links to key priorities
2 3 4
Forward sales
at 31 December
£1,146m
+8%
2023
2024
2022
2021
2020
1,060
1,146
1,040
1,624
1,689
Underlying new housing
operatingmargin
1
14.1%
+10bps
2023
2024
2022
2021
2020
14.0
14.1
27. 2
28.0
27. 6
Links to key priorities
2 3 4
Underlying profit
beforetax
2
£395m
+10%
2023
2024
2022
2021
2020
359
395
1,012
973
863
Links to key priorities
2 3 4
Persimmon Plc Annual Report 202416

Read more on page 22 Read more on page 22 Read more on page 21 Read more on page 21
Definition
Net cash flow before financing activities.
Why we measure it
We use this to measure balance sheet strength and
liquidity. Ensuring we have an appropriate capital
structure to support the business through the cycle is
keyto our success.
Definition
Cash and cash equivalents, bank overdrafts andinterest
bearing borrowings.
Why we measure it
Ensuring we have an appropriate capital structure to
support the business through the cycle is key to our success.
Definition
12-month rolling average calculated on underlying
operating profit and total capital employed. Capital
employed is the Group’s net assets less cash and cash
equivalents plus land creditors.
Why we measure it
Our focus on return on average capital employed allows
us to measure the efficiency ofour use of capital. We will
continue our disciplined approach to working capital
management to meet market demand.
Definition
Calculated as the total value of the Group’s assets minus
total liabilities divided by the number of shares in issue.
Why we measure it
Net asset value per share movement is an indicator of
thevalue that we are delivering for our shareholders.
Wehave a good track record of delivering strong returns
for our shareholders through the cycle.
Free cash generation
3
£40m
+£213m
2023
2022
2021
2020
(173)
373
40
767
749
Links to key priorities
2 3 4
Net cash
£259m
-£161m
2023
2024
2022
2021
2020
420
259
862
1,247
1,234
Links to key priorities
2 3 4
Return on average
capitalemployed
4
11.1%
+60bps
2023
2024
2022
2021
2020
10.5
11.1
30.4
35.8
29.4
Links to key priorities
3 4
Net assets per share
1,096p
+2%
2023
2024
2022
2021
2020
1,070
1,096
1,077
1,136
1,022
Links to key priorities
3 4 5
2024
Persimmon Plc Annual Report 2024 17
Financial statementsGovernance Other informationStrategic report

Key performance indicators continued
Non-financial
2023
2024
2022
2021
2020
89.6
93.5
86.6
87.9
84.7
2023
2024
2022
2021
2020
92.9
96.0
90.6
92.0
89.7
Links to key priorities
1 2 4 5
Links to key priorities
1 2 4 5
Links to key priorities
1 2 4 5
Number of work-related
incidents (RIDDORs)
2.2
-21%
2023
2024
2022
2021
2020
2.8
2.2
3.6
4.0
3.4
Links to key priorities
3 4 5
Land holdings
82,084
0%
2023
2024
2022
2021
2020
82,235
82,084
87,190
88,043
84,174
Definition
Based on the number of customers who would recommend
their builder to a friend in the National New Homes
Survey, run by the HBF.
Why we measure it
We put our customers at the heart of our business and
ensuring they are satisfied is key to the Group’s success.
We were delighted to be awarded HBF five-star builder
status again in 2024.
Definition
Based on how satisfied customers are with thequality of
their new home in the National New Homes Survey, run
by the HBF.
Why we measure it
Our ethos is to ‘build right, first time, every time’.
Monitoring our performance is key to building
consistently high-quality homes for our customers.
Definition
Reportable accidents, RIDDORs, reported per 1,000
workers in our housebuilding operations (including,
where relevant, those reported by our subcontractors).
Why we measure it
The safety of our employees, subcontractors and
customers is the number one priority for ourbusiness.
Definition
The number of plots we have either owned orunder
control to support our future homedelivery.
Why we measure it
The Group’s high-quality land holdings with
industry-leading margins are a key strength of the
business. By monitoring them we can track our future
pipeline of work.
Customer satisfaction score
96.0%
+310bps
Quality
93.5%
+390bps
Read more on pages 12, 15, 21 and 22 Read more on pages 12, 14 and 53 Read more on pages 12 and 14 Read more on pages 47 and 48
Links to key priorities
1
Build quality and safety
3
Disciplined growth: high-quality land investment
5
Supporting sustainable communities
2
Reinforce trust: customers at the heart of our business
4
Industry-leading financial performance
Read more on pages 14 and 15
Persimmon Plc Annual Report 202418

Links to key priorities
2 4 5
Absolute Scope 1 and 2
carbon emissions (tonnes
CO
2
e market based)
20,306
2023
2024
2022
2021
2020
21,973
20,306
25,017
26,447
27, 5 4 3
1. Based on new housing revenue (2024: £2,863.3m; 2023: £2,537.6m)
and underlying operating profit (2024: £405.2m; 2023: £354.5m)
(stated before net exceptional charge (2024: £34.4m; 2023: nil)
and goodwill impairment (2024: £1.6m; 2023:£7.6m).
2. Stated before net exceptional charge (2024: £34.4m; 2023: £nil)
and goodwill impairment (2024: £1.6m; 2023: £7.6m). Profit
before tax after net exceptional charge and goodwill impairment
is £359.1m (2023: £351.8m).
3. Free cash generation is defined as net cash flow before financing
activities and before £nil of employers’ National Insurance
contribution payments in respect of share-based payments
(2023:£nil, 2022: £nil, 2021: £nil, 2020: £0.7m, 2019: £13.9m).
4. 12-month rolling average calculated on underlying operating
profit and total capital employed (including land creditors).
Underlying operating profit is stated before net exceptional
charge (2024: £34.4m; 2023: £nil) and goodwill impairment
(2024: £1.6m; 2023: £7.6m).
Definition
The amount of carbon we emit from using energy in our
own activities including offices, manufacturing businesses,
construction sites and business travel. Energy sources
include diesel, petrol, LPG, kerosene, gas and electricity.
Why we measure it
We are committed to reducing our carbon emissions,
ensuring we meet our approved science-based targets,
and contribute to achieving the Government’s long-term
net zero carbon goal.
Read more on pages 32 and 39
Persimmon Plc Annual Report 2024 19
Financial statementsGovernance Other informationStrategic report

A strong performance in 2024
Financial review
The Group operates with a very strong
balance sheet and delivered an improved
financial performance and growth in the
volume of new homes, as a result of our
disciplined and strategic financial investment
into the business.
Andrew Duxbury
Chief Financial Officer
The Group generated total revenue¹ of £3.20bn
(2023: £2.77bn), with new housing revenue
13% higher than 2023 at £2.86bn (2023: £2.54bn).
In total, the Group delivered 10,664 new homes in 2024, 7% higher than in
the prior year (2023: 9,922), at a blended average selling price up 5% at
£268,499 (2023: £255,752).
Of these, 9,075 homes were delivered to private customers, an increase of
18% on last year (2023: 7,681) and representing 85% of total completions
(2023: 77%). This greater weighting towards private sales reflects a more
typical completion mix, after accelerating delivery of affordable homes in
2023 when private market conditions were weaker. The private average
selling price of £287,162 was marginally up on the prior year (2023: £285,774)
reflecting the strength of the market in some of our regions, offset by an increased
use of incentives and an increase in the number of plots sold to investors.
During the year, we completed the sale of 1,456 homes to investors, up from
the 780 delivered last year, as we continue to strengthen our strategic
relationships in this increasingly important part of the market.
The Group delivered a further 1,589 new homes to housing associations
(2023: 2,241) at an average selling price of £161,916, 6% higher than the
prior year (2023: £152,852). We are aware of the financial challenges
facing many registered providers, and the impact on their ability to bid for
s106 housing plots, and so are pleased that we have nearly all of our
expected s106 housing delivery for 2025 already secured.
The Group’s performance continues to be supported by our high-quality land
portfolio, with land cost recoveries² of 11.9% of new housing revenue for the
year (2023: 11.7%). The small increase in the year reflects the mix of completions
and has resulted in a small decrease in the Group’s underlying gross margin³
to 20.3% from 20.5% last year. As a percentage of new housing revenue,
build and other direct costs were flat year on year.
The Group’s underlying gross profit
4
for the year increased by 12% to
£582.4m (2023: £520.1m). The Group’s reported gross profit for the year
is£580.4m (2023: £520.1m) after exceptional items, as described below.
The Group has maintained its focus on cost control and has been able to
increase its operating margin in the year. Underlying operating profit
5
for the
Group increased 14% to £405.2m (2023: £354.5m), generating an underlying
operating margin
6
of 14.1% (2023: 14.0%). On a reported basis operating
profit increased 6% to £369.2m (2023: £346.9m) including the
netexceptional charge described below.
The Group has reported a net exceptional charge of £34.4m (2023: £nil).
This includes a net exceptional charge within gross profit of £2.0m (2023:£nil)
in relation to the anticipated costs of the Group’s commitments tothe costs of
removal of combustible claddings and other fire related remediation works
(see below). The Group also recognised an exceptional charge of £25.0m in
relation to the impairment of its investment and long-term loan notes in TopHat
Enterprises Limited, which writes down the value of the investment andlong-
term notes to £nil, as well as a charge of £7.4m relating to costs incurred on
professional fees associated with one-off projects, including for prospective
M&A opportunities and the ongoing CMA investigation. These have been
classified as exceptional given they are non-recurring in nature. Further detail
is provided in note 4 to the financial information.
Net finance cost for the year was £10.1m (2023: £4.9m net finance income)
being a result of lower average cash balances, increased utilisation of our
£700m Revolving Credit Facility (‘RCF’), £3.8m of imputed interest payable
on land creditors (2023: £6.0m) and £7.4m of imputed interest payable on
the legacy buildings provision (2023: £4.3m).
The Group generated an underlying profit before tax
5
of £395.1m (2023:
£359.4m), and a reported profit before tax of £359.1m (2023: £351.8m).
Persimmon Plc Annual Report 202420

The Group has an overall tax charge of £92.0m for the year (2023: £96.4m)
and an effective tax rate of 25.6% (2023: 27.4%), lower than the standard
rate of 29.0% (including both corporation tax and the Residential Property
Developers Tax) (2023: 27.5%). The lower rate was driven by deductions
arising from the finalisation of prior year tax returns, including one-off items
inrespect of the treatment of building safety remediation provisions, and we
anticipate the rate reverting towards the standard rate in the future.
Underlying basic earnings per share
5
for the year was 92.1p, 12% higher
than the prior year (2023: 82.4p). Reported basic earnings per share was
5%higher than last year at 83.6p (2023: 80.0p).
Underlying return on average capital employed (‘ROCE’) including land
creditors was 11.1%
7
, higher than the prior year (2023: 10.5%) reflecting the
increase in underlying operating profit
5
in the year. ROCE excluding land
creditors was 12.2%
7
compared with 11.8% at 31 December 2023. On a
statutory basis, ROACE including land creditors was 10.1%
7
(2023: 10.2%).
Building safety
The Group has committed to make progress on its building safety remediation
programme, as well as investing in future building quality. Our work has been
recognised by our membership of the Building Safer Future Charter.
Across our legacy building programme, we continue our proactive approach of
working with management companies, factors (in Scotland) and their agents to
carry out necessary remediation as soon as possible. The table below sets out
our detailed position at 31 December 2024, compared to 31 December 2023.
Of the total of 83 developments in our programme, 40 (48%) have already
hadany necessary works completed. Of the remaining 43 developments,
21currently have work on site and 22 are at varying stages of pre-tender,
livetender, progressing to contract or agreed contract and works starting very
soon. As we actively progress the programme the number of developments at
orbefore the tender stage has reduced by 37% to 10; and the number of
developments on site or completed has increased 9% to 61.
Identified developments
As of
31 Dec 2024
As of
31 Dec 2023
Recently made aware and under investigation 1 2
Pre-tender preparation on-going 9 8
Live tender process — 6
Sub-total: progressing through tender 10 16
Progressing to contract 8 7
Contracted but works yet to start 4 3
Sub-total: pre-works starting 22 26
Currently on site 21 17
Sub-total: to complete 43 43
Completed developments 40 39
Total identified developments 83 82
Cash expenditure in the year £58m £46m
31 December provision £235m £283m
During the year, the provision has been increased by £25.0m, following a review
of the projected costs to complete rectification work, partly offset by the
recoverabilit y of VAT applicable to certain costs resulting in a net £2.0m
increase in the provision. Duetothe non-recurring nature of these changes,
they have been disclosed as exceptional items to support the understanding
of financial performance and improve the comparability between reporting
periods.
We spent £58.1m on the programme in the year, with total aggregate
expenditure now over £120m, whilst a further £7.4m of imputed interest was
charged to the income statement through finance costs. The remaining
provision at 31 December 2024 was £235.3m and the next 24 months are
projected to be the peak period of cash expenditure on this programme.
Given our own proactive approach, and the sustained significant publicity
around cladding and building safety, we do not anticipate substantial new
building additions into the programme.
Competition and Markets Authority (‘CMA’)
On 26 February 2024, the CMA launched an investigation under Chapter I of
the Competition Act 1998 into suspected breaches of competition law by eight
housebuilders, including Persimmon, relating to concerns that it may have
exchanged competitively sensitive information. On 10 January 2025, the CMA
extended the timeline for the initial investigation by five months to May 2025.
The Group continues to cooperate with the CMA in relation to its ongoing
market investigation into alleged anti-competitive conduct by housebuilders.
Balance sheet
Total equity increased by £0.09bn to £3.51bn at 31 December 2024
(2023:£3.42bn). This is after returning £191.8m of capital to shareholders
through a final dividend of 40p per share in respect of the 2023 financial
year and an interim dividend of 20p per share for the 2024 financial year.
Retained earnings increased to £2.94bn (2023: £2.85bn). Reported net
assets per share of 1,096p represents a 2% increase from 1,070p at
31December 2023.
Land holdings
A core strength of the business remains its disciplined approach to land
replacement. Over the last three years we have maintained our selective
landpurchase strategy, positioning us well for the future as we look to grow
our outlet position. At 31 December 2024, we had 270 outlets, 5% higher
than 31 December 2023, and remain on track to increase outlets in 2025 as
we position the business for further growth.
At 31 December 2024, the carrying value of the Group’s land assets increased
by 8% to £2,266m (2023: £2,104m), reflecting continued investment in the
Group’s future and our ongoing focus on converting owned land with outline
planning permissions to implementable consents. The Group’s land cost
recoveries for the year of 11.9%² of new housing revenue is 20bps higher
thanthe prior year, reflecting the mix of completions in the year, and remains
an excellent position.
During the year, the Group brought 13,404 plots into its owned and under
control land holdings across 58 locations throughout the country, of which
7,591 (57%) were converted from our strategic land portfolio.
Persimmon Plc Annual Report 2024 21
Financial statementsGovernance Other informationStrategic report

Cash generation and liquidity
During the year, we continued our targeted investment into the business
toenhance quality, efficiency and returns as we build a more sustainable
business. Our long-standing financial discipline will continue to maintain
ourrobust balance sheet.
At 31 December 2024, the Group had a cash balance of £258.6m
(2023:£420.1m) with land creditors of £423.2m (2023: £372.0m),
ofwhichc.£240m are expected to be settled during 2025.
The Group generated £419.6m of cash from operating activities in the year
(2023: £360.1m), before investing £232.7m in working capital (being
principally £113.4m in net land and a £57.3m utilisation of the legacy
buildings provision) and returning £191.8m of capital to shareholders
throughdividend payments (2023: £255.4m).
The Group’s shared equity loans have generated £4.6m of cash in the year
(2023: £5.7m). The carrying value of these outstanding shared equity loans,
reported as ‘shared equity loan receivables’, is £29.0m at 31 December
2024 (2023: £32.1m).
During the year the Group’s banking facility was extended by 12 months to
July 2029, with the possibility of a further extension to 2030. The RCF is a
‘sustainability linked’ facility within the banks’ finance frameworks, with ESG
targets across the facility’s term. The targets are consistent with the Group’s
science-based operational carbon reduction targets, our commitment to
deliver net zero homes in use by 2030 and our long-standing ambition to
deliver excellent development opportunities for our colleagues.
The Group’s defined benefit pension asset has increased to £130.7m at
31December 2024 (2023: £127.1m), the increase reflecting an increase in
the discount rate assumptions applied to the scheme obligations offset in part
by the underperformance of asset returns from that expected at the start of
theyear.
Capital allocation
The Group’s Capital Allocation Policy is to invest in future growth through
disciplined expansion of our land portfolio while maintaining a strong
balance sheet and delivering sustainable returns to shareholders.
For 2024, the Board proposes a final dividend of 40p per share to be paid
on 11 July 2025 to shareholders on the register on 20 June 2025, following
shareholder approval at the AGM. This dividend is in addition to the interim
dividend of 20p per share paid on 8 November 2024 to shareholders on the
register on 18 October 2024 to give a total dividend of 60p per share in
respect of the financial year 2024 (2023: 60p).
Balance sheet continued
Land holdings continued
At the end of the year, the Group had owned and under control land holdings
of 82,084 (2023: 82,235) representing 7.7 years of forward supply at 2024
volumes. Owned plots totalled 69,189 (2023: 66,742) of which 40,430 have
a detailed implementable planning consent, a 5% year on year increase,
providing excellent visibility. The Group’s owned land holdings represent 6.5
years of forward supply at 2024 volumes, with an overall pro-forma site
gross margin
8
of c.29% (2023: c.29%) and a land cost to revenue ratio of
11.9 %
9
(2023: 11.5%) which provides good confidence for future margin
progression.
In addition to its owned plots, the Group controls 12,895 plots (2023: 15,493)
through exchanged contracts. These contracts to acquire the site will be
completed once all outstanding unfulfilled planning conditions have been
satisfied. Cash invested in these under control plots is limited to deposits paid
on the exchange of contracts and fees associated with progressing the sites
through the planning system. During the year, the Group secured detailed or
reserved matters planning for 13,064 plots (2023: 10,809).
The Group incurred net land spend of £437.0m during 2024 (2023: £397.8m),
including £210.6m of payments in satisfaction of deferred land commitments
(2023: £253.0m).
In 2024, the Group acquired interests in a further c.6,900 potential plots of
strategic land opportunities resulting in a total of c.70,000 plots at 31
December 2024 (2023: c.79,500 plots). This will provide a long-term supply
of forward plots for future development by the Group.
Work in progress
At 31 December 2024, the Group had work in progress of 3,684 equivalent
units of new homes under construction, 12% lower than the position we
entered the year in (2023: 4,170). This decrease reflects the strong volume
ofcompletions in 2024, ahead of expectations, alongside good control of
working capital. On average, overall weekly build rates tracked 2% higher
inthe year, with an average of 201 equivalent units of build per week,
compared to 198 per week in 2023.
Our work in progress investment at 31 December 2024 of £1.43bn was
inline with the prior year (2023: £1.43bn).
As at 31 December 2024, we owned 739 part exchange properties
(2023:591 properties) at a value of £154.4m (2023: £114.6m). Part
exchange continues to be a key sales incentive for our customers, and we
areprogressing sales of part exchange properties promptly at around
expected values.
Financial review continued
1. The Group’s total revenues include the fair value of consideration received or receivable
on the sale of part exchange properties and income from the provision of broadband
internet services. New housing revenues are the revenues generated on the sale of newly
built residential properties only.
2. Land cost value for the plot divided by the revenue of the new home sold.
3. Stated before a net exceptional charge of £2.0m (2023: £nil), andbased on new housing
revenue (2024: £2.86bn; 2023: £2.54bn).
4. Stated before a net exceptional charge of £2.0m (2023: £nil).
5. Stated before a net exceptional charge of £34.4m (2023: £nil), andgoodwill impairment
(2024: £1.6m; 2023: £7.6m).
6. Stated before a net exceptional charge of £34.4m (2023: £nil), andgoodwill impairment
(2024: £1.6m; 2023: £7.6m) and based on new housing revenue (2024: £2.86bn; 2023:
£2.54bn).
7. 12-month rolling average calculated on underlying operating profit and total capital
employed. Underlying operating profit is stated before net exceptional charge of £34.4m
(2023: £nil), and goodwill impairment (2024: £1.6m; 2023: £7.6m). Capital employed
being the Group’s net assets less cash and cash equivalents plus land creditors. ROCE
excluding land creditors is calculated on capital employed being the Group’s net assets
less cash and cash equivalents excluding land creditors. Statutory ROCE including land
creditors is calculated on reported operating profit and capital employed with capital
employed being the Group’s net assets less cash and cash equivalents plus land creditors.
8. Estimated weighted average site gross margin based on assumed revenues and costs at
31December 2024 and normalised output levels.
9. Land cost value for the plot divided by the anticipated future revenue of the new home sold.
As we deliver on our medium-term growth ambitions, coupled with further
progress on our fire safety remediation programme, we anticipate increasing
our returns to shareholders.
2025 outlook
Although we are mindful of the potential impact from ongoing
macroeconomic and geopolitical uncertainties, the underlying market
fundamentals remain strong. Our current private forward sales position stands
at £1.15bn, a 27% increase year on year (2024: £0.90bn). With this
progress in our forward order book and an expected rise in the delivery of
affordable homes, we are targeting 11,000-11,500 completions for 2025.
Benefiting from our improved operational capabilities and disciplined investment
in our land holdings, we aim to achieve further growth in profit and returns, as
well as an improved underlying operating margin to between 14.2% and
14.5% for 2025.
The next two years are expected to see peak expenditure on our building
safety remediation programme, with approximately £100m anticipated to be
spent in 2025. The net cash position at the end of 2025 is currently forecast to
be between £nil and £200m.
Andrew Duxbury
Chief Financial Officer
10 March 2025
Persimmon Plc Annual Report 202422

Our people
Supporting our workforce
As we continue to foster a culture of
prideand happiness among our talented
employees, it is essential to support their
growth and development through
comprehensive training programmes
thatenhance their skills and prepare
themforfuture leadership roles.
At Persimmon Homes, our people are the
cornerstone of our success. Their dedication,
talent, and hard work drive our commitment to
delivering high-quality homes and exceptional
customer service.
Our HR strategy is centred on attracting, retaining and developing top talent
through comprehensive training programmes, robust succession planning,
and a commitment to diversity and inclusion, ensuring that we continue to
build a strong and dynamic workforce.
EMPLOYEE
LIFECYCLE
1: Attraction and
recruitment
7: Exit
2: Onboarding6: Culture and
retention
3: Learning and
development
5: Progression and
performance
4: Reward and
recognition
Culture and talent
Our unique business culture fosters pride and happiness among our talented
employees. This culture, combined with our people, is a key driver of our
industry-leading margins. We are well positioned to address industry-wide
skills shortages and continue to attract and retain top talent. Recently, we
welcomed Andrew Duxbury as our new CFO and Iain McPherson as our new
UK Managing Director, both bringing extensive expertise in housebuilding.
At Persimmon Homes, our commitment to attracting top talent and ensuring
robust succession planning has yielded remarkable results. We have successfully
attracted and promoted exceptional individuals such as Adele Jacques, who
is now leading our Land Strategy team. Our award-winning trainees, including
Thomas Tunnicliffe and Sam Veasey, have demonstrated outstanding skills
and dedication, earning recognition at both local and national levels. These
achievements highlight our ability to nurture and develop talent, ensuring a
strong pipeline of future leaders and contributing to our continued success.
Training and development
Continuing our improvement
The introduction of new technologies and processes to enhance the performance
of both our front-line colleagues and support staff has prompted a shift in
priorities for the Group Training department. We continue to improve and
refine our training offerings to support business growth and boost employee
performance. The adoption of a new e-learning authoring tool, AI-driven
video creation and upskilling of our team have accelerated the evolution of
our digital content and training resources.
A key focus remains on build quality and enhancing the customer experience.
The introduction of the Single Sale Principle has strengthened our sales teams
and improved our sales training programmes. New programmes for contract
managers have been launched to facilitate the onboarding of new managers
and support the internal development of future leaders in this role.
Additionally, enhanced customer care programmes, developed in collaboration
with the Institute of Customer Care, have led to our internal team being
accredited to deliver the ICS First Impressions qualification. A new
customer-centric training programme is being rolled out across all
management levels and departments, further driving our commitment
toacustomer-first culture.
In 2024, our training initiatives also focused on staff wellbeing, introducing
programmes on mental health for managers, understanding neurodiversity
and menopause in the workplace. Our in-house accredited trainers have
played a key role in this effort, leading to the establishment of 274 Mental
Health First Aiders across the business, training over 100 managers in mental
health awareness, and providing menopause awareness training to approximatel y
200 staff members.
c.270
Mental Health FirstAiders
Persimmon Plc Annual Report 2024 23
Financial statementsGovernance Other informationStrategic report

Training and development continued
Training delivery
The ongoing growth of our in-house training team has been demonstrated
through increased flexibility and enhanced support across the business in
adopting new processes, systems and compliance requirements. Our Training
department continues to play a crucial role in supporting the rollout of key
improvement programmes, delivering bespoke, timely and flexible interventions.
This in-house capability allows us to schedule training conveniently for
colleagues and respond swiftly to market changes or new industry standards.
Our expert team ensures that accredited generic programmes are tailored to
the specific needs of our business and the homebuilding industry, integrating
them into our wider training initiatives. This approach helps embed essential
practices into everyday operations.
Feedback from attendees consistently shows high satisfaction with our training,
with 99% recommending it to colleagues and 97% finding it an effective use
of their time. The introduction of a structured academy approach, supported
by partnerships with external organisations and industry-recognised bodies,
will further elevate the professionalism and skills of our teams.
The digitisation of our training offerings will enhance the learning experience,
providing employees with greater access to high-quality e-learning at their
convenience, giving them more control over their development.
In 2024, Persimmon staff attended approximately 15,350 training and
development days (2023: 14,600). Around a third of these sessions were
delivered remotely. We also had 587 apprentices and trainees on programmes
(2023: 720), with 412 participating in formal apprenticeships (2023: 430)
representing an additional c.16,000 training days dedicated to
structuredqualifications.
Persimmon’s
apprenticeship programme
Persimmon has a proud history of training site
operatives through its apprenticeship programme,
continuing to recruit 91 apprentices this year despite
challenging market conditions. Apprenticeships
are central to our workforce development strategy,
ensuring a pipeline of skilled talent for the future.
Over the past five years, our programme has
grown significantly, with more than 500 apprentices
completing their training since 2019. Our
completion rate stands at an impressive 80%, far
exceeding the industry average of 52.4%.
The quality of our apprenticeships is reflected in
the success of our participants, many of whom
have won prestigious awards. Persimmon apprentices
have been recognised at national competitions
and Skill Build events, and as local college
Apprentices of the Year.
One standout apprentice is Chantelle Muir, a
bricklayer who joined us in 2022 through the
Target 50 campaign. Chantelle has achieved
multiple accolades, including Pam Gosal MBE
MSP’s Regional Apprentice of the Year and
Ayrshire College’s John Mather Award. She also
represented Ayrshire College at the regional Skill
Build competition, securing second place.
This year, Chantelle was a finalist in our Excellence
Always Award for Trade Apprentice of the Year,
underscoring her exceptional progress and dedication.
Persimmon Brickwork Apprentice
Chantelle Muir withPam Gosal MBE MSP.
Our people continued
99%
of staff would recommend our
training to colleagues
It is fair to say Chantelle has
a very bright future ahead of
her and we believe she will
develop into greater things
within Persimmon inthe
years to come.
William Smith
Apprentice Manager – Scotland
Persimmon Plc Annual Report 202424

Award-winning training
Talent development and succession planning
In 2024, Persimmon Plc made significant strides in enhancing diversity and
inclusion, focusing on increasing the representation of female employees and
those from ethnic minority backgrounds.
Our Leadership Development Programme continues to progress well,
withhigh-calibre participants from across the Group.
The Advanced Management Programme (‘AMP’) targets high-performing
individuals in junior and middle management roles. With 14 cohorts delivered
or underway, the AMP is making a significant impact across the Group,
helping to develop and retain high-potential talent.
Future talent graduates and apprenticeships
Our commitment to future talent is evident in our Graduate Scheme and
apprenticeship programmes. The fourth cohort of graduates joined us in
September. In 2024 we supported 412 apprentices, with a strong emphasis
on diversity and inclusion, the quality of training and pastoral care.
In summary, Persimmon Plc’s Talent Strategy in 2024 has been instrumental
indeveloping our leaders, supporting succession planning, and fostering a
diverse and inclusive workforce. We remain committed to investing in our
people to drive the Company’s growth and success.
Diversity and inclusion
In 2024, Persimmon Plc made significant strides in enhancing diversity and
inclusion (‘D&I’) within the Company. Our efforts focused on increasing the
representation of female employees and those from ethnic minority backgrounds.
Creating an inclusive environment where diversity is embraced is a priority for
us. The gender split improved from 24% female employees in 2021 to 30% in
2024. We have established network groups for female and LGBTQ+ employee s
plus a discussion group for ethnic minority colleagues. Our externally assessed
D&I audit result showed progress, moving from Bronze to Silver. We have
also created a D&I dashboard to track progress and increased D&I employee
data from 17% to55% of employees.
Gender diversity: Female representation among our 4,731 employees
rose to 30%, with notable progress in senior roles. Currently, 35% of senior
positions are held by women, including key promotions such as Claire Burton
as Managing Director and Adele Jacques as Group Strategic Land Director.
We have implemented various initiatives to support female talent, including
leadership programmes, individual coaching and targeted recruitment.
Ethnic diversity: We have improved our data collection on employee
ethnicity, now covering 64.5% of our workforce. Of these, 3.1% are from
ethnic minority backgrounds. Our action plan includes targeted recruitment,
extensive training and setting ambitious targets to increase ethnic minority
representation in senior roles.
Future goals: By 2030, we aspire to foster a more diverse and inclusive
workforce, with a particular focus on increasing diversity representation
among our employees and leadership.
After receiving the 2023 Princess Royal Training Award for our Sales
Excellence Programme, emphasising quality and service in the customer
journey, we are proud to receive this honour again for a second consecutive
year. This year’s award recognises our Personal and Management Development
Programmes, which help Persimmon staff advance into management roles
with the highest professional standards.
The Personal Development Programme helps managers understand their
strengths and management styles, forming the foundation of our management
pathway. Building on this, the Management Development Programme equips
them to effectively lead teams. To date, over 500 colleagues across all
operations have benefited, with 80 promoted after completion.
Sponsored by City & Guilds, the Princess Royal Training Award honours
organisations committed to exceptional learning and development. The judging
panel praised our focus on emotional intelligence in management training
and its positive impact on our people culture, noting lower attrition rates among
programme participants compared to our general management population.
Persimmon Plc Annual Report 2024 25
Financial statementsGovernance Other informationStrategic report

81%
6 vs. benchmark
0 vs. 2023
2 vs. 2022
81%
10 vs. benchmark
0 vs. 2023
1 vs. 2022
Our people continued
Employee engagement and wellbeing
We provide an exceptional employee experience. In 2024, our engagement
score was 81%, surpassing the external benchmark by six points. Colleagues
are committed to our purpose and strategy with 80% believing in our mission,
vision and values. Employee perception of the quality of our homes continues to
grow each year. Our wellbeing scores have strengthened since 2022, and
we have made significant progress in fostering a speak-up culture, with 73%
of employees feeling they can voice concerns without fear of repercussion.
‘Your Say’ Employee Engagement Survey
The overall colleague engagement remains stable at 81%, with notable
improvements in IT systems and equipment. Colleagues have observed
significant enhancements in the quality of homes produced by Persimmon
(74%), and there is a general sense of pride (73%) and commitment among
the workforce (90%). Customer service metrics also show continuing improvement
year on year, with colleagues feeling that Persimmon provides better quality
service to customers both before and after the handover of their homes.
Our overall engagement score
Persimmon has a clear strategy for the future
I am committed to
Persimmon and what
itis trying to achieve
10 vs. benchmark
0 vs. 2023
2 vs. 2022
I have a clear
understanding of
Persimmon’s Mission,
Vision and Values
N/A vs. benchmark
2 vs. 2023
New vs. 2022
I believe in Persimmon’s
Mission, Vision and Values
N/A vs. benchmark
1 vs. 2023
New vs. 2022
I am motivated to
domybest at work
16 vs. benchmark
1 vs. 2023
3 vs. 2022
Key:
Positive Neutral Negative
90%
86% 80%
86%
Persimmon Plc Annual Report 202426

Customer service
At Persimmon, we
always aim to provide
good customer service
8 vs. benchmark
1 vs. 2023
2 vs. 2022
Persimmon provides good
service to customers before
the handover of their home
N/A vs. benchmark
7 vs. 2023
6 vs. 2022
When making decisions,
people around me always
take into account what’s
best for their customer
6 vs. benchmark
4 vs. 2023
8 vs. 2022
Persimmon provides good
service to customers after
the handover of their home
N/A vs. benchmark
6 vs. 2023
6 vs. 2022
84%
76%
70%
73%
Recognition and rewards
We have revamped our remuneration structure, driving significant progress in
build, service and quality. During 2024 we introduced a new sales recognition
scheme and an additional sales incentive bonus to support target achievement.
Our pension Salary Sacrifice for monthly employees has a 90% take-up.
Additionally, we implemented a voucher platform for sales recognition and
tosupport long-term Group recognition and long-service plans.
Future plans
Looking ahead, we are committed to attracting, retaining and developing top
talent. We will provide tailored support and development for senior leaders,
ensuring robust succession for all key roles and preparing functional directors
for the transition to broader and more complex MD roles. We are excited
about broadening our Academy offering for MDs and new entrants, as well
as commercial, planning and technical teams. Our continued investment in
our people includes modernising our onboarding, learning, performance,
talent management tools, and core HR and payroll systems.
Persimmon Plc Annual Report 2024 27
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Sustainability
We have continued to focus on
three key sustainability pillars to
drive our strategic performance
and focus throughout 2024.
Aligned with the Group’s five key
priorities, our pillars ensure that
sustainability is a core part of the
Group’s operations.
Sustainability pillars
Building for
tomorrow
We will reduce our
environmental impacts and
achieve net zero carbon
reductions aligned to
science‑based targets in
boththe near and long term.
●
By minimising our environmental impact, we can also
benefit from increased efficiencies throughout our
supply chain and operations. We focus on not only
operational environmental impact but also the
benefit that improved sustainability can bring to our
customers through their homes and communities.
Key priorities
●
We are committed to reducing our carbon
emissions and have approved near-term
science-based targets for our operations and
indirect emissions (i.e. our homes in use and our
supply chain).
●
We aim to be net zero carbon for our homes in
useby 2030, and in our operations by 2040 (see
pages 30 to 38), and have established a
decarbonisation pathway to achieve our targets.
●
We are progressing with the approval of long-term
carbon targets with the SBTi to be net zero by
2045.
●
We aim to have 50% of our homes built using
timber frames from our off-site manufacturing
facilities in the medium term.
Transforming
communities
We will positively transform
communities directly connected
to Persimmon’s activities.
●
Creating sustainable places for our customers
isatthe heart of what we do. Our Placemaking
Framework guides all our developments and
ensures we create lasting sustainable communities
with great design, the right house types and valued
green open spaces.
●
We make a positive local impact when building
new homes, meeting stakeholder expectations and
engaging with residents.
Key priorities
●
We are committed to maintaining an HBF five-star
rating for our customer satisfaction.
●
We are committed to delivering high-quality
homes. Our NHBC Reportable Items reduced to
0.26 for the year ended 31 December 2024.
●
We are committed to delivering at least a 10%
Biodiversity Net Gain on all new developments.
●
We have signed up to the Future Homes Hub
Homes for Nature commitment, to support the
protection of endangered species and provide
homes for wildlife.
●
We have specific and measurable commitments on
every site to leave a positive and lasting legacy for
the communities in which we operate.
Safety and
inclusion
We have a safe and inclusive
culture focused on the
wellbeing of our customers,
communities and workforce.
●
Recruiting and retaining the right people means we
deliver our five key priorities and provide excellent
customer service.
●
It is a priority that our processes meet stringent
standards to ensure safety and wellbeing. In 2024,
we have implemented our Target Zero initiative, a
bespoke safety excellence commitment.
Key priorities
●
We will report our Annual Incidence Injury Rate
and will aim to improve it year on year.
●
We will use our Target Zero initiative to work
towards zero incidents.
●
We will continue to increase diversity across our
business and create an inclusive workplace.
●
The Group will maintain being a Living Wage
Foundation-accredited employer.
●
We will continue to apply ethical standards
andexpect our supply chain to comply with
similarstandards.
Read more on pages 30 to 40 Read more on pages 41 to 45 Read more on pages 46 to 50
Persimmon Plc Annual Report 202428

Sustainability highlights
1. Estimated using an economic tool kit.
2. Homes provided to our housing association partners and discounted open market value homes.
Community Champion
donations
c.£699k
2023: c.£627k
Tonnes of greenhouse gas
emissions per home sold
1.90
2023: 2.21
Trees planted on our
developments
c.146,068
2023: c.145,840
Average SAP rating of
ourhomes
86
2023: 84
Operational waste
recycled
98%
2023: 98%
Investment in local
communities over the
lastfiveyears
£2.2bn
2023: £2.3bn
Public open spaces and gardens
provided for families
484 acres
1
2023: 452 acres
Affordable
homes
1,763
2
2023: 2,402
Low-carbon heating solutions
installed instead of gas boilers
671
2023: 185
HBF customer satisfaction score
Persimmon Plc Annual Report 2024 29
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Building for
tomorrow
In this pillar:
1
Progressing towards net
zero
2
Greenhouse gas reporting
3
Creating a responsible
supply chain
The average standard assessment procedure
(‘SAP’) rating of our new homes
86
equating to an EPC ‘B’ rating
Average dwelling emission rate of our homes
(kgCO
2
e/m
2
/yr)*
14.73
Fuels 12,378
Business travel 3,942
Gas 3,897
Scope 1
(tonnes CO
2
e)
Sites inc. plots 1,541
Manufacturing and FibreNest 510
Offices and business travel 937
Scope 2
(tonnes CO
2
e
location based)
Purchased goods and services 883,938
Use of sold products 767,884
Employee commuting 8,527
Scope 3
(tonnes CO
2
e)
1
Progressing towards
netzero
Reducing carbon emissions to help limit global
warming is a key business priority. We have
developed a decarbonisation pathway to
deliver carbon reductions over the near and
long term, alignedto ensuring that global
warming remains below 1.5
o
C.
During 2024 we developed long-term net zero carbon reduction targets
inaccordance with the Science Based Targets initiative’s (SBTi) Corporate
Net-Zero Standard. These are being progressed with the SBTi for approval.
We have set ambitious carbon reduction targets for our operations (Scope 1
and 2) and from our indirect activities (Scope 3). Our proposed long-term
targets have an end date of 2045 and require areduction in absolute carbon
emissions of circa 90%.
These are challenging targets requiring product innovation, supply chain
engagement and changes to current operational processes.
We continue to evolve our understanding of the carbon emissions from
oursupply chain and report our Scope 3 emissions (see table on page 39).
Asahomebuilder, these Scope 3 emissions make up the majority (c.99%)
oftheemissions that we generate. See our carbon reporting methodology
formore information.
Our carbon reduction targets
Near‑term targets (2030)
●
To reduce carbon emissions from our operations by 46.2% by 2030
(2019baseline).
●
To reduce carbon emissions from our indirect operations (i.e. those from
our homes in use and our supply chain, known as Scope 3) by at least
22% per m
2
completed floor area by 2030 (2019 baseline).
Long‑term targets (2045)
●
We are committed to setting long-term science-based targets with the
SBTi. To achieve net zero by 2045, we need to reduce our absolute
carbon emissions across the supply chain by circa 90%, with the
remaining 10% offset or neutralised through a suitable mechanism.
Sustainability continued
* The average dwelling emission rate has been externally
assuredtoa limited level of assurance by Ernst & Young LLP
(seewww.persimmonhomes.com/corporate/sustainability).
Persimmon Plc Annual Report 202430

Our decarbonisation pathway
We have developed our decarbonisation pathway with the support of the
Carbon Trust to help us achieve net zero carbon across our value chain by 2045.
We already have near-term science-based carbon reduction targets in place,
which have been approved by the SBTi. Our long-term net zero carbon targets
are being progressed with the SBTi. To achieve net zero by 2045, a reduction
in absolute carbon emissions of circa 90% for Scope 1, 2 and 3 is required,
with the remaining 10% to be offset or neutralised through a suitable mechanism.
We have identified key decarbonisation levers which are shown on our
decarbonisation pathway graphic, and these provide the most material
reductions with current known technologies and are in line with other key
sector decarbonisation pathways.
The main areas of reduction opportunity are:
1
Reducing our Scope 1 and 2 emissions – These account for a small
percentage of our total emissions, but they are under our direct control
and so this is a key area of focus.
2
Reducing in‑use emissions from completed homes – We are committed
to producing zero carbon-ready homes by 2030. The decarbonisation of
the grid by 2035 is a key enabler to reducing carbon emissions.
3
Reducing the embodied carbon of materials – this is a complex area
across multiple supply chains, and we are engaging with our supply
chains. Our vertical integration strategy with the use of our own timber
frames, concrete bricks and tiles is a key contributor to reducing our
carbon emissions.
Long-term carbon reductions require significant assumptions on the achievement
of decarbonisation of key carbon-intensive sectors such as cement, asphalt
steel and bricks, on which the construction sector is dependent. These sectors
have mostly made commitments to NZC targets and are investing in innovation
and technology. We will review and update our decarbonisation pathway
regularly as new information becomes available and key sectors evolve their
transition plans.
We have a strong relationship with our supply chain and, collectively, the
sector is developing common tools and methodologies to ensure comparability
in carbon data, including EPDs and LCAs, and to support decision-making.
We are an active member of the Future Homes Hub and are a member of the
Embodied Carbon/Whole Life Carbon Working Group.
The following tables on pages 32 to 34 summarise our decarbonisation
pathway actions as we transition towards net zero carbon emissions.
Emissions from electricity use
Reduce as the grid decarbonises.
Emissions from natural gas use
Phases out of natural gas, in line with the Future Homes Standard.
Scope 1 and 2 emissions from onsite operations
Decarbonisation strategies such as fuel switching, compound
energysavings.
Scope 3 emissions from bricks
Use of low carbon cements and alternatives in brick manufacture.
Scope 3 emissions from asphalt
Use of low-carbon alternative materials and methods.
Scope 3 emissions from MMC and Steel
Increased use of MMC, and in low-carbon steel use.
Scope 3 emissions from concrete
Increased use of low carbon cements and alternative materials.
Remaining emissions In the next 10-20 years, new decarbonisation
levers will become available to further reduce emissions. Persimmon will
also explore offsetting emissions through a suitable mechanism.
2035 2040 2045
2030 near-term SBTi targets:
●
46% reduction in Scope 1 and 2
absolute emissions.
●
Scope 3 intensity reduction of
22% bym
2
completed floor area.
2045 proposed long-term SBTi target:
●
circa 90% absolute reduction in Scope 1,
2 and 3 carbon emissions.
100%
50%
0%
CO
2
e absolute emission as a % of the 2029 baseline
2022 2025 2030
Persimmon Plc Annual Report 2024 31
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Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Our decarbonisation pathway continued
Reducing our operational carbon emissions (Scope 1 and 2 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
29% reduction in absolute carbon emissions
(from2019 baseline)
46% reduction in absolute carbon emissions
(froma2019 baseline)
Achieve net zero absolute carbon emissions by 2045
(expected to be circa 90% reduction)
Our priority actions
(already underway and planned)
100% REGO-backed electricity
100% REGO-backed electricity (already in place)
100% eco site cabins with diesel-free hybrid generators
Efficiency first strategy – reduction in diesel use Up to 90% switch to hybrid generators
Construction plant all-electric or hydrogen
Introduce hybrid generators onto new sites Eco cabin replacement programme underway
100% EV car fleet
New energy-efficient cabin strategy in place
c.80% of car fleet EV
Achieve 40% car fleet EV or hybrid
Option to use green/HVO diesel replacement
Option to use green/HVO diesel replacement
Introduce electric/hydrogen construction
plantvehiclesin use
External enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity gridcapacity
• Sustainable HVO or green diesel alternatives available
• Gas in new homes banned through FHS
• Grid decarbonisation on track for 100% by 2035
• Industry availability of electric or hydrogen construction plant
• 100% green electricity from grid
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Persimmon Plc Annual Report 202432

Improving energy efficiency of our homes in use (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve net zero carbon homes by 2030
Achieve net zero carbon emissions across our value
chain by 2045 (expected to be circa 90% reduction)
Achieve a carbon reduction of at least 22% per m
2
completed floor area by2030 (vs. 2019 baseline)
Our priority actions
(already underway and planned)
Energy transition plans in place for all developments
All homes will achieve 75-80% Scope 3 carbon
emission reductions in line with FHS
Increased thermal efficiency
Part L 2021 homes designed with a ‘fabric first’
approach to maximise energy efficiency
New house type designs already in place in readiness
for FHS introduction
Smart home technology trials underway
12-month real-life trial of zero carbon home
atGermany Beck undertaken
Zero carbon house at Malmesbury built
Increase use of timber frame
c.1,000 ASHPs to be installed by the end of 2025
External enablers
• Availability of ASHPs and sufficient qualified installers
• Grid decarbonisation trajectory maintained and sufficient
electricity grid capacity
• Lenders recognise the increased value of more energy-efficient
homes and this is reflected in mortgage offers
• Grid decarbonisation on track for 100% by 2035
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Persimmon Plc Annual Report 2024 33
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Our decarbonisation pathway continued
Reducing the carbon footprint of our homes during construction (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve a carbon reduction of at least 22% per m
2
completed floor area by 2030 (2019 baseline)
Achieve net zero carbon emissions across our value
chain by 2045 (expected to be circa 90% reduction)
Achieve 50% timber frame build
Our priority actions
(already underway and planned)
Building around 30% timber frame homes
Increasing timber frame and MMC components
New Space4 factory operational
Introduction of ~30% GGBS at Brickworks and
Tileworks to reduce cement content
Actions underway to be a zero-waste company
Detailed embodied carbon study already complete
and informing materials targets and reduction plans
Building circular economy principles into our operations
Strategic partnerships with suppliers and trials
oflow-carbon alternatives being built
Innovation programme in place – undertaking a trial of
zero cement substitute for bricks and tiles (2024/2025)
Enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity grid capacity
• Development of supply chain partnerships
• Standardisation of LCA methodologies and data
• Cement industry on track to achieve its NZC pathway
• Iron and steel industry on track to achieve its NZC pathway
• Clay brick industry on track to achieve its NZC pathway
Grid decarbonisation on track for 100% by 2035
Embodied carbon regulations
Key: Targets in place Targets awaiting approval Actions complete Actions underway Actions planned
Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Persimmon Plc Annual Report 202434

Zero carbon ready homes
With customer experience as a key consideration,
we have been carefully implementing our
low‑carbon design and heating solutions to
improve energy efficiency and reduce the
emissions of our homes.
This year, we have fully implemented the step change to delivering Part L
2021 following our approved transitional arrangements. We have taken
a‘fabric first’ design route to make a 31% reduction in carbon emissions.
Solutions used to achieve this include increased insulation, smart heating
technology, waste water heat recovery and solar PV. As a result, our homes
now use less energy compared to traditional older properties.
In preparation for the forthcoming Future Homes Standard (‘FHS’) and as part
of our implementation of the New Build Heat Standard in Scotland, we have
developed energy transition plans for all our developments. This ensures that
we phase out the installation of gas boilers while considering the appropriate
timescales and commercial needs. Ahead of the regulatory requirements, we
have already started installing low-carbon design and heating solutions, such
as air source heat pumps.
Innovative products and new solutions are emerging onto the market, and our
technical teams are constantly analysing options and creating optimised solutions.
We have a significant advantage through our Space4 timber frame products
to provide an effective ‘fabric first’ approach and deliver increased insulation
and thermal efficiency which will be a key contributor to achieving the energy
efficiency requirements.
Optimising energy performance in the home and customer experience is a
key enabler to reducing carbon emissions and energy bills. We are evaluating
the opportunities for smart technology solutions in our homes and currently
have trials underway.
Designing in sustainability – Innovation Home at our Space4 timber
framefacility
At our Space4 timber frame manufacturing facility in Birmingham,
we have built an Innovation Home to trial a range of new
technologies. The project was built with a combined effort
fromGroup Construction, Technical and Commercial, Space4,
and our dedicated team of subcontracted suppliers and
manufacturers.
One new technology used in the Innovation Home is a
prefabricated external wall panel system, which has been
fitted to our Space4 timber frame product. The Innovation
Home is built to meet the upcoming Future Homes Standard,
which will make our homes more energy efficient and reduce
carbon emissions.
To meet these standards, the Innovation Home has been fitted
with air source heating, solar PV, additional wall and floor
insulation, and an electric vehicle charging point. We are
already using these technologies in some places and will
continue to implement them across our sites in 2025.
In each room, different build stages are left exposed to show
best practices. Signage throughout the home highlights the
building regulations and standards, as well as the expectations
of The Persimmon Way. Situated outside our Central Training
Hub, the Innovation Home will be used for the training and
development of our staff, subcontractors, suppliers and manufacturers.
Persimmon Plc Annual Report 2024 35
Financial statementsGovernance Other informationStrategic report

Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Technology roadmap for the delivery of the Future
HomesStandard
Having implemented Part L 2021 according to our transitional arrangements
in England, and the New Build Heat Standard in Scotland, we are preparing
for further regulation changes. These include the introduction of the FHS in
England and similar regulation changes in Wales from ~2026. The FHS
requires a significant further increase in energy efficiency and carbon
reduction, having to achieve a 75–80% carbon emissions reduction.
Our key strategic changes proposed to meet the regulatory requirements are:
●
Further increasing thermal efficiency through the fabric such as
additional insulation in the floors, walls and roofs, and an increased
use of panelised wall systems.
●
Installing low-carbon alternative heating systems such as air source
heat pumps to replace traditional gas boilers.
●
Exploring localised low-carbon heating systems such as ground
source heat pumps, or small-scale district heating systems. We will
conduct detailed studies to ensure the most optimised heating
solutions are provided.
●
Installing waste water heat recovery systems and mechanical heat
and ventilation systems, which capture and reuse heat to prevent
unnecessary energy waste.
●
Increasing the air tightness of our homes and improving glazing
specifications such as triple glazing.
●
Installing solar PV and battery storage.
We will carefully consider each of the options and any other innovations or
new technologies which emerge in the market on a site-by-site basis to ensure
that the best options for customers and our business are selected.
Updates to the Group’s standard house type portfolio are in production
utilising building information modelling to meet the new regulations.
1
Thermally efficient
groundfloor
2
Panelised off-site
manufacturing using
Space4 fully insulated
timber frame
3
Gen4 bricks from our
Brickworks factory
4
Air source heat pump*
5
Swift brick
6
Thermally efficient loft
rollinsulation
7
Photovoltaic inverter
8
Integrated
photovoltaicpanels
9
Wastewater heat
recovery from shower
10
Roof tiles from our
Tileworksfactory
11
High-performance
windows and doors
12
EV charging point
13
Highly efficient
waterfittings
* Air source heat pump shown here for illustration purposes only.
Usually located in rear garden.
Zero carbon ready homes continued
Persimmon Plc Annual Report 202436

Progressing towards net zero carbonoperations
Our decarbonisation pathway also includes a
detailed plan for reducing operational carbon
emissions across the Group as laid out on
pages30to 36.
Significant focus is placed on reducing carbon emissions from our activities
and good progress is being made. The main contributor to our operational
footprint is the use of diesel fuel for site operations and construction fleet.
Following a successful trial last year, all new sites are required to use hybrid
diesel generators, and this has contributed towards an overall reduction in
carbon emissions.
In 2024, market based absolute carbon emissions have reduced to 20,306
tonnes which is an 8% reduction compared to the prior year. The carbon
emissions/home have also reduced to 1.90 tonnes CO
2
e/home (2023: 2.21
tonnes CO
2
e/home). We remain on track to meet our near-term Scope 1 and
2 science-based reduction targets.
Our Regional Chairs receive bi-monthly diesel usage data from across the
Company to drive site efficiency actions and share best practice findings.
The Group has continued its programme of energy awareness training
modules to improve on-site energy efficiency, such as providing electric
power to our developments as soon as possible to reduce the use of generator
power, restricting machine idling time and using appropriate travel speeds
when travelling around the development.
Our site cabin layout strategy guides all businesses on the appropriate location
and specification for cabins on a development. A key requirement of the new
‘eco’ cabin specification is to comply with JCoP Fire Regulations. The new
specification cabins now have extra insulation in the floor, walls and ceiling.
Double-glazed windows, automatic door closers, PIR lighting and heaters
with timers are also now fitted as standard. A positive additional benefit of
these changes is that the cabins are now more energy efficient which will
helpfuture-proof the business and reduce carbon emissions.
Our Space4 timber frame products are a key contributor to achieving our
energy efficiency requirements. We will be opening a new state of the art
production facility in Garendon, Leicestershire in 2027. As part of the transition
process, the current Space4 factory in Castle Bromwich intends to mirror the
cutting-edge processes planned for Garendon in its current factory with the
installation of robotics and other automation. An updated product scope
designed this year will enable more complex wall panels and floor cassettes
to be assembled once the new technology is installed. On site, this will
improve efficiencies by reducing assembly times and improving quality. It will
provide our customers with the benefits of increased energy efficiency and air
tightness. Our employees at the factories, both existing and upcoming, will
benefit from improved health, safety and working environments, which is
another of our key sustainability focuses.
Following a successful trial, a programme to use combined battery diesel
generators was implemented in 2024. This has led to decreased diesel
consumption, carbon emissions, and also cost savings. With the battery
storage unit, the diesel generator runs for less time, greatly reducing the
associated CO
2
e emissions.
The Group purchases 100% REGO‑backed renewable energy for
our offices and manufacturing facilities. In addition, all electricity
purchased for our sites and supplying our plots whilst under our
ownership is 100% REGO‑backed renewable energy.
Greenhouse gas emissions per home sold (market based)
1.90
tonnes CO
2
e/home
2023: 2.21 tonnes CO
2
e/home
Absolute Scope 1 and 2 emissions (market based)
20,306
tonnes CO
2
e
2023: 21,973 tonnes CO
2
e
Hybrid generator usage on sites
across Wessex
Following a successful hybrid generator trial at Llanwern,
East Wales, our Wessex region has used several hybrid
generators on new sites throughout 2024 as part of our
wider rollout of the solution. The hybrid generators on our
sites have a battery storage unit that can supply basic site
needs for roughly ten hours per charge, powering drying
rooms, CCTV, refrigeration and security/warning lights.
Wessex measured several different metrics from when the
system was commissioned in April to September 2024
andcompared this with a traditional diesel generator.
Theinclusion of a battery storage unit resulted in an 85%
reduction in generator run time, an £18,000 diesel cost
saving and a 47 tCO
2
e reduction in emissions compared
tousing a traditional diesel generator.
The commercial team at Wessex said: “We would recommend
the hybrid set-up to other regions. There is a saving on fuel
because the battery takes over the running of the generator,
so fuel usage has dropped overall. These systems work well
on our sites.” One lesson learned from this early adoption
of the hybrid generator system by Wessex is that these
systems require a specialist engineer for connection to the
compound. This means that an extra few days are required
from delivery to installation, so timings are critical to get the
compounds connected.
Persimmon Plc Annual Report 2024 37
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Moving towards net zero by reducing
our Scope 3 indirect emissions
Our Scope 3 emissions from indirect activities
from our supply chain make up about 48% of
ouroverall carbon footprint.
Summarised below are some of the broad ranging approaches we have
taken to reduce our Scope 3 emissions and the whole life carbon impacts
ofour business in 2024:
●
We have experienced significant benefits in reducing embodied carbon
impacts through our vertical integration strategy with our timber frame
manufacturing facility, Space4. The use of timber frame construction (kits
and roof systems) replaces masonry components and, from a sector-wide
study, completed by the Future Homes Hub in 2022, on average delivers
a16% reduction.
●
Our Brickworks and Tileworks factories are also part of our vertical
integration strategy. Our bricks and tiles are made from concrete with
alower carbon footprint than those made traditionally from clay, which
requires firing in gas kilns at temperatures exceeding 1,000°C. In addition,
our Brickworks factory has introduced ground granulated blast-furnace
slag (‘GGBS’) as a cement replacement following a successful trial in
2023. GGBS has been used as a 30% cement replacement since Q2
2024 in our paver manufacture and will be rolled out to include our new
(Gen4) bricks during H1 2025. Subject to manufacturing volumes, this is
expected to replace c.5,000 tonnes of cement a year, giving an annual
saving of around 3,250 tonnes of CO
2
e. The Gen4 bricks have been
supplied to a single site in Durham as a trial in advance of rollout across
thebusiness next year. Our Brickworks and Tileworks factories are also
exploring low-carbon energy upgrades such as solar PV panels on the
roofand air source heat pumps to replace their LPG boilers.
●
We have collaborative long-term relationships with our supply chain and,
as part of our responsible procurement process, regularly engage with it
on sustainability, new materials and innovations. In addition, we are
partners of the Supply Chain Sustainability School to assist in the delivery
of a consistent approach to sustainability and responsible sourcing. The
School provides a learning and engagement platform to upskill people
working within the built environment sector. Our partnership support
enables free online learning materials, seminars, workshops and other
services for our supply chain to help it improve environmental, social and
economic sustainability awareness on issues including carbon reduction,
waste reduction, resource use and human rights.
●
We have completed an embodied carbon and whole life carbon study
offive of our most popular house types. This provides us with a detailed
understanding of material type contribution and informs where focus
should be placed to make the most meaningful reductions. We will be
engaging with our key suppliers to progress actions and opportunities.
●
Reducing the whole life carbon emissions of new build homes is an
industry-wide challenge. As a result, we sit on the industry collaborative
network: the Future Homes Hub Whole Life Carbon Task Force. The Task
Force has undertaken a detailed analysis of available embodied carbon
footprints to create an understanding of where interventions can best be
made and created a delivery roadmap over the next five years.
Above: Tileworks.
We have experienced significant
benefits in reducing embodied carbon
impacts through our vertical integration
strategy with our timber frame
manufacturing facility, Space4, and
ourBrickworks and Tileworks factories.
Sustainability continued
Building for tomorrow continued
1
Progressing towards net zero continued
Persimmon Plc Annual Report 202438

2
Greenhouse gas reporting
Greenhouse gas emissions and energy consumption reporting (Scope 1, 2 and 3)
The Group has reported on greenhouse gas emissions in line with the UK Government’s ‘Environmental Reporting Guidelines: including Streamlined Energy and
Carbon Reporting guidance’ (dated March 2019). The GHG Protocol Corporate Accounting and Reporting Standard (Revised Edition) has been used as the
methodology to quantify and report greenhouse gas emissions. The Group operates in England, Wales and Scotland, and emissions are reported in line with
thefinancial control of the Group.
Greenhouse gas emissions 2024 2023 2022 20 21
Scope 1 emissions from gas, transport and construction site fuel use tCO
2
e 20,295* 21,949* 25,005* 25,298
Scope 2 emissions from electricity use
Location based tCO
2
e 2,987* 2,594* 2,151* 2,380
Market based tCO
2
e 11 * 24* 12 * 1,149
Total Scope 1 and 2 greenhouse gas emissions
Location based tCO
2
e 23,282* 24,544* 27,156* 27,678
Market based tCO
2
e 20,306* 21,973* 25,017* 26,447
Scope 1 energy consumption MWh 79,138 87,322 99,980 96,508
Scope 2 energy consumption MWh 13,458 12,887 11 , 41 0 11,208
Carbon intensity Scope 1 and 2 emissions (per home sold)
Location based tCO
2
e/home sold 2.183 2.474 1.826 1.902
Market based tCO
2
e/home sold 1.904 2.214 1.683 1. 818
Scope 3 emissions – category 1: purchased goods and services tCO
2
e 883,938* 962,496* 1,288,322* 1,254,243
Scope 3 emissions – category 11: use of sold products tCO
2
e 767,884* 791,950* 1,394,740* 1,193,835
Scope 3 emissions – category 7: employee commuting tCO
2
e 8,527 9,952 11,067 14,537
Carbon intensity Scope 3 carbon emissions (emissions per 100m
2
completed floor area) tCO
2
e/100m
2
176 207 216 N/A
Total Scope 3 emissions tCO
2
e 1,709,398 1,764,398 2,694,129 2,462,615
* The Scope 1, 2 and 3 (category 1 and 11) greenhouse gas emissions data for 2024, 2023 and 2022 has been externally assured to a limited level of assurance by Ernst & Young LLP
(see www.persimmonhomes.com/corporate/sustainability). The Group’s full GHG Reporting Methodology can be found at www.persimmonhomes.com/corporate/sustainability.
Continued improvements have been made to data capture and reporting methodologies during 2024, hybrid diesel generators have been used on new sites across the Company. As part of
the Group’s sustainability commitments, from August 2021 all purchased electricity is now backed by Renewable Energy Guarantees of Origin (‘REGOs’) certificates, which are provided to
theGroup.
This year the Group is again reporting its material Scope 3 emissions; these are the emissions from indirect activities, to include: category 1, purchased goods and services (obtained from
spend data and will be improved over time as carbon data becomes available from suppliers); category 11, homes in use (obtained from SAP information); and category 7, employee
commuting (obtainedfrom employee travel survey data).
Greenhouse gas emissions
The Group’s absolute GHG Scope 1 and 2 emissions decreased in 2024.
Data capture and reporting have continued to improve, allowing the effects
ofefficiency measures to be more visible and for the opportunity to share
bestpractice. Many energy efficiency measures have been utilised this year
including wider rollout of hybrid generators, plant operator monitoring for
idling times and new site compound set-up guidance. Best practice findings
are rolled out across the business to continue to reduce carbon emissions.
Scope 3 emissions make up the majority of our total GHG footprint, around
99%. These are calculated using a spend-based method, and several factors
can influence the result, including changes in emission factors which have
impacted our emissions in 2024.
Scope 3 category 11 emissions (use of sold products) have decreased even
with increased volumes, reflecting the improved energy efficiency of our
homes. We have improved our methodology this year with a far greater
capture of data over the period. The calculation methodology for this
category requires a 60-year timeframe to be used.
Persimmon Plc Annual Report 2024 39
Financial statementsGovernance Other informationStrategic report

3
Creating a responsible
supply chain
Our business operations critically rely on
oursupply chain to deliver quality homes for
our customers. Our suppliers and contractors
are appointed through a combination of Group
framework agreements and local operating
company relationships. Mandating ethical
procurement practices, our suppliers have
tocomply with our Supplier Principles and
Group policies.
When developing framework agreements and making significant sourcing
decisions, all requests for information (‘RFIs’) and quotations (‘RFQs’) include
environmental and sustainability criteria with appropriate weightings. Our
Group Procurement team discusses sustainability requirements quarterly in
supplier reviews with key suppliers.
We are partners with the Supply Chain Sustainability School to assist in the
delivery of a consistent approach to sustainability and responsible sourcing.
The School provides a learning and engagement platform to upskill people
working within the built environment sector. Our partnership support enables
free online learning materials, seminars, workshops and other services for our
supply chain to help it improve environmental, social and economic
sustainability awareness on issues including carbon reduction, waste
reduction, resource use and human rights.
Responsible sourcing of timber
We are committed to responsible sourcing and look to use supply chain
systems, which minimise the environmental impact associated with the
production of key commodities such as timber. All buyers, surveyors, suppliers
and subcontractors to Persimmon via Group deals are required to purchase
Forest Stewardship Council (‘FSC’) or Programme for the Endorsement of
Forest Certification (‘PEFC’) certified timber and timber-derived materials for
use in all of our operations.
If FSC or PEFC certified timber and timber-derived materials cannot be purchased,
evidence must be provided that alternative materials are sourced from
reputable and sustainable sources.
As a minimum, all buyers, surveyors, suppliers and subcontractors must ensure
compliance with any applicable laws and regulation in relation to the sourcing
of timber and timber-derived materials. The Group Procurement department
actively tracks compliance with this policy.
Timber and timber-derived materials are a key feature of our annual Carbon
Disclosure Project (‘CDP’) reporting, through the Forestry section of the
questionnaire. We gain the information for our disclosure from a detailed
annual questionnaire to our Group timber and timber product suppliers.
In 2024 Group Internal Control undertook an audit of timber procurement
and adherence to our policy and standards, and found a high standard of
delivery. A number of process recommendations have been implemented.
Waste reduction initiatives
In 2024, 98% of waste was recycled or reprocessed from our sites and
off-site manufacturing facilities (2023: 98%), with 6.78 tonnes of waste
generated per home sold (2023: 8.29 tonnes). This is a result of improved
materials management processes.
We have continued the practice of recycling brick and block waste for reuse
in other areas such as piling platforms and scaffold bases, reducing waste
and the requirement for third party aggregates.
A detailed evaluation of materials management was undertaken in 2024, and
has led to improved IT processes as part of the drive to reduce preventable
losses across our sites. The improvements have been made to the bill of quantities
data, the order-raising process, material ordering data accuracy, the call-off
process and asset tracking. The programme also utilises Power BI to identify
potential opportunities, improve performance, and compare costs across the
Group. All of these improvements help to reduce overall on-site waste.
Throughout 2024, we have continued to use our Soil Register to internally
share information about clean site soil and subsoil, cutting waste and material
costs nationally. We are also a Principal Member of CL:AIRE, a UK charity
committed to providing a valuable service for all those involved in sustainable
land reuse.
Additionally, as part of a research and development project on soil management,
we have investigated the theoretical reduction of CO
2
e greenhouse gases.
Led by a Senior Engineer from our Lancaster region, theresearch project
involves collaboration with UK universities, planning authorities, regulators
and our technical teams.
Initial results offer promising reductions of cost, waste and carbon
equivalentgases.
Sustainability continued
Building for tomorrow continued
Persimmon Plc Annual Report 202440

Affordability
£273k
Persimmon Homes private
average selling price
c.20%
below UK
nationalaverage
Investment in local
communities (over
fiveyears)
£2.2bn
2023: £2.3bn
Donations to local charities
c.£905k
2023: c.£734k
NHBC Reportable Items
0.26
2023: 0.28
Trustpilot scores
Persimmon Homes
4.5
2023: 4.2
Charles Church
4.4
2023: 4.1
Transforming
communities
In this pillar:
1
Building for you
2
Connecting people withnature
3
Leaving a lasting legacy
Supporting sustainable communities is a key
priority for Persimmon. Our transforming
communities sustainability pillar complements
this priority for the business.
Creating sustainable places for our communities and customers is at the
heartof our business. We have established a Placemaking Framework with a
structure for each of our developments to follow, providing a sense of place
and ensuring we deliver attractive, well-designed communities with valued
green open spaces that are well connected to local amenities.
The Persimmon Way, our construction excellence programme, is driving
continued improvements in our build quality. Continued efforts from all of our
teams mean that we are proud to be an HBF five-star rated housebuilder for
the third consecutive year and have improved our NHBC Reportable Items by
7% with a score of 0.26 for 2024.
Our customers are seeing the benefits of the investments we are making in our
customer experience processes. Persimmon Homes has been rated 4.5 on
Trustpilot (2023: 4.2). We are proud to deliver affordable homes that local
people want to live in. Our Persimmon Homes private average selling price
of£273,318 is c.20% below the UK national average. We are also offering
a‘local homes guarantee’ on some developments, securing a proportion of
our homes on a specific development for local people.
Persimmon Plc Annual Report 2024 41
Financial statementsGovernance Other informationStrategic report

1
Building for you
Our Placemaking Framework ensures that all
our developments are designed with a sense
ofplace to reflect local needs and character
andcreate a sustainable community. Wellbeing
and social value are key deliverables. Our
approach is fully integrated with The Persimmon
Way and facilitates our pathway to achieving
net zero carbon.
At the core of our Placemaking Framework is the National Model Design
Code which sets out a number of characteristics of a well-designed place,
toinclude character, climate and community. We have taken these and
developed ten ‘pledges’ which each of our developments must consider in
thedesign process, thereby ensuring the unique requirements of each location
and community are incorporated. This approach leads to high-quality schemes
which are in keeping with the local area, align with local authority requirements
and support a flourishing community.
The inclusion of climate considerations ensures our developments are
future-proofed for physical risks such as drought and flooding using blue and
green infrastructure to include sustainable urban drainage systems, and our
homes are designed with lower energy needs ready for the transition to low
carbon/zero carbon ready for our customers.
Creating healthy, safe and enjoyable public spaces is a key part of a sustainable
community and includes more shared streets, walkable neighbourhoods and
sustainable transport schemes, providing links to schools and local amenities.
Nature contributes to the quality of a place and to the quality of our customers’
lives and is a critical component of our placemaking approach. We also
optimise the opportunity for green spaces to support and enhance
biodiversity across our developments, ensuring a home for wildlife.
New sustainable homes for the
community at Saundersfoot,
WestWales
Persimmon Homes West Wales and Pembrokeshire Coast
National Park, in its role as the local planning authority,
have agreed a scheme for 72 new homes in the coastal
town of Saundersfoot.
The zero carbon ready scheme includes a mix of quality
new one to four-bed detached and semi-detached homes
as well as terraced houses and apartments that will help
meet local housing needs and open the door to home
ownership for more local families. Homes will be equipped
with green technologies such as air source heat pumps,
solar panels and electric vehicle charging points.
The new development will bring a range of facilities to
thelocal community, including an equipped play area
atthe heart of the site, and contributions to highway and
travel upgrades.
The design also incorporates a sustainable drainage
system with bio-retention areas and rain gardens, as
wellas ecological enhancements to safeguard dormouse
habitats and preserve existing trees and hedgerows.
As part of our community contribution, Persimmon will also
transfer 35% of the homes (25 in total) to a local housing
provider for rent and shared ownership.
We’re pleased to be able to deliver
72 new high-quality homes for
local people in Saundersfoot.
The development will provide
awide range of zero carbon
ready homes that will be of
particular help to young families
and first-time buyers, who
otherwise might struggle to
getonto the housing ladder
inPembrokeshire.
The scheme will deliver substantial
community benefits, including
new facilities, enhanced green
spaces and significant investment
in public infrastructure, as well
as the transfer of 25 properties
to a local housing association.
Persimmon has a proud record
of delivery in Pembrokeshire,
and we are excited about this
latest development as we continue
to build the best value homes in
sustainable and inclusive
communities for local people.
Stuart Phillips
Managing Director, Persimmon Homes West Wales
Sustainability continued
Transforming communities continued
Persimmon Plc Annual Report 202442

Creating sustainable communities is a key driver
embedded within our Placemaking Framework,
where the importance of designing green
spaces for both nature and community is well
recognised to support wellbeing.
Our focus is on delivering quality affordable homes and creating sustainable
places. Our new developments are increasingly featuring enhanced green
spaces including allotments and orchards to enable healthy lifestyles. We are
proud to create spaces that bring families and communities together and
provide opportunities to reconnect with nature and strengthen wellbeing.
Biodiversity Net Gain (‘BNG’) and beyond
From the very early stages of a new development, BNG and the natural
environment are considered, recognising the value of biodiversity assets
fromthe outset.
Our designs consider interactions with existing habitat assets and ways to
retain and enhance existing habitats. We also consider how our customers
can connect and benefit from green space and nature. We include creating
new habitats that align with local biodiversity priorities, connect habitats with
the wider landscape and contribute towards wider nature recovery through
biodiversity gains.
We continue to build on best practice across our regions and further embed
biodiversity principles into operations and decision making. In recognition
ofwell-designed schemes, our Excellence Awards include categories on
sustainability and biodiversity to celebrate efforts towards nature and
sustainability principles.
We remain strongly positioned to effectively deliver BNG and our
abilityto make positive ecological choices is further strengthened by
ourin-house expertise.
We are actively engaged in a wide range of stakeholder engagement and
sector collaboration on BNG and sit on the FHH Places and Nature Group
and several sub-working groups. This approach ensures a proactive
approach with the Government and consistency in application.
Tree planting
We planted 146,068 whips and trees in 2024. This provides valuable
benefits not only to biodiversity but to our customers by contributing to
community wellbeing and helping to cool urban areas, promoting
environmental sustainability within our developments.
Homes for Nature commitment
In July 2024 we signed up to the Future Homes Hub Homes for Nature
commitment, which is a sector-wide initiative aimed at protecting vulnerable
and endangered species, and providing places for our wildlifeto live.
We were part of the working groups, and have committed to install swift
bricks and hedgehog highways across our developments, and provide
essential nature-friendly planting to support their establishment. These
willbe installed along with support and guidance from our ecological
consultants, meaning that the right features will be installed in the right
locations, suitable to the needs of local wildlife.
Bee community garden
inEastWales
A nature-inspired public art and community garden was
led by artist gardeners working with Persimmon Homes
East Wales earlier this year. It focused on design which
supports biodiversity, social interaction and people thriving
alongside nature. Nectar and pollen-rich plants were
carefully arranged to spiral around a colourful pathway.
This vibrant space provides homes and food sources for
bees, butterflies and other essential pollinators while
fostering a sense of unity and outdoor community enjoyment.
Its ecological value was further enhanced by a range of
habitat totem poles offering a safe refuge for a range of
pollinators. A bespoke seating area invites the community
to pause and enjoy a community space where people and
wildlife thrive together.
By weaving nature into the fabric of the community, residents
will continue to come together for many years as they look
after the community garden, meet new neighbours and
explore the wonders of wildlife in a more resilient and
sustainable environment.
Lead artist gardener Emma Geliot said: “This has been a
joyous project to work on. The community has been so
supportive.” Emma added: “It has been especially wonderful
seeing the first bees appear and to have first-hand experience
of the residents enjoying the garden. I am sure that the
garden will bring pleasure to them for many years to come.”
2
Connecting people withnature
Persimmon Plc Annual Report 2024 43
Financial statementsGovernance Other informationStrategic report

Persimmon hosts Wales’ First Minister in
collaboration with local primary school
In March 2024, Persimmon Homes East Wales welcomed Wales’ First
Minister and other key MPs and stakeholders in a collaborative effort with
Creigiau Primary School to enhance community spaces at its site in Cardiff.
Focused on improving community spaces, the partnership with Creigiau
Primary School centred on designing playgrounds for Persimmon’s nearby
Llanilltern site. Workshops throughout the day engaged pupils in creative
exercises inspired by sustainable urban drainage systems (‘SUDS’).
As part of the project, Persimmon has also provided local schools with
toolkits and equipment for classroom educational activities on sustainability,
including SUDS, enriching the learning experience for children.
The project is part of a larger scheme involving the construction of over
1,000 homes and various community facilities, including a primary
school, retail outlets, offices and sports fields.
3
Leaving a lasting legacy
As a national business with a local presence,
weare committed to leaving a lasting legacy
for the communities in which we work.
We support c.44,300 jobs across the supply chain and c.78,800 jobs
acrossthe wider community. Our developments engage local suppliers
andtradespeople, supporting the local economy.
Each of our operating businesses has detailed knowledge of their local
communities. In addition to delivering much-needed, attractively priced
homes to local people, our teams support them in many other ways,
engagingwith them to design and develop areas that suit their needs,
provideinfrastructure and support local charities.
Local young people also benefit from our commitment to supporting education
and providing opportunities. Through the Persimmon Ambassador programme,
which started in 2024, we attend school and college events, providing career
advice. We sit on education boards to help shape the curriculum to provide
construction skills for the future. We further support colleges with material
donations, including bricks from our Brickworks factory, and regularly
sponsor college award ceremonies.
We take a local approach to charitable and community initiatives and in
2024supported 355 charities and organisations with £905,096 in donations.
Examples being:
●
St David’s Hospice Care in Newport has been presented with a donation
of £1,000 from Persimmon Homes East Wales as part of our Community
Champions initiative.
●
Larkhall & District Volunteer Group (LDVG), a local charity in South Lanarkshire ,
is celebrating a generous £5,000 donation from Persimmon West Scotland,
helping it continue its vital work in supporting the local community.
●
Persimmon Homes Essex donated £2,000 to a local school, Holy Family
Catholic Primary, so that it can deliver its Forest School to all children.
West Scotland MD promotes construction
careers at local school
Chris Logan, Managing Director at our West Scotland business, visited
an Ayrshire school to showcase the construction careers available
across various departments in Persimmon, with opportunities ranging
from traineeships and apprenticeships to graduate programmes. Chris
highlighted Persimmon’s track record of nurturing talent in the business
– having started himself as a graduate planner before going on to
become Managing Director.
During the visit, Chris announced the launch of two new trainee sales advisor
roles – and hoped to recruit two Ayrshire residents to join the Company.
Sandra Ferguson, Curriculum Manager for Business, Computing,
Traveland Tourism and Humanities, said:
“Visits like these allow our students to see how the theory they have learned
in class can be applied in the business environment. The students found the
presentation interesting, having no previous knowledge of the housebuilding
industry, and were impressed at how the business operates.”
Ayrshire College is Persimmon’s largest education partner in Scotland.
Earlier this year, the college hosted Cabinet Secretary for Education
Jenny Gilruth MSP, to mark Persimmon’s 50,000th brick donation to
colleges across Scotland.
Sustainability continued
Transforming communities continued
Persimmon Plc Annual Report 202444

Leaving a lasting legacy – Persimmon and Team GB in the Olympicyear 2024
Our Team GB partnership has now been running for two Olympic Games.
The 2024 Paris Olympics marked a significant milestone in our ongoing
efforts to forge impactful partnerships and drive our brand forward while
leaving lasting legacies in our local communities.
Throughout the Olympic year, we had the honour of welcoming inspirational
athletes to our Persimmon developments around the country, tolaunch new
show homes, such as the show home on our development in Market Harborough
which was officially opened by Team GB athlete SamOldham.
We have continued to deliver our ‘Get Set to Build a Community’
cross-curricular activity in partnership with Team GB. This is aimed at
students aged 11 to 14 and 488 educational institutions across the UK have
downloaded the resources. In small teams, students take on real roles at
Persimmon Homes, to create a development inspired by Team GB athletes,
with a legacy to benefit the whole community.
Olympians also attended community-focused events in the areas we build
in, including Community Champion charity donations and meet-and-greets
to inspire future generations. Team GB swimmer Dan Wallace inspired
pupils on a special visit to local schools meeting pupils at local schools in
Cupar before appearing in front of a primary school assembly in Crieff.
Persimmon Homes Essex invited Team GB Olympic boxer Lewis Richardson
to officially cut the ribbon on a new pedestrian crossing alongside Essex
County and Colchester City Council member Dave Harris and pupils from
nearby St Michael’s School, who use the crossing to get to class safely.
MsGail Morgan, Head Teacher at St Michael’s Primary, said: “Lots of our
families live on the new Persimmon Homes development and this ensures
their safety when making their journey to school each day.”
Shanaze Reade, a Team GB BMX racer and track cyclist, visited our
SouthMidlands team to help them with a static cycling fundraiser challenge.
Shanaze helped the team reach their 400-mile goal, the equivalent of
travelling from the Studley office to Paris, providing encouragement and
taking part in the event, which was raising money for a local charity, the
Matt Gallagher Foundation. Shanaze said: “This challenging endeavour
showcased not only their physical endurance but also their commitment to
making a positive impact in our community.”
In the ‘My Olympic Roots’ video series, we explored what home and
community mean to some of our Team GB athletes including Kye Whyte,
Bryony Page, Chelsie Giles, Lauren Williams, Seonaid McIntosh and
Delicious Orie.
As well as benefiting the local communities we work in, Team GB has also
supported internal equality, diversity and inclusion events, helping our
employees celebrate their differences. Persimmon Pride hosted a webinar
with Team GB’s Tom Bosworth MBE. Tom spoke about his experience as an
openly gay athlete and why networking and allyship in the workplace are
important. We also heard from Katherine Grainger DBE during a webinar
about marginal gains and driving performance hosted by our Persimmon
Women’s Network.
Persimmon’s partnership with Team GB
ahead of the Paris Olympics and Paralympics
this summer demonstrates the Company’s
understanding of the commitment it takes to
produce Olympic-level results.
Sam Oldham
Team GB gymnast
Persimmon Plc Annual Report 2024 45
Financial statementsGovernance Other informationStrategic report

Safe and
inclusive
In this pillar:
1
Working safely
2
Investing in a diverse workforce
3
Respecting human rights across
the value chain
RIDDORs¹
2.2
2023: 2.8
AIIR²
1.3
2023: 1.4
Training interventions
atexcellence level³
410
2023: 382
Percentage of female
employees in senior roles
34%
2023: 34%
1. RIDDORs reported per 1,000 workers including, where relevant, those reported by
our contractors excluding our manufacturing operations.
2. Annual Incidence Injury Rate, our own RIDDORs reported per 1,000 workers.
3. The training interventions at excellence level have been externally assured to a
limited level of assurance by Ernst & Young LLP. The assurance statement and
methodology are available at www.persimmonhomes.com/corporate/sustainability.
We have a safe and inclusive culture focused
onthe wellbeing of our customers, communities
and workforce.
Maintaining a safe environment is of paramount importance and we have
aproactive and progressive approach to health and safety. Our safety
management system defines the policies and procedures to ensure employees,
contractors and visitors can be safe on our sites and in manufacturing businesses.
Extensive training and inspections enable effective delivery. A key focus is
placed on wellbeing, especially mental health, and raising awareness.
Recruiting and retaining the right people means we deliver our five key
priorities and provide excellent customer service. Equality, diversity and
inclusion are key enablers for this, and we have instigated new policies and
training programmes to further embed this in the business and decision making.
We adopt an industry-leading approach to training, with dedicated in-house
resource providing a wide range of learning opportunities to all employees.
We monitor a range of training measures, including the number of days of
training delivered and the number of different ‘interventions’ which are
categorised as:
●
‘introductory’ training, which typically covers basic courses required for
the business to operate in compliance and for colleagues to understand
required Persimmon ways of working;
●
‘competent’ level training, which enables colleagues to fulfil their core skills
and builds their capabilities; and
●
‘excellence’ training programmes, which are focused on providing
opportunities for skills development and progression, fulfilling our
people’spotential.
Ensuring ethical, safe and fair working conditions within our supply chain is
very important and we operate a robust approach to supplier selection and
adherence to our policies. We are mindful of the risks of modern slavery in the
construction industry and have training programmes in place, site inspections
and whistleblowing provisions.
Sustainability continued
Persimmon Plc Annual Report 202446

1
Working safely
The wellbeing of our customers, our workforce
and our communities remains paramount. We
take a proactive and progressive approach to
our health and safety strategy and objectives.
Our health, safety and environment (‘HS&E’) approach
●
We have launched a behavioural health and safety campaign, Target
Zero, with the tagline Zero Regrets. The goal of the campaign is to raise
workplace safety awareness and accountability with every team member
to minimise incidents that harm colleagues. We have used powerful
messaging through posters and direct communication to our site workers
through the new app and Site Manager Tool Box Talks. The campaign is
further supported by a new safety index which tracks incidents so that we
can measure ourselves effectively by undertaking benchmarking to track
improvement. The foundation of the campaign is to empower our leaders
toset a positive culture where everyone knows that safety is a priority.
Through the campaign, safety is an expectation and not a request, and our
employees and contractors feel that they can truly make a difference by
making decisions that prevent incidents from happening. They now feel that
if they see something that seems unsafe, they can do something about it.
Asecond phase of the campaign will be rolled out in 2025.
●
Our fully digitalised HS&E policies and standards are now all available on
the My Persimmon intranet, making them more accessible and interactive
for our workforce. We have also rolled out a digital incident reporting
system, accessible on site managers tablets, to aid in the easy reporting
ofincidents.
●
An internal HS&E auditor completes assurance checks on our HS&E
procedures and compliance levels across the business, and is assisting
usinbecoming verified by the relevant International Organization for
Standardization (‘ISO’).
●
We continue to recognise good HS&E performance through our annual
internal ‘HS&E Excellence Awards’ by rewarding site teams that have
demonstrated a passion and commitment to HS&E initiatives above and
beyond policy requirements.
●
We are have rolled out a digitalised site induction and sign process via a
new internally developed and bespoke app across all our sites. This new
process ensures site personnel and our supply chain workforce are given a
consistent induction in relation to HS&E risks. The induction is also translated
into common non-English languages spoken by workers on site. The app
also enables us to keep enhanced records of personnel on site and to
communicate with our site workforce more effectively. The app will be
further developed to enable us to more effectively check the competency
cards of site workers, to ensure they have the required level of HS&E training.
●
Through the new app we have signposted to all our site personnel that
weundertake random drug and alcohol testing. The testing programme
commenced mid-2024. Random drug and alcohol testing also continues
atour manufacturing facilities.
Maintaining our focus on wellbeing
We have continued to promote our wellbeing support to our employed and
supply chain workforce:
●
For Mental Health Awareness Week, we sent out communications, covering
five stories from five colleagues, exploring how moving more is good for
our mental health, and also directing people to how they can access their
Mental Health First Aider and other resources available for support.
●
For World Mental Health Day, we sent out communications on how to talk
about mental health safely, signposting Mental Health First Aiders and our
Employee Assistance Care First programme.
●
We have made a sizable financial donation to the Lighthouse Construction
Industry Charity, which provides mental health support to the wider
construction industry workforce. We also promoted the charity on the
MyPersimmon intranet.
●
For International Men’s Day, we held a webinar with one of our Non-Executive
Directors, to promote men’s health and celebrate male role models.
●
Through our Training team we have run a series of drop-in mental health
awareness sessions on site, specifically targeting our supply chain workforce.
●
We have introduced a mental health for managers awareness course.
Persimmon Plc Annual Report 2024 47
Financial statementsGovernance Other informationStrategic report

Work-related injuries
During 2024, the number of construction work-related injuries in our housebuilding
operations we reported to the Health and Safety Executive (‘HSE’) under the
Reporting of Incidents, Diseases and Dangerous Occurrences Regulations
(‘RIDDOR’) was 17 (2023: 19). Injuries per one thousand workers, which
includes injuries sustained by our contract workforce, has decreased to
2.2per 1,000 workers (2023: 2.8). The level of build per injury, including
contractor injuries, was 382 legal completions per injury (2023: 262).
Our Group Annual Incidence Injury Rate (‘AIIR’) for 2024 was 1.3 per
1,000workers (2023: 1.4). In our manufacturing operations, we reported 3
RIDDORs in 2024 (2023: 2).
Building safety
●
Following re-assessment, we have maintained Building a Safer Future
(‘BSF’) Chartered Champion status.
●
We presented to Dame Judith Hackitt, the former Chair of the Independent
Review of Building Regulations and Fire Safety, on the progress of our
cladding remediation and our ongoing work to promote building safety
across the lifecycle of our homes. Dame Judith Hackitt has publicly spoken
out saying we are exemplars of leadership in building safety.
●
We have reviewed the Grenfell Inquiry Phase 2 Report to identify any
learning outcomes that could be applied to housebuilding. A Building
Safety Action Plan has been produced which will be implemented by
relevant key stakeholders. This will include the setting of a building safety
competence framework for safety-critical roles.
●
We presented as part of the Code for Construction Product Information
panel at UK Construction Week. The panel discussed the importance of
accurate and reliable construction product information. We are also engaging
with the Government’s new National Construction Products Regulator.
Training
Investment in training is a key element of mitigating the Group’s health and
safety risk. All members of our workforce, including our subcontractors,
undergo extensive training to safeguard the wellbeing of everyone that comes
onto our sites, into our manufacturing facilities or into our offices. This is now
enhanced by the new app.
HS&E training modules through our learning management system and
‘Toolbox Talks’ are regularly delivered to our office and site personnel. These
training modules are delivered using Group-wide training material developed
by our HS&E department. The results of ongoing performance monitoring
undertaken by the department determine which topics are covered at
regional/site level.
Inspections
Under the direction of our senior management team, the HS&E department
performs regular inspections of the Group’s operating activities. This includes a
periodic enhanced environmental inspection in addition to our regular HS&E
site inspections. The results of these inspections are provided to relevant
management and have been used to identify both areas for improvement
andareas of best practice that can be shared across the business.
In 2024, the HS&E department undertook 6,866 site inspections. OurHS&E
team has considerable experience in providing both a proactive advisory and
reactive incident-led approach to identify and mitigate health and safety risk.
Site inspections undertaken
6,866
Sustainability continued
Safe and inclusive continued
1
Working safely continued
Persimmon Plc Annual Report 202448

An inclusive business
Creating an inclusive environment where diversity is embraced is crucial for
our business. We respect all individuals and believe that having a diverse
workforce allows us to bring in the best people and ensure everyone can
flourish. This commitment to diversity and inclusion (‘D&I’) not only fosters a
positive workplace culture but also drives innovation and success in our Company.
In 2021, we engaged with external D&I specialists, EA Inclusion, to conduct
acomprehensive audit of our baseline position on D&I. The results helped
create our D&I strategy in 2022 and paved the way for the work we have
been undertaking over the last two years.
To measure our progress, we re-engaged EA to undertake a follow-up audit
in2024, which involved individual discussions, data/documentation reviews,
asurvey of the leadership team and site visits. The audit feedback was that
‘Persimmon has shown much progress in embedding equality, diversity and
inclusion throughout the organisation’ and as a result, we have moved up from
aBronze to a Silver rating. While there is still much to do, this was a very
encouraging result which reflects the work in this area, and the recommendations
from the audit are helping shape our strategy going forward.
Good quality data is essential for understanding the issues and tracking
progress. In 2024, we have developed and launched a quarterly D&I
Dashboard, which provides insights into diversity at all stages of the employee
journey, from recruitment through promotion to exit, and all areas of the Group.
This dashboard provides informative data to support our D&I strategy.
Following the senior leadership D&I training successes last year, we have
extended our D&I training programme, with recruitment as a key focus for
2024. Recruitment is a vital part of our D&I strategy, and this year, we have
rolled out a comprehensive recruitment training programme to all managers
with hiring responsibilities (c.400 individuals). The training gives guidance on
best practices in recruitment, with a focus on the overall candidate experience.
Opportunities for improvement include how and where we advertise roles,
thewording of adverts, reasonable adjustments, an understanding of the main
bias hotspots, selection methods, interview structure and actions post-interview.
The Group set stretching diversity targets with the specific objective of increasing
the representation of women across the Group by the end of 2025. After two
years, our progress against these targets is as follows:
●
The percentage of females in the senior management team is currently
34.6%, against a target of 35%.
●
Of all our management roles in the Company, the female percentage is
33%, against a target of 45%.
●
The percentage of female employees in the Group is 30.6%, against a
target of 40%.
Our two employee network groups, the Persimmon Women’s Network and
Persimmon Pride, continue to thrive and are supported by a range of internal
communications initiatives to highlight key events in the diversity calendar.
Our partnership with Team GB has also played a key role in several D&I
events throughout 2024 (see page 45). The Women’s Network now has
regional leads, who host successful local roundtable sessions in each of
ourdivisions.
In addition, a discussion group has been set up with the aim of better
understanding the experience of current employees from ethnic minority
backgrounds and considering what actions we can take in response to their
feedback to ensure our workplaces are welcoming and inclusive and to
encourage more applications from under-represented groups. The executive
sponsor is Asanga Gunatillaka, MD of FibreNest.
Our gender data 2024 2023 2022
Board Male
5 (56%) 4 (50%) 6 (66%)
Female
4 (44%) 4 (50%) 3 (33%)
Senior Executive
Committee
anddirect
reports
Male
34 (66.4%) 36 (66.5%) 35 (66%)
Female
18 (34.6%) 19 (34.5%) 18 (34%)
All colleagues Male
3,299 (70%) 3,451 (71%) 4,045 (73%)
Female
1,432 (30%) 1,374 (29%) 1,509 (27%)
Median gender
pay gap
21.3% 9.9% 13.5%
2
Investing in a diverseworkforce
Persimmon Plc Annual Report 2024 49
Financial statementsGovernance Other informationStrategic report

Human rights
The Group has a strong commitment and fundamental respect for human
rights, defined within our comprehensive suite of Group policies and
procedures and embedded throughout our operations. We regularly assess
the most significant potential human rights impact areas within our operations
to ensure our policies and controls remain appropriate. The key human rights
risk areas identified have remained consistent with prior years, and include
workforce safety, labour and employment rights of our employees and
subcontractors, and supply chain risks such as modern slavery.
Workforce safety
Ensuring the safety and wellbeing of our workforce, and all those present in
the areas in which we operate is of critical importance. The Group maintains
comprehensive health and safety management systems to mitigate the inherent
risks to safety in construction activities. These systems are subject to regular
internal inspections by the Group Health, Safety and Environment (‘HS&E’)
department, which itself is regularly audited by independent specialists within
our Group Internal Audit department. Further safeguards are provided
through the Safety and Environment Concerns reporting telephone line and
email address, details of which are displayed in all Group offices and at all
Group construction sites.
Labour rights
The Group adheres to all UK legislation and regulations in respect of labour
rights. The Group HR department monitors the legal and regulatory landscape
to ensure that systems and controls are in place to address any changes as
they arise. The Group is also a Living Wage Foundation accredited employer,
paying the Real Living Wage (‘RLW’) to our employees and promoting the
adoption of the RLW through our subcontractor base.
Supply chain
As a housebuilder we operate solely within the UK, and with the vast
majorityof our first-tier supply chain and subcontractors also being UK
based. Nonetheless, the Group recognises that the construction sector has a
particularly high exposure to modern slavery risk. In this context, the Group
has established robust controls and procedures to reduce this exposure and
toprovide assurance that our employees and suppliers continue to work to
thehigh standards we demand.
Throughout 2024, the Group has continued to engage proactively with the
Gangmaster and Labour Abuse Authority (‘GLAA’) through its ‘Construction
Protocol’, ensuring ongoing access to industry good practices in combating
modern slavery. The Group has also engaged proactively with the CCLA-led
‘Find it, Fix it, Prevent it’ initiative, to benchmark its processes, understand
stakeholder concerns for our sector and access intelligence on modern
slavery trends. Informed by these inputs, a comprehensive suite of controls
has been established. This includes regular audits on supply chain controls
and awareness, led by our Group Internal Audit department. Awareness
posters are also in place at all sites, encouraging the reporting of potential
concerns via our whistleblowing provision. Routine inspections and worker
interviews are carried out by the Group HS&E department, and tailored
training is in place for employees in Commercial, Procurement and Construction
functions. Site-based workers also receive an annual training session via The
Persimmon Way app, which reached over 16,000 workers.
Despite the Group’s comprehensive controls, one incident of potential modern
slavery was identified in the Group’s supply chain within 2024 (from zero in 2023
and one in 2022). This incident was identified via whistleblowing, and swiftly
addressed, with the support and advice of the GLAA and enforcement agencies.
Further details on the Group’s measures to combat modern slavery are set out
within our most recent Modern Slavery Statement, which is available on our
website at www.persimmonhomes.com/corporate.
Ethical business practices
The Group expects high standards of ethical behaviour and integrity from all
employees and stakeholders involved in our operations. This expectation is
detailed within our policies, including our Code of Ethics and our Anti-Bribery
and Corruption Policy, which are reinforced through regular training. As a
further safeguard of human rights and ethical behaviour, the Group maintains
a comprehensive whistleblowing provision. This provides a range of mechanisms
through which employees and others can raise concerns in confidence, and
anonymously if needed. All whistleblowing reports are investigated independently
by the Group’s Internal Audit department, with summary reporting provided
to the Audit & Risk Committee. The Group has continued its partnership with
the whistleblowing charity Protect, through which it has further strengthened
whistleblowing provision through additional training and access to tools to
benchmark against best practices.
The Group expects high standards
of ethical behaviour and integrity
from all employees and
stakeholders involved within
ouroperations.
Sustainability continued
Safe and inclusive continued
3
Respecting human rights across the value chain
Persimmon Plc Annual Report 202450

Non-financial and sustainability information statement
Key matters and where to find them
The following section of our
Strategic Report constitutes
Persimmon Plc’s non-financial
and sustainability information.
This statement has been
prepared to comply with sections
414CA(1) and 414CB(1) of the
Companies Act 2006, to provide
an understanding of the Group’s
development, performance and
position and the impact of our
activities. Information regarding
non-financial matters is also
included throughout our
StrategicReport.
An overview of our business model is set out on pages
08 and 09
Our policies are available on our website
www.persimmonhomes.com/corporate/sustainability/
policies-and-statements
Reporting requirement Relevant policies and standards governing our approach
Where to read more in this report and
how we manage the associated risks
Environmental
matters
Climate change is considered a principal risk for the Group, as disclosed in our Climate Change Position Statement. Detailed
information on the risks and opportunities posed by climate change can be found throughout this report and our TCFD disclosures are set
out on pages 60 to 69.
We recognise that our activities have an impact on the environment and that we have a responsibility to consider and minimise these impacts.
This commitment is formalised through our Environmental Policy, which forms a key part of the Group’s overall approach to sustainability.
Ensuring that we operate in a responsible way, and that we build homes and communities that are both efficient and sustainable, is
fundamental to the continued success of our business. Our Sustainability Policy outlines the Group’s three sustainability pillars that
shape our approach to how we undertake our activities as a responsible developer.
See pages 30 to 40,
60 to 69 and 72
Employees
Our HR strategy is well established and supports our ambition to become the employer of choice in the sector.
We place great emphasis on designing our developments and planning our work so that customers have a safe home to live in and our
workers are kept safe whilst these homes are being built. Our Health and Safety Policy sets out the Group’s health and safety aims
and is implemented through our health and safety management system for our operational activities.
Our aim as set out in our Equality, Diversity and Inclusion Policy is to be an employer of choice and for our workforce to be truly
representative of all sections of society and our customers, and for each employee to feel respected while realising their full potential.
See pages 23 to 27 and 73
Social matters
Transforming communities is just one of the sustainability pillars outlined in our Sustainability Policy that shape our approach to how
we positively transform communities directly connected to Persimmon’s activities.
Our Community Champions initiative was established in 2015 and has already donated c.£4m to around 3,750 good causes
across Great Britain. We also ran a range of community events as part of our ongoing partnership with Team GB, along with other
great initiatives. More information on this is available on our website: www.persimmonhomes.com/community-champions.
See pages 41 to 45 and 15
Human rights
We are committed to treating our employees, customers, suppliers and business partners in a fair and respectful manner. Our Human
Rights Policy sets out the standards to which we will operate to ensure these rights are upheld throughout our businesses and operations.
Our Modern Slavery Statement sets out the steps taken by us to prevent modern slavery and human trafficking within the Group’s
business and its supply chain.
We expect our suppliers and supply chain to join us in working as sustainably and ethically as possible, which is why we require all our
suppliers to comply with our Supplier Principles.
See page 50
Anti-corruption
and
anti-bribery
Our aim is to maintain a culture within the Group in which bribery and corruption are never seen as acceptable behaviours. Our
Anti-Bribery and Corruption Policy outlines our approach to the prevention of bribery and corruption, as an extension to our Code
of Ethics.
We value our reputation for complying with all aspects of UK tax law, so we have taken steps to make sure we do everything in our
power to prevent the facilitation of tax evasion, as set out in our policy on Preventing and detecting tax evasion.
See page 93
Non-financial
KPIs
We measure a number of non-financial KPIs to ensure the business is effectively managing its responsibilities. See pages 18 and 19
Persimmon Plc Annual Report 2024 51
Financial statementsGovernance Other informationStrategic report

Section 172 statement
Engaging with our stakeholders
The following disclosure forms the Directors’ statement required under
section 414CZA of the Companies Act 2006. Set out below is a summary
of how the Board considered its duties under Section 172(1) (a) to (f)
throughout the year.
2
EMPLOYEES
3
COMMUNITIES
4
SUPPLIERS AND
SUBCONTRACTORS
5
SHAREHOLDERS
1
CUSTOMERS
6
GOVERNMENT,
REGULATORS AND
INDUSTRY BODIES
OUR
STAKEHOLDERS
Section 172(1) How the Board considered its duties
The likely consequences of any
decision in the long term
●
Our markets
●
Our business model
●
Principal and emerging risks
●
TCFD
●
Viability statement
see pages 06 and 07
see pages 08 and 09
see pages 70 to 75
see pages 60 to 69
see pages 76 to 78
The interests of the Group’s employees
●
Our people and culture
●
Stakeholder engagement: employees
●
Principal and emerging risks
●
Sustainability: safe and inclusive
see pages 23 to 27
see page 54
see pages 70 to 75
see pages 46 to 50
The need to foster the Group’s business
relationships withsuppliers, customers
and others
●
Our strategic framework
●
Our business model
●
Sustainability: transforming communities
●
Stakeholder engagement
see page 01
see pages 08 and 09
see pages 41 to 45
see pages 52 to 58
The impact of the Group’s operations
on the community andthe environment
●
TCFD
●
Principal and emerging risks
●
Sustainability: building for tomorrow
●
Sustainability: transforming communities
see pages 60 to 69
see pages 70 to 75
see pages 30 to 40
see pages 41 to 45
The desirability of the Group
maintaining a reputation for high
standards of business conduct
●
Our business model
●
Audit & Risk Committee Report
●
Principal and emerging risks
see pages 08 and 09
see pages 110 to 115
see pages 70 to 75
The need to act fairly as between
stakeholders of the Group
●
Capital Allocation Policy
●
Other disclosures
●
Stakeholder engagement
●
2025 Annual General Meeting
see page 59
see pages 116 to 118
see pages 52 to 58
see page 93
To implement our five key priorities and to promote the success of the Company, we aim to build strong relationships
with all of our stakeholders. We regularly engage with our key stakeholders to understand what matters most to them,
how we can meet their interests and the likely impact of Board and management decisions.
The Board receives regular updates on stakeholder engagement at Board meetings. There are a number of standing
agenda items in order that the Board can review progress against our five key priorities and their impact on our key
stakeholders. TheBoard also engages directly with key stakeholders, particularly shareholders and employees. Our
key stakeholders, how we engaged with them and the results of that engagement are set out on the following pages.
Persimmon Plc Annual Report 202452

1
Customers
Engaging with our customers helps us to be
aware of their changing needs and ensure our
homes are well positioned in the market.
It also enables us to measure how we are achieving our aim of delivering high
quality, sustainable homes and excellent customer service. Engaging with our
social housing partners ensures that we provide the appropriate range of
affordable homes to meet the needs of local communities. In addition, we
engage with the growing institutional investor and Private Rental Sector
(‘PRS’) market. Maintaining positive relationships with all of our customers
minimises reputational risk for the Group and will help to increase long-term
demand for our homes.
How do we engage?
We communicate with our customers in a number of ways:
●
Our sales staff are in regular contact with our customers from the point of
reserving their new home to moving in day.
●
We have a comprehensive communication approach for each customer
including both before and after their moving in date.
●
Our site teams attend various touchpoints with our customers in the lead up
to and immediately after legal completion.
●
We participate in two national new homes surveys run by the Home Builders
Federation (‘HBF’) to obtain independent feedback from our customers.
●
Our customer care teams support our customers once they have moved
intotheir new home.
●
We engage with our social housing and PRS partners through regular
contact andmeetings.
●
We have a dedicated team of social media community managers
whoengage with our customers online, 365 days a year.
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
What did our customers tellus?
Feedback Outcome and effects on Board decisions
Affordability
Our customers want attractively priced, sustainable
and energy-efficient homes.
Our private average selling price is c.20% lower than the UK national average
for new build homes, widening the opportunity for home ownership to thousands
of families and first-time buyers. Our three strong brands (Persimmon Homes,
Charles Church and Westbury Partnerships) offer our customers a range of
choice and value in their respective markets.
Accessibility
Our customers want to be able to communicate with
our teams quickly and easily, at times and in ways
convenient to them. Customers value a blend of digital
and interpersonal customer experiences.
We have increased our investment in our customer experience function,
including in digital technology and training.
Quality
Our customers expect high-quality homes. We have continued to invest in and progress ‘The Persimmon Way’, our
Group-wide consolidated approach to new home construction which is
considered to be a key driver to deliver consistent quality across our business.
How do we measure the effectiveness ofourengagement?
The following metrics are regularly reviewed by the Board whenconsidering progress against our
five key priorities:
Persimmon Homes
Trustpilot score
4.5
(2023: 4.2)
Our score continues to improve,
reflecting our improved customer
service and brand reputation.
HBF customer
satisfaction
surveyscores
The eight-week and nine-month
HBF surveys represent our key
customer service metric. We are
proud to be a five-star builder
withan eight-week survey score
of96.0%.
Number of homes sold
10,664
(2023: 9,922)
new homes in 2024, anincrease
of 7% on last year.
Monitoring site visitors
and website traffic levels
We monitor the number of visitors
to our sites to assess the level of
interest in our developments.
Wealso track web traffic to better
understand how users interact with
our content, helping us improve
overall engagement.
NHBC Reportable Items
0.26
(2023: 0.28)
Our NHBC Reportable Items
score has improved by 7% during
the year, reflecting our build
quality improvements.
Speed of resolutionof
any customer issues
We are improving our customer
care tooling in order to continue to
improve our service and speed of
resolutions. Dealing with customer
issues promptly and effectively is
akey focus area.
A smooth and simple
first-time buyer experience
When Aaron and Jasmine bought their first home at
Orchard Mews in Pershore, they found the process to be
far less complicated and stressful than they had imagined
buying a house would be. Here’s their story:
“We heard that buying your first home was a long
daunting process, but from our experience the only thing
we can say is how quick, simple and reassuring the whole
process was.”
“Choosing a Persimmon new build meant we could start
enjoying our home straight away. We like new builds
because everything’s brand new. No waiting, no chain
and energy-efficient appliances. It’s modern, it’s clean
and it’s a blank canvas for us to personalise.”
Persimmon Plc Annual Report 2024 53
Financial statementsGovernance Other informationStrategic report

Section 172 statement continued
2
Employees
We aim to attract and grow a talented and diverse
workforce, believing this to be fundamental to the
long-term success of the business.
Engaging with the workforce significantly contributes to the success and
wellbeing of both the business and our employees. Engaged employees are
more likely to be motivated and committed to their work, leading to higher
levels of productivity and increased innovation and creativity. Engagement
leads to stronger team collaboration, better communication and creates a
positive culture which enhances customer satisfaction. Engaging with our
employees also helps ensure they understand and align with the Group’s
strategy, mission, vision and values and helps us to understand the changing
needs of our workforce, to better attract, develop and retain employees.
How do we engage?
●
Through our Employee Engagement Panel, meeting regularly throughout the
year. Each meeting is usually attended by a Board Director and is chaired by
our Chief HR Officer. The Chairman, Workforce Non-Executive Director, Chair
of the Remuneration Committee and Chief Financial Officer attended meetings
in 2024.
●
Through our intranet and improved internal communications to all employees
on matters such as our business activities and priorities, the achievements
of our business and our employees, and our work in local communities.
●
Through Employee Engagement Surveys and the resulting actions and plans.
●
Through our two network groups (Women’s Network and Persimmon Pride)
and our ethnic minority discussion group.
●
Through our Health, Safety andEnvironment department andincreased online
training procedures.
●
Through role-specific conferences.
●
Through Board member attendance at the Group’s Leadership
DevelopmentProgramme.
How do we measure the effectiveness
ofourengagement?
●
Feedback from the Employee Engagement Panel.
●
Changes to our employee turnover and absence rates.
●
Through the results of our annual Employee Engagement Survey.
●
Through our customer satisfaction surveys and quality measures.
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
What did our employees tellus?
Feedback Outcome and effects on Board decisions
Strong
employee
commitment
Our overall 2024 Employee Engagement Survey had an 81% employee
engagement score, with 90% committed to the Group and what we are
trying to achieve, while 91% understand how their work contributes to
Persimmon’s goals. With year on year growth in our scores around
customers, quality and Health, Safety and Environment, these results
continue to prove that the investments being made in the business are
working for our employees.
●
We have continued to invest in and develop our
Talent and Diversity and Inclusion strategies.
Throughout the year, the Group has made
progress on embedding equality, diversity and
inclusion, resulting in an increased rating on an
externally assessed diversity & inclusion audit,
moving from Bronze to Silver.
●
We formulated bespoke development programmes,
designed to provide support and guidance from
early careers through to executive development.
●
We continue to be an accredited Living
Wage Foundation employer.
●
We improved communications to promote
employee wellbeing, including our Employee
Assistance Programme.
●
We continued to improve our internal communications
strategy, utilising a range of channels, including
our intranet.
Recognition
Recognition is important, and employees want to feel valued and
appreciated. We are committed to fairly rewarding our employees and
celebrating excellence through recognition at our annual Persimmon
Excellence Awards ceremony. Our site teams, supported by colleagues
across all departments, are actively encouraged to work towards
recognition such as our NHBC Pride in the Job and Premier Guarantee’s
Quality Recognition Award. We also have our internal ‘Persimmon Praise’
tool, providing the opportunity to acknowledge and celebrate colleagues.
IT
improvement
Our IT transformation has made great progress and 59% of our employees
have seen improvements with IT.
Roadmap of key engagement activities
February 2024
Employee Engagement
Survey 2024
March 2024
Employee Engagement
Panel, Women’s
NetworkGroup
May 2024
Annual Persimmon
Excellence Awards
ceremony, Leadership
conference
June 2024
Employee Engagement
Panel, Persimmon Pride
andBoard site visit
November 2024
International Men’s Day
webinar with Andrew Wyllie,
Non-Executive Director.
September 2024
Employee Engagement
Panel, Women’s Network
Group: Workshop
October 2024
Women’s Network Group:
Roundtable discussions held
across the Group.
Persimmon Plc Annual Report 202454

3
Communities
Engaging with our local communities, throughout
all phases of a development, more accurately
identifies their needs and helps us to meet
thoseneeds.
During this collaboration, we aim to address any planning and technical
issues in order that the impact of our activities on local communities is
minimised, including using planning and environmental risk assessments.
How do we engage?
●
Being actively involved in the communities in which we operate, through
employing local people and supporting local charities and community
groups through our Community Champions initiative and the Persimmon
Charitable Foundation.
●
Through our External Affairs team.
●
Feedback from our local pre-launch marketing campaigns.
●
Proactive engagement and consultation throughout the planning and
development process of each of our developments.
●
Regular engagement with planning authorities.
How do we measure the effectiveness
ofourengagement?
●
Speed of achieving planning consents and ability to unlock blocked consents.
●
Through the impact of our Community Champions initiative.
●
Through the quality of our developments and our ability to demonstrate
how local priorities have been met.
●
Reports from the Group Director of Strategic Partnerships and External Affairs.
●
Delivering targets for Health and Safety and Sustainability.
Midlands team helps to restore historic
wellbeing site in Thornby
A Northampton-based wellbeing and meditation group secured a £5,000
donation from our Midlands team, helping it to restore the roof of its historic
Jacobeanheadquarters.
Nagarjuna Kadampa Meditation Centre received the funding as part of our
Community Champions initiative. Thegroup has been raising funds to help
with repairs to thehistoric Jacobean building’s roof, which has areas that are
leaking. The Centre – comprised solely of volunteers – hasalready hosted
several fundraising activities, with ourdonation making a significant
contribution to the overalltarget.
c.£905k
donated by Persimmon
Regional and Community
Champions in 2024
c.355
organisations received
charitable donations
in2024
c.£2.2bn
investment in local commu-
nities (over 5 years)
13,064
plots achieving detailed
planning in 2024
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
What did our communities tellus?
Feedback Outcome and effects on Board decisions
Sustainability
Affordable homes with lower
running costs and better
energy efficiency.
We focus on sustainability by trialling low-carbon building methods to meet regulatory and environmental objectives.
Inline with the Future Homes Standard and New Build Heat Standard in Scotland, we have developed energy transition
plans for all our developments. We have started installing low-carbon designs and heating solutions, such as air source
heat pumps, ahead of regulatory requirements to help us achieve our target of net zero carbon in our homes in use by
2030.
Infrastructure
investment
Local infrastructure investment
isimportant in improving
community environments.
Our Placemaking Framework has improved the guidance and tools for our Planning and Design teams. Our new
developments feature enhanced green spaces, such as allotments and orchards to promote wellbeing. We are proud
tocreate spaces that bring communities together.
Community
involvement
To be an active part of the
community through supporting
local charities, sports clubs
and community groups.
We help to support our communities by making donations to local charities, sports clubs and community groups in the
areas where we operate. During the year, the Company has donated c.£905,000 to charities, sports clubs and local
community groups across the country. Our partnership with Team GB allowed us to welcome athletes to a number of our
events, from show home openings to inspiring meet and greets in the communities we created.
Engage with
local feedback
To be positive and responsive
to the views of local people.
We engage with our local communities and local planning authorities through the development process of our sites to
ensure that they will meet local needs.
Fire safety
concerns in
highrises
Leaseholders and occupants of
high-rise buildings have been
concerned with fire safety issues.
This year, the Government introduced a joint plan to accelerate building safety remediation, which we have joined. The
Group is already effectively delivering the accelerated requirements. While the obligations under the self-remediation
contracts with the English and Welsh Governments remain unchanged, our commitment to the joint plan reinforces our
ongoing efforts to resolving building safety issues. We continue to ensure that leaseholders are not financially impacted
by the costs associated with necessary cladding removal or fire safety remediation in buildings constructed by the Group.
Understanding the importance of building safety, we are pleased to report that over 73% of affected developments are
either being remediated or have been completed, with most works expected to be finished over the next two years.
Persimmon Plc Annual Report 2024 55
Financial statementsGovernance Other informationStrategic report

Section 172 statement continued
East Scotland team hosts
subcontractorseminar
In early 2024, our East Scotland business hosted a seminar, focusing on the
future of our business and the invaluable role that subcontractors would play in
the year ahead.
Over 120 subcontractors joined the seminar, engaging indiscussions on
a variety of key topics, including quality standards, customer focus,
apprenticeships, and health andsafety.
The seminar provided a platform for open discussions, strengthening our
partnership with subcontractors and aligning our approach for continued
growth and excellence.
4
Suppliers and subcontractors
Engagement with our suppliers and subcontractors
assists us in continuing to improve the long-term
sustainability of our supply chain.
The Group benefits from long-standing relationships with many of its suppliers
and subcontractors. These assist in securing the quality and supply of materials
to deliver the Group’s build programmes effectively. We engage with suppliers
and subcontractors to ensure adherence to our stringent health and safety
standards and required standards of ethical behaviour and integrity, supported
by the continued implementation of framework agreements inclusive of policies,
KPIs and expected service levels.
How do we engage?
●
Quarterly business reviews andregular informal discussions with our key
suppliers through ourGroup Procurement team, which is responsible for
arranging and negotiating Groupframework agreements and service-level
agreements toensure our suppliers understand and comply with our
standard terms.
●
Our ‘Toolbox Talks’ help to ensure our subcontractors understand
andadhere to the health and safety standards required on our sites.
●
We are partners to the Supply Chain Sustainability School which
encourages and enables engagement across the supply chain.
●
Our local operating businesses’ Buying and Technical teams regularly
engage with local suppliers and subcontractors.
●
All Group suppliers sign up to theGroup’s Supplier Principles and equivalent
Group policies, which describe our requirements and expectations.
●
We are part of the Future Homes Hub Whole Life Carbon Oversight Group.
How do we measure the effectiveness
ofourengagement?
●
The Group Procurement department provides routine monitoring of trends
and supplier performance.
●
Through partnership longevity: the Group’s Procurement team is responsible
for managing the strong, long-standing relationships we hold with our
mainsuppliers.
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
What did our suppliers and subcontractors tellus?
Feedback Outcome and effects on Board decisions
Collaborative
innovation
Our suppliers and subcontractors want to work collaboratively to identify
innovative solutions and alternative products to support changes to statutory
requirements and building regulations (such as the transition to the Future
Homes Standard) and delivery of our objectives.
●
Our tendering processes have been strengthened
through standardisation of our procurement process,
greater central oversight and an expanded use of
framework agreements.
●
We seek to secure Group-wide deals covering all
major elements of our construction process. These
relationships and agreements enable the Group to
have consistent standards of quality, security of cost
and supply of materials whilst providing our suppliers
with certainty over volumes, revenues and cash flows.
●
We have signed up to the Future Homes Hub ‘Homes for
Nature’ commitment.
●
We have also been engaging with our suppliers to
assess the embodied carbon of our house types in order to
identify materials with the most impact.
Supply chain
optimisation
Material delivery monitoring and reporting is important, to support
compliance and identify opportunities for reduction of excess stock to
develop a robust supply chain, while remaining diligent in preventing
modern slavery and protecting human rights.
Supply chain
monitoring
They continue to monitor the impact of global supply chains and
price-sensitive impacts to enable continued service delivery, collaborating
with manufacturers to implement risk mitigation measures and prioritising
responsible sourcing and human rights protection.
Supply chain
forecasting
The Group works in partnership withits suppliers, providing material
demand forecasting, with periodic updates detailing any variations.
Thisensures continuity of supply, providing continuity and visibility
offutureworkflows.
Making
payments
ontime
Timely payment of invoices is important – we pay invoices within
agreedtimescales.
Persimmon Plc Annual Report 202456

5
Shareholders
Access to capital is important for the long-term
success of the business.
Through our engagement we aim to create investor buy-in of our core focus
areas and how we execute them. We create value for our investors by
generating surplus capital beyond the reinvestment needs of the business
asthe market cycle develops.
How do we engage?
●
The Executive Directors and IR Director hold regular meetings with analysts
and investors as part of the Group’s reporting cycle.
●
We hold regular shareholder roadshows. In addition, throughout the year,
the Executive Directors and IRDirector participate in calls, investor
conferences and site visits to meet prospective and existing investors.
●
There is a regular update from theIR Director to the Board reporting on
changes to the shareholder register, share price movement and
summarising feedback from shareholders and analysts.
●
All Board members attend the Company’s Annual General Meeting,
wherethe Chairman and Group Chief Executive update shareholders,
andwe conduct the vote on resolutions bypoll.
●
We obtain feedback from theCompany’s brokers, market analysts and
shareholder groups, which is regularly shared with the Board.
●
The Chairman and Committee Chairs are also available to attend meetings
with major shareholders to gain an understanding of any issues and concerns.
How do we measure the effectiveness
ofourengagement?
●
Feedback from analysts and investors.
●
Movement on the share register.
●
Share price relevant to the sector.
92.1p
Underlying basic
earnings per share for
the year, being 12%
higher than 2023
60p
total dividend for
theyear
c.250
interactions with c.200
investors during the year
64.82%
of the share register
voted at our last AGM
Investor site visit to Brickworks/Tileworks
To facilitate investors’ understanding of our business, we organise site visits to
our operations. In June 2024, one such visit involved taking a group of
potential investors on a tour of our Brickworks and Tileworks factories in
Doncaster. This showcased how our vertically integrated model supports our
strategy by providing opportunities for innovation, cost savings, agility and
security of supply. After the factory tour, we visited one of our sites, Warren
Park, also in Doncaster. This allowed the investors to see an active development
and meet with some of the team, from the Regional Chair of North East &
Yorkshire and Managing Director for Yorkshire, to our subcontractors.
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
3
Disciplined growth: high-quality land investment
4
Industry-leading financial performance
5
Supporting sustainable communities
What did our shareholders tellus?
Feedback Outcome and effects on Board decisions
Environmental-
related metric
Our shareholders would like an environmental metric
incorporated into our incentive awards.
Inclusion of an environmental metric in the performance condition was first
introduced for the 2023 PSP awards. For 2024, the carbon reduction measure
focused on the Group’s absolute Scope 1 and 2 carbon emissions.
Board diversity
and succession
Requirement of a diverse Board and pipeline of talent
for succession to executive positions.
The Group has maintained a rigorous process for each Board appointment, led
by theNomination Committee. The Group engages with external search firms,
specialising in executive recruitment to intentionally target diverse candidates.
Throughout the year, the Nomination Committee continued to focus on succession
planning to further strengthen and diversify the Board.
Sustainable
dividend
Our shareholders have a preference for a
sustainabledividend.
We recognise the importance of returns for our shareholders, reinforced through
our Capital Allocation Policy. For 2024, the Board approved an interim dividend
of 20p per share and has recommended a final dividend of 40p per share.
Fair pay
Our shareholders are committed to fair pay for the
whole workforce.
The Group is committed to providing all employees with opportunities to
reachtheir full earning potential. As an accredited Living Wage Foundation
employer, we continue to pay the Real Living Wage. Wider workforce
remuneration remains a key focus for the Remuneration Committee.
Persimmon Plc Annual Report 2024 57
Financial statementsGovernance Other informationStrategic report

Sir Keir Starmer MP visittoGermanyBeck
In June, we welcomed Sir Keir Starmer to our Germany Beck development in
Fulford, York, where he met some of our local apprentices.
Sir Keir spent time with the apprentices to talk about their training with
Persimmon. With housing such a prominent issue in the election campaign, we
were delighted to be able to show Sir Keir and his team how we are providing
good quality homes for local people.
7%
improvement in our NHBC Reportable Items
score, meaning we are now placed in the
top half of the housebuilding sector.
Absolute Scope 1 and 2 emissions (market based)
20,306 tonnes CO
2
e
Our absolute carbon reduction emissions have reduced during the year
(2023: 21,973), keeping us on track with our science-based carbon
target, which is further supported by our environmental-related
performance metrics for our 2024 PSP awards.
Links to our strategic framework
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
6
Government, regulators
and industry bodies
We engage with national and local government
and public bodies regarding policy that could
affect the Group.
We meet with local councillors and local authority planning departments
tounderstand their priorities to ensure we are able to create sustainable
communities where people wish to live and work. We engage with the Health
and Safety Executive in relation to industry-wide initiatives to reduce health
and safety risks to both our workforce and local communities.
How do we engage?
●
Extensive engagement with local councillors and local planning authorities
led by our External Affairs team.
●
We are a member of the Home Builders Federation and Homes for Scotland.
●
We engage with government departments directly and, as members, work
with the Home Builders Federation and Homes for Scotland, to explain
industry opportunities and challenges.
●
By participating in industry meetings with Ministers.
●
Regular dialogue with Homes England and with the Health and Safety Executive.
How do we measure the effectiveness
ofourengagement?
●
The Board receives updates from the Group Chief Executive and
GroupDirector of Strategic Partnerships and External Affairs regarding
direct engagement with government, Homes England and the Home
Builders Federation.
●
Our engagement has led to an enhanced planning approach, withover
20% increases year on year in plots receiving detailed consent.
What did the Government, regulators and industry bodies tellus?
Feedback Outcome and effects on Board decisions
New homes
target
The Government is determined to
increase new housing supply and
deliver 1.5m new homes across
this parliament.
We have increased new land investment in recent years and improved our approach to planning to grow
our active outlets year on year. During the year, we achieved planning on 13,064 plots.
Building
Remediation
The Government has
introduced the Remediation
Acceleration Plan, to target an
increase in the pace of
remediation across the sector.
The Group has committed to the Government’s Remediation Acceleration Plan aimed at accelerating progress on
building safety remediation. As part of this joint initiative, the Group has agreed to meet targets on eligible
buildings’ assessment and works starting. The Group is already well-advanced and aims to have completed works
on the majority of buildings by the end of next year, ahead of the Government’s targets. This commitment builds on
the Group’s self-remediation contracts with both the English and Welsh Governments to protect leaseholders from
the financial burden of necessary cladding removal and other life-critical safety issues on buildings constructed by
the Group. We continue to work positively with the Scottish Government on a similar agreement.
HS&E
expertise
It is essential to maintain a
skilled and well-resourced
Health, Safety and
EnvironmentDepartment.
Training is key to mitigating health and safety risks, with all workers and subcontractors receiving extensive
training. HS&E modules and Toolbox Talks are regularly delivered using Group-wide materials, with topics
tailored based on ongoing performance monitoring. During the year, we launched the Target Zero
campaign, aimed at raising safety awareness and accountability to minimise incidents and protect
colleagues. We were awarded Building a Safer Future Chartered Champion status in March 2023 and
successfully retained this status when audited this year. A Health and Safety performance metric has been
introduced to the Executive Director’s annual bonus.
Community
engagement
To reflect the views of local
authorities and communities in
the plans we develop.
We work with landowners, local communities, and planning authorities to address housing needs and
foster positive relationships. By delivering new housing in areas of greatest need, we support local
employment and make valuable contributions to local infrastructure.
Section 172 statement continued
Persimmon Plc Annual Report 202458

Principal decisions
We define principal decisions as both those that
are material to the Group but also those that
are significant to any of our key stakeholder
groups. In making the following principal
decisions the Board considered the outcome
from its stakeholder engagement (pages 52 to
58) as well as the need to maintain a reputation
for high standards of business conduct and the
need to act fairly between members of the
Company. A description of principal decisions
made by the Board during 2024 and to the date
of this report is provided across. Further
information regarding the main activities ofthe
Board during the year are set out on pages86
to 88.
Building Safety Remediation and Provision
Stakeholders affected by the decision:
1 3 5 6
As set out on page 21, we have continued to make good progress on our
Building Safety Programme and have completed works or are on site with
73% of known developments, delivering ahead of the Government’s targets.
During the year the provision was increased through a net charge of £2.0m in
relation to the anticipated costs of the Group’s commitments. This increase
included the recoverability of VAT applicable to such costs, offset by
additional rectification works identified once site works had commenced.
The Group spent £58.1m on the Programme during the year, with total
aggregate expenditure now over £120m. Given our own proactive approach
and the sustained and significant publicity around unsafe cladding and
building safety, we do not anticipate significant new building additions into
the Programme.
TopHat
Stakeholders affected by the decision:
1 3 5
In April 2023, the Group committed to invest £25.0m into TopHat, an
innovative modular home manufacturer. During 2024, due to a re-assessment
of risks within the modular build sector, the Group recognised an exceptional
charge of £25.0m in relation to its investment and long-term loan notes in
TopHat Enterprises Limited and wrote down the value of the investment and
long-term loan notes to £nil. While the Board acknowledges that this decision
would affect customers and communities in which we build, the broader
market challenges for volumetric modular manufacture have led us to take the
prudent decision to write down our original investment. We continue to work
with TopHat as they reposition the business to focus on the facade product.
Health and Safety campaign – Target Zero
Stakeholders affected by the decision:
1 2 3 4
The Board supported the Group’s launch of its ‘Target Zero’ health and safety
campaign, which is designed to drive awareness of workplace safety and
reduce the volume of safety-related incidents in our operations. Understanding
the importance of target zero, a health and safety metric has been introduced
to the Executive Directors annual bonus for 2025.
Capital Allocation Policy
Stakeholders affected by the decision:
2 5
The Board recognises the importance of sustainable dividends for shareholders
and will continue to prioritise value creation from a strong return on capital.
The Board’s Capital Allocation Policy follows the following key principles:
●
Invest in the long-term performance of the Company by ensuring the
business retains sufficient capital to continue our disciplined and
appropriately timed approach to land acquisition.
●
Operate prudently, with low balance sheet risk, and a continued focus on
achieving a superior return on capital.
●
Ordinary dividends will be set at a level that is well covered by post-tax
profits, thereby balancing capital retained for investment in the business
with those dividends.
●
Any excess capital will be distributed to shareholders from time to time,
through a share buyback or special dividend.
The Board announced an interim dividend of 20p per share in August 2024,
which was paid on 8 November 2024. The Board has also recommended the
payment of a final dividend of 40p per ordinary share for the year ended 31
December 2024 to be paid on 11 July 2025. In determining the capital
returns, the Board considered the ongoing performance of the business and
prevailing market conditions. The Board balances returns to shareholders with
the needs of the Group’s other key stakeholders in order to deliver a level and
nature of return that is considered sustainable in the long term.
Our Stakeholders
1
Customers
2
Employees
3
Communities
4
Suppliers and subcontractors
5
Shareholders
6
Government, regulators and industry bodies
Persimmon Plc Annual Report 2024 59
Financial statementsGovernance Other informationStrategic report

TCFD
Task Force on Climate-related
Financial Disclosures(‘TCFD’)
The Board recognises the global climate
emergency and the risks and opportunities
posed by climate change to the Group’s
business model and strategy.
Climate change is identified as a principal
riskfor the Group, and the Group reports
climate-related disclosures consistent with the
latest TCFD recommendations and supporting
recommended disclosures and will continue
tomature its level of reporting following
therequirements.
In 2022, we undertook a comprehensive TCFD assessment, which included a
detailed analysis of identified transition risks to assess their potential financial
impacts. In addition, detailed physical risk modelling was performed at a
regional level to determine potential financial impacts. This assessment
provided the direction required for the next few years, and actions for
2024have been based on this.
The Group has set ambitious climate reduction targets to achieve net zero
carbon homes in use for 2030 and net zero carbon in our operations by
2040. These are supported by near-term science-based targets for carbon
emissions reductions validated by the Science Based Targets initiative (‘SBTi’).
Long-term science-based targets have been developed and are being
progressed with the SBTi for approval. The target year of 2045 has been set,
and a reduction in carbon emissions of around 90% by this date is expected,
with the remaining offset or neutralised through a suitable mechanism. To
achieve this significant but necessary level of carbon reduction, system-level
change across sectors is required, with key enablers, such as decarbonisation
of thegrid and highly collaborative relationships with supply chains in place.
Our decarbonisation pathway (pages 31 to 34) lays out our strategic
approach to reducing direct carbon emissions in our operations and the
indirect emissions from our homes in use and from our supply chain.
Performance against key metrics is shown on page 69.
1
Governance
Climate change is considered a principal risk for the Group and, as such, it is
governed and managed in line with the Group’s risk management framework.
See page 70 for further details.
The Board has overall responsibility for the management of risks and opportunities
arising from climate change and, on an annual basis, undertakes a Group-wide
review which includes consideration of climate risk. In particular, the Board
has taken an active role in understanding the impacts of future legislation with
a focus on the implementation of the forthcoming Future Homes Standard and
Scope 3 reductions.
The Sustainability Committee supports the Board’s climate responsibility and
oversees the Group’s climate change strategy to ensure climate issues are
being effectively considered and that the business remains on track to meet
itsscience-based reduction commitments. Progress updates are provided
regularly to the Board. During 2024, the Sustainability Committee focused
onbusiness readiness and planning for the Future Homes Standard. It
received updates from the FHS Implementation Steering Group and ensured
that operational carbon reduction initiatives remained on track to deliver its
net zero and science-based target carbon emissions reduction commitments.
The Group Sustainability Director and Group Strategy and Regulatory
Director are responsible for updating the climate risks within the Group risk
register and consulting with key Group functions to ensure comprehensive
coverage of potential impacts and mitigation plans. The findings are taken to
the Sustainability Committee and communicated to relevant internal working
groups for action.
When considering our land investment opportunities, the Managing Directors
of each operating business are responsible for ensuring all environmental
surveys, including flood risk assessments, are undertaken before acquisition,
with final approval going to the Land Committee, which oversees all acquisitions.
All planning applications are reviewed by the Group Planning department
before submission, which provides additional assurance and all developments
are required to produce an energy transition plan to ensure consideration of
site needs, appropriate energy solutions, and customer requirements as new
energy standards come into force. An internal annual climate risk health
check was undertaken again this year.
Persimmon Plc Annual Report 202460

2
Strategy
Our strategy sets out our path to achieve net zero carbon by 2045 with clear
actions to reduce carbon emissions from our operations, our homes in use,
and our supply chain. We have near-term science-based carbon emissions
reduction targets of 46% for Scope 1 and 2 absolute emissions and 22% per
m
2
completed floor area for Scope 3 emissions by 2030, which are approved
by the SBTi. Long-term net zero carbon targets have been established for
2045 and are being progressed with the SBTi for approval. These will deliver
a circa 90% reduction in Scope 1, 2 and 3 emissions, with the remainder
being offset or neutralised through approved mechanisms.
We have defined four strategic focus areas to achieve our ambitions:
1. Create low-carbonhomes
●
Reduce energy demand: design homes to be more energy efficient.
●
Understand performance and customer experience: gather real-life
in-use data from our low-carbon home trials.
●
Innovation: continue to instigate technology trials to be at the
forefront of innovation, build strategic relationships with the supply
chain and continue to invest in our off-site manufacturing facilities.
●
We are currently implementing Part L of the Buildings Regulations
2021, delivering a 31% reduction in carbon emissions, and
readiness plans are in place for the Future Homes Standard,
anticipated to come into force from 2026/27.
2. Deliver low-carbon siteoperations
●
Reduce our use of diesel across our sites.
●
Introduce new technologies such as electric and hybrid plant when
available and appropriate.
●
Set standards and benchmarks for energy reduction and
management on site.
3. Reduce embodied carbon
●
Assess embodied carbon to identify high-impact materials and services.
●
Maximise the benefits from our vertical supply chain and
opportunities through design.
●
Supply chain: communicate our strategy to our suppliers and work
with our supply chain to reduce embodied carbon in materials.
4. Ensure climate changeresilience
●
Climate risk management: scenario plan our strategic land holdings
and any major business change for climate resilience and mitigation.
●
Design: design in climate risk measures to mitigate risks, such as
window sizing, orientations and modern methods of construction.
●
Nature-based solutions: utilise blue and green infrastructure
tomitigate against extreme weather events such as flooding
anddroughts.
These timescales have been chosen as the most relevant to the business,
reflecting major future legislative change expected in 2026/27 with the
introduction of the Future Homes Standard and aligning with the Group’s
netzero carbon and science-based targets commitments.
Low carbon world 1.5°C
Assumes climate policies and controls are introduced early
andbecome more stringent over a relatively short timeframe
(2030). High transition risk in the short term and very aggressive
mitigation measures, but as aresult, physical risks are less
severe compared to the 2°C scenario. Achieves a managed
transition to a low-carbon economy.
Paris consistent scenario ~2°C
Maintains similar regulatory requirements in the short term,
then requires more aggressive mitigation actions to reduce
emissions. As aresult, physical risks are less severe compared
to the 4°C scenario.
Hot house world ~4°C
Low transition risk in the short and long term as the world
failsto transition to a low-carbon economy. Consequently,
physical risks become increasingly frequent and severe in
thelong term, resulting in serious impact on the global
economy, environment and human wellbeing. Adaptation
becomes necessary.
Climate scenario analysis outputs
From the scenario analysis which has been undertaken, the residual risks
forthe business are considered to be low to very low for both transition and
physical risk. This is based on current activities and control measures which
are in place. The tables on pages 62 to 66 provide a high-level summary of
the types of risks, their potential impact, the time horizons which have been
considered and the Group’s response. The detailed climate analysis modelling
was undertaken in 2022 and has been reviewed to ensure it remains fully
relevant for the assessment of climate risks.
Climate scenario analysis
We have identified high-level climate change-related risks and opportunities
over the short, medium and long term that are considered to have a potentially
material financial impact on the Group strategy and business model.
Following best practice and TCFD recommendations, contrasting science-based
scenarios have been developed to enable consideration of the Group’s
exposure to both physical and transition risks. These scenarios have been
considered over three different time horizons:
●
short term (end 2025); medium term (end 2030); and long term (to 2040+).
Persimmon Plc Annual Report 2024 61
Financial statementsGovernance Other informationStrategic report

TCFD continued
3
Risk management
Transition risk analysis
The transition risks are anticipated to occur in a relatively short timeframe compared to physical risks, and this is already being seen with increasing legislation on energy efficiency in homes coming into force, with changes to Part L of the Building
Regulations and the Future Homes Standard, for example. This will drive changes in technology, and customer expectations and the Group is already evaluating alternatives, trialling innovative technologies and engaging with suppliers.
Summary description of transition risks
Potential
impact
ranking
Timeframe
of impact
Business
action
Policy and legal drivers
Pricing of GHG emissions
Carbon pricing could manifest as a range of environmental, planning or sector-wide taxes. Under the 1.5°C scenario, pricing of GHG emissions could be
$155–$454 per tonne by 2030, and $54–$97 per tonne under the 2°C scenario. Carbon pricing could be felt through the supply chain and material costs.
High Short In plan
Increasing national regulation
relating to more stringent
environmental standards
Increasing stringency of building and planning regulations and design requirements to enable the UK Government to meet its 2050 net zero carbon target, including Part L
of the Building Regulations, Future Homes Standard, National Policy Planning Framework and National Model Design Code. Many local authorities have declared their
own climate emergencies, and the planning system will be a key vehicle for delivery. This could impact our development and growth plans and increase build costs.
High Short In plan
Climate change litigation
Climate-related litigation claims may be brought by investors, insurers, shareholders and public interest organisations. Reasons could include failure to adapt to climate
change causing harm or greenwashing.
Low Medium Include in
futureplan
Enhanced reporting obligations
Additional emissions-related reporting requirements likely in the UK by 2030. This could include needing a materials passport in order to increase the circularity of building
supply chains and updates to the Streamlined Energy and Carbon Reporting (‘SECR’) regulations. Scope 3 emissions reporting could also become mandatory.
Low Short-medium Include in
futureplan
Technology shifts
EV use
To achieve the UK Government’s net zero carbon commitment by 2050, there will be an increasing number of electric vehicles. Sufficient charging points and grid capacity
will be required, which will have an impact on build costs.
High Short In plan
Substitution of technology
Risk of installing technologies at the beginning of a planning process that then become obsolete or outdated. Could affect customer satisfaction and sales. This is especially
relevant at the point of the implementation of the Future Homes Standard.
Medium Short In plan
Market
Change in customer demands
There is a risk that if energy prices increase, property buyers will want lower-carbon homes and expect greater energy operational efficiency. Inefficient properties could
also fall in value, which could impact the market.
High Short In plan
Supply chain resilience and
increasing cost of raw materials
Sourcing and availability of materials could be impacted by both transition and physical risks. There is a risk of increasing development costs, due to supply and demand,
and likely carbon pricing on key materials such as glass, cement and insulation.
High Short-medium In plan
Cost of capital
As credit ratings begin to incorporate climate change considerations, there is a risk of downgrading and the cost of capital increasing. Low Medium In plan
Low-carbon technology availability
Rapid uptake of low-carbon technologies such as air source heat pumps could cause market shortages and delay delivery of homes. High Short In plan
Skill shortage impacting ability to
install low-carbon technology
In order to reduce emissions to comply with planning requirements, access to different skills such as renewable specialists and heat pump installers will be required.
Ashortage could lead to delayed delivery and an increase in build costs.
High Short In plan
Reputation
Investment risk
Risk to revenue and investment streams as clients and investors increasingly expect high levels of sustainability performance. Medium Medium In plan
Stakeholder risk
Over the next decade social pressure regarding sustainability and increased public awareness could create a reputational risk if there is failure to reduce both operational
and embodied carbon. The impact of this could be seen through delays in the planning process as local authorities enact their own climate action requirements.
Medium-high Short-medium In plan
Employee risk
As employees are becoming increasingly concerned with climate change issues, negative publicity around failure to deliver targets could make it difficult to attract
andretain talent.
Low-medium Short-medium Included in
employeesurvey
Persimmon Plc Annual Report 202462

Quantification of transition risk
The transition risks and opportunities with the most likely material impacts
were selected for detailed climate risk analysis over short (2025) and medium
(2030) time horizons. The assessment focused on a low-carbon world (1.5°C)
scenario, associated with the most significant level of transition risk. The
financial impact quantification relied on assumptions sourced from climate
scenarios published by sources including IEA and NGFS, as well as public
domain research.
It also built in assumptions agreed with a selection of the Group’s internal
subject matter experts for aspects such as expected volume delivery and the
Group’s ‘uplift costs’ to meet regulatory requirements. The table opposite
summarises the scope of the four transition risks/opportunities impact
assumptions, the Group’s key mitigations and the residual risk exposure.
Risk was evaluated in terms of gross risk score (i.e. likelihood multiplied
byimpact). A score is attributed to inherent risk (i.e. without considering
Persimmon’s risk mitigations) and to residual risk (i.e. after factoring in
mitigations). In other words, residual risk takes into account the risk
mitigation/adaptation strategies and controls that Persimmon has in
placetominimise the impact of the climate risk.
Transition risks are well understood by the business. Plans are already in
place to mitigate the risks, and levels of potential residual risk are very low.
This is based on the most up-to-date data and assumptions available.
TheGroup will continue to track and monitor transition risks.
Gross risk score (Impact x likelihood)
Risk 1 2 3 4 5
Opp 1 2 3 4 5
Lower Higher Not
assessed
Residual risk/opp
S – Short term (end 2025)
M – Medium term (end 2030)
L – Long term (to 2040+)
Low-carbon world scenario
Transition risk Risk name
S M L
1 Increasing cost of raw materials
Description:
There is a risk of increasing the cost of raw
materials used in construction, driven by the
transition to a low-carbon economy.
Persimmon’s suppliers could pass the
impact of carbon pricing for high-carbon
building materials such as steel and cement
onto Persimmon, consequently impacting
development costs.
Impact assumptions:
Carbon prices based on IEA and NGFS forecasts; volume of homes and build type based on
internal Persimmon projections; embodied carbon estimated based on current levels; and
assumptions on future carbon intensity of input materials.
2 2
Our controls/mitigation:
Costs ultimately recovered through land valuation; risk internally monitored by the Group’s
Procurement department; Scope 3/embodied carbon reduction targets; supplier initiatives;
and in-creasing timber frame construction offers an opportunity to reduce embodied carbon.
Max. financial impact:
<£2m
(Very low impact)
2 Pricing of greenhouse gas emissions
Description:
Under a low-carbon world scenario,
pricing of GHG emissions in the UK is
expected to increase. This could impact
Persimmon’s operating costs. Uncertainty
around UK pricing and regulations (e.g.
cap and trade schemes) could make planning
of future Persimmon operations difficult.
Impact assumptions:
Carbon prices based on IEA and NGFS forecasts; and emissions based on current Scope 1
and 2 (location-based), factoring in the achievement of an emission reduction target of 46.2%
by 2030.
1 2
Our controls/mitigation:
Persimmon’s sustainability strategy includes a core focus on climate action and resilience;
on-site energy efficiency initiatives to reduce emissions from construction; more efficient build
methods; and staff education around energy use.
Max. financial impact:
<£2m
(Very low impact)
3 Climate-related regulations impacting products and services
Description:
The UK may need to increase the stringency
of building regulatory requirements as part
of its efforts to meet its net zero 2050
target. This could affect Persimmon’s
developments in the form of increasing
development costs to ensure all new
buildings are zero carbon ready by 2030.
Impact assumptions:
The volume of homes and build type based on internal Persimmon projections; uplift costs to
meet Future Homes Standard based on internal Persimmon calculations; and assumptions on
the cost of air source heat pumps linked to the UK’s Low Carbon Heat Scheme.
2 2
Our controls/mitigation:
Undertaking trials and innovation projects on new technologies and investing in our vertical
integration factories; and building framework agreements with suppliers for technologies such
as air source heat pumps. Costs ultimately recovered through land valuation.
Max. financial impact:
<£2m
(Very low impact)
4 Changing consumer preferences
Description:
There is a risk that by 2030 property
buyers will want lower-carbon homes as
they try to harness the opportunity of green
mortgages and greater operational energy
efficiency. If Persimmon can deliver
low-carbon homes by 2030, this could
create an opportunity for increased
revenue by taking advantage of ‘green
premiums’ on new-build properties.
Impact assumptions:
Consumer research is indicating a premium for more energy-efficient homes, and a willingness to
pay more for cost-effective energy-efficient homes; green mortgages also have an opportunity
to support the transition to sustainable homes. However, the market is still evolving and financial
valuation for green products is maturing.
1 2
Our controls/mitigation:
Persimmon has clear plans in place to deliver low-carbon homes, ensuring they are affordable
and cost-effective to run for customers; and monitoring of consumer trends will continue to ensure
opportunities are maximised. We are members of the Future Homes Hub Valuations Group.
Max. financial impact:
Ongoing
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3
Risk management continued
Quantification of transition risk continued
Physical risk analysis
While physical risks under the scenario modelling manifest over a longer period, there is already an increasing occurrence being observed of more extreme weather events that are attributed to current climate change. These are typically
observed as more excessive snowfall, rainfall, unusually high temperatures and unseasonal weather patterns.
The table below ranks the potential impacts, timescale and readiness based on those that will manifest more significantly in the future.
Summary description of physical risks
Potential
impact
ranking
Timeframe
of impact
Business
readiness
Heat stress
Hot summers are expected to become more common with more extreme temperatures. Under the hot house scenario, heatwaves could last
20days. This will affect comfort for customers and therefore design criteria will need to be applied to avoid overheating. Construction site
conditions and working practices will need to ensure worker health, safety and well-being. Heat island effects will also become more
prevalent in urban and built-up areas.
High Medium-long In plan
Drought stress
Summers will become drier, with the South of the UK predicted to experience 2.5–3.5 months of drought under the hot house scenario.
Locallythis will impact water suppliers and will become part of planning considerations.
High Medium-long In plan
Precipitation
Greater chance of more rainfall in the winter and less in the summer. Seasonal and regional differences. Impact on-site construction activities,
customer gardens and supply chain.
High Medium-long In plan
Flood
High underlying flood risk in the present day. Under the hot house scenario, there is a 21%–56% increase in river peak flow rates and the
probability of flooding in a year could increase three to ten times. Already a key requirement in the planning process. Increased number of
flood plains in the future may impact build costs and/or land availability.
High Medium In plan
Windstorms
Classed as medium to high risk in all scenarios, but with greater severity under the hot house scenario. Predicted to decrease in the South
butincrease in the Midlands, the North, Wales and Scotland.
Medium Medium In plan
Sea level rise
Expected between 0.2m–0.6m under the net zero scenario and up to 1.1m in the hot house scenario. This will have an impact on
coastallocations.
Low Long
Include in
futureplan
Subsidence
Medium-level risk of possible ground instability and building foundation issues. Regions around London are most exposed. In the hot house
scenario, there is a higher risk and greater area of impact in the South of England.
Medium Long
Include in
futureplan
Infrastructure
The stress on water and energy utilities, together with road transportation, will increase. In the hot house scenario, there is the expectation
ofdisruptions to critical services. This could impact supply chains and result in production downtime.
Medium Long
Include in
futureplan
TCFD continued
Persimmon Plc Annual Report 202464

Quantification of physical risk
For physical risk, the risk to the Group’s portfolio of owned assets was explored in relation to eight physical
climateperils: chronic heat stress, chronic drought stress, sea level rise, extratropical cyclone, fire weather,
riverflood,precipitation/flash floods and subsidence.
The exposure to these climate perils (hazard exposure) was modelled by taking the regional view of the UK,
weightedby the average volume delivery where Persimmon has operated over the past four years. The models assess
the climate hazards under a range of GHG emission trajectories (1.5°C–2°C, and 4°C global warming) and the 2030
and 2040+ time horizons. This information was then used to assess the potential consequences to the Group’s business
and explore with the Group’s internal subject matter experts what controls and strategies exist in place to address the
possible consequences and how those will flow through the value chain.
By 2030 assuming 1.5°C–2°C global warming By 2050 assuming 4°C global warming
Hazard
exposure
Residual
risk Chronic risks
Hazard
exposure
Residual
risk Chronic risks
Heat stress
Very low Very low
Currently, the UK is exposed to very low heat stress, meaning on average
there are less than five heatwave days in a year. Changes in regulations
and design concerning overheating and energy efficiency are likely for
the short term (2025–2030), but the additional costs to the business to
implement them would not be significant, as those could be factored into
the land valuation process. No other impacts or vulnerabilities are
foreseen and therefore Persimmon’s residual risk is very low.
Moderate Very low
Under this scenario, some regions of the UK, mainly London and the
South, will be exposed to a higher heat stress, seeing an average of 5–20
heatwave days in a year. Those conditions could be relevant to ~40% of
the average homes built by Persimmon, primarily in the South East of
England. However, Persimmon currently factors conservative temperature
and heat stress forecasts into its designs to address overheating.
Heat-minimising solutions could be factored into building design and
planning. Future regulation could require further adaptation/design
measures that are typically considered in any land valuation exercise.
More frequent interruptions to construction operations and supply chain
are likely in the summer periods.
Drought
Low Very low
Around 50% of the volume delivery in the regions where Persimmon
operates have some level of drought stress potential, in particular the
Midlands and the South of the UK. This means, on average, ranging from
less than a month to over two months of drought duration per year. The
remaining 50% have a lower drought stress potential. Persimmon takes
measures for its current homes to keep water usage lower than average.
Any additional development costs are typically recovered through land
valuation. There has been no significant financial impact on the business
so far, and the residual risk is therefore considered very low.
Moderate Low
The risk increases. A third of Persimmon’s typical operating regions/
homes could face three to four months of drought duration per year, in
particular in the South of the UK. There could be further regulations for
water (re)use that could put additional costs on developments in the
SouthEast. Persimmon would consider this issue on a site-by-site basis
andcurrently undertakes water usage calculations for its developments.
Any additional costs would be considered in the land valuation process.
Operationally, water scarcity could cause delays in construction or supply
and cost issues for water-based construction materials.
Sea level rise
Very low Very low
Some regions of the UK where Persimmon operates are exposed to coastal
flooding and storm surges. Typically, only a small fraction of plots and
volumes could be exposed; however, the robust land investment appraisal
process today considers such localised high-risk areas and minimises the
possible business impacts.
Very low Very low
Although the sea level is projected to rise and increase the frequency
andseverity of storm surges to those coastal regions already exposed,
thefraction of land and possible future developments in the regions
Persimmon operates in is likely not to increase significantly. The risk is
minimised through the Group’s robust land investment valuation process.
Subsidence
Low Very low
No significant changes in subsidence conditions today or in the short term.
Typically, Persimmon operates outside London, where a higher
concentration of susceptible clay soils is found. Current design regulations
mitigate the risk.
Moderate Very low
Possible increased risk for future development and some exposure in
theSouth East. More conservative regulations could be introduced for
foundation design and groundworks. Any additional costs would typically
be mitigated via land procurement.
Risk scale
Very high High Moderate Low Very low
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TCFD continued
By 2030 assuming 1.5°C–2°C global warming By 2050 assuming 4°C global warming
Hazard
exposure
Residual
risk Chronic risks
Hazard
exposure
Residual
risk Chronic risks
Windstorm
Moderate Low
All of the UK is in stormy regions, with a 1% annual chance of having
severe wind gusts of over 121km/h, and approximately half of the typical
regions and homes Persimmon delivers could see higher wind gusts of
161–200km/h. Persimmon currently complies with all up-to-date wind
design regulations for its developments, which mitigates the risk.
Operational disruptions in construction, supply chain and utilities
are,however, possible. Direct and indirect physical damage from
extremestorms could create financial impacts and delays to
constructionprogrammes.
Moderate Low
There is no scientific evidence that extratropical cyclone intensities and
frequencies will increase significantly; therefore, the risk profile could be
broadly similar to current conditions. Although the risk is not changing
significantly and adaptation is likely not required, we will consider a strict
level of wind protection in design and risk management for operations
onsite.
Fire
Very low Very low
Currently, 25% of the typical volumes and regions are exposed to low fire
weather stress, with 5–20 days of fire weather conditions per year. Other
regions have a very low exposure to fire weather conditions, equal to less
than five days annually. As a consequence, fire weather is not considered
a material risk. There is potential for indirect supply chain risks and issues
sourcing timber material from overseas. No financial impacts have been
reported at present.
Low Very low
Under the high-emissions scenario, by 2050, the fire weather conditions
increase for some regions Persimmon operates in but risk is still considered
relatively low, and as a consequence, fire weather is not considered a
direct material risk to the business.
There is a potential that timber raw materials could be disrupted due to
wildfires elsewhere; however, that risk is not projected to increase for key
regions upon which Persimmon relies, like Scandinavia.
Flooding
Very low Very low
Some regions of the UK where Persimmon operates are exposed to river
flooding. However, this is a very localised risk. Typically, only a small
fraction (~5%) of plots are in zones with a 1% probability of significant
flooding in a year. The robust land selection process in place today,
together with extra flood design considerations and loading factors for
future changes, minimises key impacts on current and future homes.
Very low Very low
Although the percentage of plots in flood zones does not increase significantly,
projected changes indicate that the frequency of flood events could increase
in the UK. Persimmon could be impacted by additional flood regulations
and higher adaptation/mitigation costs for developments, as well as
potentially more frequent interruptions to operations. Restrictions on land
supply are also possible. Persimmon carries out due diligence before land
investment and factors in increased river flows in flood design and planning,
minimising impacts. Any additional costs are normally considered in the
land investment appraisal process.
Precipitation
Very low Very low
A small proportion of regions (3%) is exposed to moderate or higher risk
of precipitation, meaning two to seven days with more than 30mm of
rainfall. Persimmon considers rainfall parameters in drainage design,
which minimises this risk.
Very low Very low
There is a small projected increase in heavy rainfall compared to the present
day. Current design considerations could be sufficient for future changes,
but additional regulations could emerge, creating additional costs.
The Group benefits from having a wide range of developments across all regions of the UK, which mitigates the range and variety of physical risks that it is exposed to. This also informs where risk may become more predominant, and avoidance and
mitigation strategies can be put in place. The Group has a robust land investment appraisal and planning process where all potential sites are evaluated for climate risk, thereby mitigating potential business impacts.
Risk scale
Very high High Moderate Low Very low
3
Risk management continued
Quantification of physical risk continued
Persimmon Plc Annual Report 202466

Resilience of the Group’s business strategy and businessmodel
The Group has in place a number of climate change mitigation strategies and
identified opportunities as part of its business model. These have been further
informed by the detailed climate risk analysis which has considered the
potential risks and opportunities at a more granular level and assessed
potential financial implications.
The Group, as is standard in the industry, reflects development costs when
performing land valuations and potential climate risks are considered in the
same manner. Land values will be reflective of potential mitigation costs;
however, there may be challenges in the future where land in certain locations
is in scarce supply, or where land values are regionally low and will not
support potential additional reductions from climate mitigation costs.
An internal annual climate risk health check was performed in 2024 to ensure
the controls and mitigation measures identified as part of the climate risk
assessment remain in place and are effective, and to identify whether
anything had changed within the business to present a new risk or
opportunity. The review was structured against the identified transition and
physical risk and took the form of a questionnaire and interviews with subject
matter experts in Group Planning, Group Technical and Group Procurement.
Transition risk mitigations and opportunities
●
The Group has core house types used across its national network
ofdevelopment sites which help ensure that any new regulatory
requirements can be effectively and consistently applied.
●
The Group delivers increasingly energy-efficient homes, thereby
attracting a strong customer base.
●
The Group has developed its strategy for delivering Part L of the
Building Regulations, which requires new build homes to produce
c.30% less carbon emissions compared to previous standards. Our
homes have improved insulation, improved ventilation, and more
efficient boilers. Many also have solar panels to achieve this improved
efficiency. The Future Homes Standard (‘FHS’), expected in 2026/27,
will require homes to produce 75%–80% less carbon emissions. This is
expected to require a switch to alternative heating systems such as air
source heat pumps, higher levels of insulation and air tightness, and
additional energy recovery or generation technologies. The Group is
already well-placed to deliver this.
●
All development sites have an energy transition plan in place which
identifies the site build maturity and regulatory transition periods and
identifies appropriate energy heating solutions. The next few years will
see a combination of heating solutions as, in some cases, existing
planning permissions will be for gas systems.
●
The Group has several pilot projects to assess the most effective method
of achieving the FHS. The pilot projects are being used to: trial new
technologies such as infra-red heating; assess the most effective build
methods of achieving the improved efficiency required using a ‘fabric
first’ approach; and gain feedback from customers on the ‘liveability’
ofthe homes.
●
The improved efficiency of new homes is also a significant opportunity
for the Group as we develop homes which will have a lower impact on
the environment and are more energy efficient.
●
In designing our developments particular attention is paid to all issues
that surround the policy transition necessary to achieve new, more
stringent climate and environmental policy requirements. To deal
proactively with local and site-specific interpretation/application the
Group has developed design and access statement templates aligned
with the National Model Design Code.
●
The Group’s business model includes vertical integration; the Group
owns timber frame, wall panel and roof cassette manufacturing
facilities. These modern methods of construction assist in building
low-carbon homes, with a reduced build time.
●
The Group has gained a more detailed understanding of the embodied
carbon risk of its house types and the potential carbon pricing and
subsequent raw material cost increase risks. The Group Procurement
team is increasing supply chain engagement on high-carbon materials.
●
The Group’s UK-wide and diverse high-quality land holdings support its
strong network of outlets and ensure the business is well-positioned to
invest in land at the right time in the cycle. The strong gross margins
embedded in the Group’s existing landholdings help to absorb
potential volatility caused by increasing building costs.
●
The Group’s significant ongoing investment in training ensures that it
maintains an appropriate skill base to manage changes to operations
and processes required by climate change mitigation requirements.
Physical risk mitigations and opportunities
The Group already manages a number of potential physical risks, such
as flooding, as part of its planning activities. These have been further
informed by the detailed climate risk analysis which considered the
potential risks and opportunities at a more granular level and identified
potential financial implications.
●
The Group undertakes comprehensive environmental and flood risk
assessment for each potential land acquisition that it makes, and for
strategic land considerations.
●
Planning requirements principally influence the requirements for any
flood mitigation and drainage requirements, and there is increasing
consideration for use of blue and green infrastructure. The forthcoming
mandatory sustainable urban drainage systems (‘SUDS’) regulations
for England have been assessed, and the Group has considered the
opportunity to support Biodiversity Net Gain requirements.
●
The detailed climate risk analysis provides more in-depth
understanding of potential physical climate risks and the impact they
could have on the business over the medium to long-term horizons.
This information has informed the Group Land and Planning team
when considering future site locations and land viability costs.
●
The Group has a UK-wide network of sites and therefore has
significantly reduced exposure to potential regional climatic risks,
and is able to strategically consider potential development locations.
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3
Risk management continued
Risk management
As a principal risk for the Group, climate risk is governed and managed in line
with the Group’s risk management framework; see page 70. The framework
requires identification of the risk, evaluation of the potential impact, the
consequences, allocation of the risk owner, probability assessment, description
of controls and controls owner, and finally, an evaluation of any residual risks.
The Group’s identification and assessment of risks is managed by the Audit &
Risk Committee, with the Board taking ultimate responsibility for risk management.
The climate risks, their potential consequences and their current impact on the
Group’s business model are identified and reviewed by the Group’s Executive
team, senior members of the Group Finance team, the Group Sustainability
Director and the Group Director of Internal Audit. A wide range of insights
and resources are used to ensure climate-related impacts are effectively
tracked and considered, including climate insights and trends, emerging
legislation and Government policies, consultations, local authorities positions
and industry body resources.
The climate risk register is reviewed and updated, as required, on at least an
annual basis. It is arranged into transition risks and physical risks. As risks are
identified, the Group considers whether the business strategy and business
model already manage/mitigate the relevant risk.
If any gaps are identified, then following the risk framework, the Group
establishes the appropriate response.
The climate scenario analysis and detailed climate risk analysis and modelling
have provided a detailed assessment of transition and physical risks against
three time horizons. This has provided a greater depth of understanding and
enabled prioritisation of climate-related risks, and the Group will continue to
embed the findings into its climate risk and opportunities management.
4
Metrics
The Group monitors emissions from our operations, which have been measured
following the GHG Protocol Corporate Accounting and Reporting Standard
(Revised Edition). Detailed GHG emissions information is located on page 39
following the requirements of the Streamlined Energy and Carbon Reporting
requirements, and disclosures are for Scope 1 and 2 and an emerging level
of information for Scope 3 (supply chain products and services, and homes
inuse).
The Group is committed to playing its part in the international effort to reduce
greenhouse gas emissions by reducing its emissions across the business
operations and also the supply chain and from the homes we sell.
As such, the Group has set targets to be:
●
net zero carbon in our homes in use by 2030; and
●
net zero carbon in our operations by 2040.
This commitment is supported by near-term approved science-based carbon
targets to reduce our operational emissions (Scope 1 and 2) by an absolute
of 46.2% (vs 2019 baseline) and our indirect emissions (Scope 3) from our
supply chain and homes in use by 22% per m
2
completed floor area by 2030
(vs 2019 baseline). These reductions will be achieved through wider supply
chain engagement, product innovation and changes to current operational
processes. Long-term net zero carbon targets are being progressed with the
Science Based Targets initiative for approval. A target date of2045 has been
set, and emission reductions are expected to be around 90% (from a 2019
baseline), with the remaining 10% being offset through asuitable mechanism.
The Board believes in the importance of ESG, and the Remuneration
Committee implemented an environmental 2023 PSP environmental target
linked to reducing Scope 1 and 2 carbon intensity. For the 2024 PSP
environmental target, the reduction in Scope 1 and 2 carbon emissions
remains but has been set as an absolute reduction measure.
The table on the next page shows our climate-related metrics and targets.
These will be updated in 2025 when our long-term science-based carbon
reduction targets have been approved.
TCFD continued
Persimmon Plc Annual Report 202468

Time
period Target Metrics
Climate risk/
opportunity 2024 status
Short term
(2022–2025)
Continue to embed climate
riskand opportunity analysis
into the business strategy
andoperations
Qualitative Data visibility – Group Executive,
Regional Chairs receive business-wide
bi-monthly diesel use figures
Driving change – establishment of
Future Homes Implementation Group
Scope 1 and 2 – reduce our
operational footprint
Absolute carbon reduction
(market based)
Carbon pricing Reduced by 8% compared to 2023
Maintain 100% carbon
neutralelectricity purchased –
green/REGO backed
100% REGO
backedelectricity
Carbon pricing 100% achieved
Undertake embodied
carbonassessments, set
reduction targets
Tonnes CO
2
/m
2
completedfloor area
Increasing cost
of raw materials
Embodied carbon study undertaken
Targets under development
Supply chain engagement on
embodied carbon
Action plans in place to
reduce carbon content of
top CO
2
contributors
Increasing cost
of raw materials
c.30% Ground Granulated Blast
Furnaced Slag (‘GGBS’) planned for
bricks in 2025
Medium term
(2030)
Homes to be net zero carbon in
use by 2030
% homes completed per
year with an EPC A or
Brating
Changing
consumer
preferences
99% achieved
Reduce absolute Scope 1 and
2 GHG emissions by 46% by
2030 (2019 baseline)
Tracking against SBT
near-term transition
pathway – tonnes CO
2
e
against a 2019 baseline
Carbon pricing On track
See GHG table on page 39
Reduce Scope 3 carbon
emissions (purchased goods
and services, and use of sold
products) by 22% per m
2
completed floor area by 2030
Tonnes CO
2
e/m
2
completed floor area
against a 2019 baseline
Climate-related
regulations
impacting
products and
services
Part L Building Regulations 2021
inplace
Embodied carbon study undertaken
toassess most significant materials
Participate in FHH working group
Long term
(2040+)
Net zero carbon emissions
inour own operations (Scope1
and 2) by 2040
% carbon offsets
purchased by 2040
Business
resilience
Focus on efficiency first and carbon
reduction strategies
Carbon reduction mechanisms to be
used as necessary to achieve net zero.
Progress in 2024 and 2025 priorities
Progress against the actions identified for 2024 is shown below:
2024 priority 2024 progress
Climate risk health check: whilst the level of risk is overall
quantified as very low to low, this is based on mitigation
measures remaining in place, and the Group will ensure
there is no loss of focus and rigour in its approach. An
annual ‘climate risk health check’ will be undertaken as
part of the Group’s risk management strategy.
Annual climate risk health check undertaken and
confirmed no material changes to current controls
andmeasures, and the potential risks remain the same.
Development of science-based target aligned long-term
net zero carbon targets.
Targets developed and awaiting SBTi approval.
Priorities for 2025
●
The Group will conduct an annual climate risk health check to ensure controls remain in place and are effective.
●
The metrics and targets will be reviewed when the long-term net zero carbon SBTi targets are approved to ensure
they are aligned.
●
Deep dive into flood risk and resilience will be undertaken.
●
Mapping of key supply chains will commence.
Persimmon Plc Annual Report 2024 69
Financial statementsGovernance Other informationStrategic report

Principal and emerging risks
Risk
management
How we manage risk
As with all businesses, Persimmon as a Group isexposed to
various risks and uncertainties in the delivery of its strategic
objectives. Many of these risks are driven by external
factors, with the housebuilding industry being particularly
sensitive to both the economic conditions and the political,
regulatory and legislative environment within the UK, for
example. Otherrisks derive from the Group’s operational
activities. To manage these challenges, the Group has a
well-established and robust framework in place for the
management of risk. This framework is designed to ensure
that risks are identified and assessed promptly, with
appropriate risk mitigation strategies established and
monitored through the deployment of the ‘three lines’
model. The effectiveness of this risk management framework
is critical to the Group’s ability to create and sustain value
over the long-term.
Risk management framework
Board
Management oversight
The Board has overall responsibility for the determining the Group’s strategy, including the identification and management of risks that could disrupt the delivery of the strategy and the Group’s five key priorities.
This is achieved through:
●
defining the Group’s overall risk appetite and ensuring risks are managed within this framework;
●
conducting reviews of principal and emerging risks, including feedback from senior management
within the Group;
●
monitoring of a range of indicators of risk performance in order to inform strategic decision making;
●
ensuring an effective system of internal controls is in place to manage risks to acceptable levels; and
●
obtaining assurance on the performance of risk management and internal control processes in the
Group’s operations.
●
Monitors the integrity of the Group’s financial and non-financial reporting processes.
●
Approves the Director of Internal Audit’s risk-based audit plan and monitors the overall
effectiveness and independence of internal audit.
●
Monitors the external audit provision, ensuring a high quality of audit is delivered.
●
Receives reporting from management and external providers of assurance on the effectiveness of
risk management and internal control.
●
Reviews routine risk indicator reports assessing the Group’s performance against risk appetite and
target risk levels.
Audit & Risk Committee
Executive Committee
First line
Second line Third line
Management Risk Committee Disclosure Committee Sustainability Committee
●
Supports the implementation of the Group’s
strategy and delivery of key priorities.
●
Reviews the Group’s operational
performance including the routine
management of risk.
‘First line’ functions within the Group’s operating companies
contribute to effective risk management by:
●
managing the day-to-day operational performance of the
business, including identification of any changes in key risks
affecting operations;
●
ensuring the effective implementation of internal controls set
by the Board and Group functions within the business;
●
addressing Group level priorities as cascaded through
regional and Group-wide management meetings; and
●
reporting routine operational risks and issues through
management forums such as the Land Committee and
Regional Boards.
The Group’s ‘second line’ comprises a range of functions with a
Group-wide remit, which play a key role in mitigating risk through:
●
formulation of Group policies, procedures and control
mechanisms designed to mitigate risks;
●
conducting routine monitoring and assurance on the
implementation of controls within the Group’s operations;
●
promoting awareness of key areas of focus in the management
of risk to achieve operational objectives;
●
supporting steering groups on key risk areas including
theGroup’s Security Council and GDPR Steering Group; and
●
ownership of functional risk registers in key areas
ofoperations.
The Group Internal Audit department is the Group’s independent
third line function. Its role includes:
●
delivery of a risk-based audit plan to provide assurance on
key areas of risk and compliance;
●
administrative maintenance of the Group’s risk registers,
including the annual review process with risk owners and
relevant subject matter experts;
●
facilitation of the annual principal and emerging risk survey
ofthe Board and senior management;
●
Producing routine principal risk reporting for the Board; and
●
provision of an annual summary report on the effectiveness
ofrisk management and internal control.
●
Supports the Board in development and
oversight of the risk management framework.
●
Reviews risk indicator reports and feedback
on risk from operational teams.
●
Reviews the operational effectiveness of
control activities.
●
Provides oversight and challenge on
external reporting.
●
Reviews financial and non-financial
reporting ahead of Board and Audit & Risk
Committee reviews.
●
Provides oversight on all climate and
sustainability-related matters.
●
Reviews disclosures associated with climate
and sustainability, obtaining appropriate
assurance where required.
Persimmon Plc Annual Report 202470

Key risk management activities within
theyear
The Group’s risk management framework is well established, benefiting from
extensive operational experience from across the ‘three lines’, supported by
structures to ensure appropriate scrutiny and challenge on the identification,
assessment and mitigation of risk. The framework has operated in this way
successfully for several years. Nonetheless, it remains subject to continuous
improvement to enhance its maturity and align with evolving legal and
regulatory requirements, such as those within the revised UK Corporate
Governance Code. In this spirit of continuous improvement, several material
enhancements have been delivered within the year. These include the
establishment of the Management Risk Committee (MRC) to bring together
subject matter experts from across the Group to review and improve various
elements of the risk management framework, including work to define our
keymitigations relevant to the Group’s principal risks and other key activities.
With the support of the MRC, the Board has also refined its approach to
establishing and classifying risk appetite within the year, developing an
overall categorisation as follows:
●
Averse: Aim to minimise exposure as far as is practically possible, with a
low tolerance for potential adverse outcomes. This category is applied to
risks that could have severe consequences in areas such as HS&E,
compliance, or reputation.
●
Cautious: Acceptance of low to moderate levels of risk in areas that are
necessary to achieve operational efficiency and strategic initiatives. Risks
are carefully managed to avoid significant negative impacts on the organisation.
●
Enterprising: Openness to accepting moderate to higher levels of
calculated risks when pursuing strategic opportunities that could drive
theGroup’s growth or enhance operational performance.
Alongside this revised approach to classifying risk appetite, the mechanisms
for reporting on principal risks have been strengthened, with target risk levels
established and greater detail on control activities included to enable an
informed assessment of assurance over each risk. Lastly, at a more granular
level, the Group’s fraud risk assessment was subject to a comprehensive
refresh with the support of the Group Internal Audit department, the results
ofwhich were presented to the Board via the Audit & Risk Committee.
Overall assessment of principal and
emerging risks
In line with the requirements of the UK Corporate Governance Code, the
Board has completed its comprehensive assessment of the Group’s principal
and emerging risks. From this assessment, it has been determined that 12 risk
areas meet the criteria for consideration as principal risks, due to their
potential to materially impact on the Group’s strategy and business model,
future performance, solvency, liquidity and reputation. These risks are
detailed further on pages 72 to 75.
The principal risks faced by the Group remain largely consistent with prior
years, reflecting the Group’s continued sensitivity to external risks such as
those posed by economic and market conditions, Government policy and
political risk. Key changes from the Group’s 2023 assessment have included
the merger of the ‘UK economic conditions’ and ‘mortgage availability’ risks
into a combined ‘economic and market conditions’ risk, while our ‘climate
change’ risk has been broadened to consider wider sustainability issues.
The2024 assessment has also noted marginally increased ratings of our
‘supply chain’ and ‘cyber and data’ risks, while the rating of our ‘HS&E’
and‘legacy buildings’ risks have both decreased slightly.
The overall assessment of the Group’s current principal risks is that all are
subject to controls or other mitigations which bring them within the tolerance
range defined within the Group’s risk appetite. The Group remains confident
in its ability to manage these risks effectively. Nonetheless, it is recognised
that should various risk scenarios materialise together, conditions could arise
which might materially impact on the Group’s operations and financial
performance. A range of sensitivity analyses against such conditions,
including the likely responses of the Board, have informed the broader
assessment of the resilience of the Group’s business model, which is
detailedwithin the Viability Statement (see pages 76 to 78).
Emerging risks
The emerging risks facing the Group have also been considered by the Board.
These are defined as risks which are known but cannot be assessed in detail
at present and could, under certain conditions, evolve to pose a threat to the
delivery of our strategic objectives as a principal risk. Emerging risks were
reviewed through the normal operation of our risk management framework,
notably the annual survey of the Board and senior management, the
resultsofwhich were presented for review and challenge through the
Audit&Risk Committee.
The Group’s 2024 assessment has determined that the previously reported
‘planning uncertainty’ emerging risk should be a into the ‘land’ principal risk
as a combined ‘land and planning’ risk (rated as high), recognising the intrinsic
link between land and planning issues. The‘market competition’ emerging risk
has been amended to a broader risk of ‘market disruption’, reflecting the
potential threats to the Group’s business model from disruptions such as market
consolidation or technological advances in areas including modular construction
or artificial intelligence. This risk will be monitored by the Board and, operationally,
by the Executive Committee and Management Risk Committee. Mitigation
strategies will be kept under review as the risk evolves.
Persimmon Plc Annual Report 2024 71
Financial statementsGovernance Other informationStrategic report

Principal and emerging risks continued
Principal risks
Risk description
Housebuilding is an inherently cyclical industry, which can be particularly
sensitive to macroeconomic changes and overall consumer confidence and
sentiment. Adverse trends in employment levels, inflation, mortgage availability
and affordability and overall consumer confidence can have a material effect on
demand and pricing for new homes. This could in turn impact upon our revenues,
margins, profits and cash flows and potentially result in the impairment of asset values.
Changes in the economic environment and market conditions could also drive
changes in competitor strategies and actions that could pose a threat to the
Group’s overall strategy and business model. Such changes could include
increased consolidation within the sector.
Key mitigations
●
Highly disciplined approach to investments in land and work in progress,
ensuring these are appropriate and reflective of current and anticipated levels
of demand.
●
Regular reviews of pricing structures to align with local market conditions.
TheGroup benefits from a UK-wide network (with no significant presence
inLondon), mitigating the effects of regional economic fluctuations.
●
Annual Board strategic review monitors and responds to external conditions.
●
Sales prices and incentive schemes to support sales are kept under constant
review by management and can be flexed according to underlying
marketconditions.
Risk monitoring measures
●
The Board and Executive Committee closely monitor UK economic trends,
withregular market and economic briefings, from banks, brokers and others.
●
Sales rates and pricing patterns within each operating company are reviewed
on a weekly basis.
●
Routine principal risk reporting to the Board includes analysis of economic
indicators, using both internal and external sources, and lending patterns.
Risk description
The housebuilding industry is subject to an increasingly complicated legal and
regulatory environment, impacted by political decisions at both national and local
level. Political decision making, in areas such as planning regulations, support
schemes or specific industry taxation, can have a material impact on operational
performance and affect the successful delivery of our strategy. The impact of
Government policy has the potential to adversely affect revenues, margins, tax
charges and asset values, and potentially impact on the viability of land investments.
Key mitigations
●
The Group’s mission and our five key priorities (see pages 14 and 15) are
aligned with the UK Government’s objective of delivering an increased volume
of new homes over the course of the current Parliament.
●
The Group has expertise in managing and responding to relevant areas subject
to Government involvement at both local and national level, including through
our Group Land, Planning, Technical and External Affairs departments, and
through engagement with industry bodies.
●
A focused and methodical approach has been established to build relationships
with councils and ensure alignment of development with local priorities.
●
The Group also engages and participates in industry groups, including the HBF.
Risk monitoring measures
●
Likely evolutions in Government housing policy are monitored closely by our
External Affairs, Technical and Land and Planning departments, with regular
feedback to the Executive Committee and Board.
●
Planning refusal rates are monitored closely to ensure our approach can be
adjusted where necessary.
●
Routine principal risk reporting to the Board includes updates on political
evolutions at national and local levels.
Risk description
The transition to a lower-carbon and more sustainability focused economy is likely
to involve an increasingly complex legal and regulatory environment, as seen with
the Future Homes Standard and Biodiversity Net Gain requirements. This may in
turn result in planning constraints, increased costs and competition for some key
materials and skills. Increased physical risks are developing from climate change,
with greater frequency of extreme weather events such as storms and flooding.
Over time thesemay increase the likelihood of disruption to construction.
Theavailability of mortgages and property insurance may also be affected as
financial institutions consider their responses to the impacts of climate change.
Key mitigations
●
The Group considers sustainability issues and the potential impacts of climate
change routinely in key business decisions, from land acquisition through to
planning and build processes.
●
The Group has set near term carbon reduction targets approved by the Science
Based Targets initiative, and targets to achieve net zero carbon homes in use to
our customers by 2030, and become net zero carbon in our operations by
2040. Long-term net zero carbon targets to 2045 have been established and
are awaiting approval from the Science Based Targets initiative.
●
Inclusion of the cost of the latest regulatory changes (e.g. FHS) into land appraisals.
●
Diversified production locations minimise risk of local extreme weather events,
with build programmes designed to mitigate risks associated with adverse weather.
Risk monitoring measures
●
The Sustainability Committee meets regularly to review progress on the Group’s
climate and sustainability related initiatives.
●
Management reporting includes key climate and sustainability indicators such
as CO
2
emissions, diesel usage and waste generation.
See TCFD Report page 60
●
Our scope 1, scope 2, scope 3 category 1 (purchased goods and services)
and scope 3 category 11 (use of sold products) emissions are subject to
external review.
1
UK economic and market conditions
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Very High No change Averse
Within tolerance
3 4
Risk owners
Executive Committee and Regional Chairs
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Very high No change Averse
Within tolerance
1 5
Risk owners
Group Director of Strategic Partnerships and External
Affairs, Group Planning Director and Regional Chairs
2
Government policy and political risk
3
Climate change and sustainability
External risks
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium No change Averse
Within tolerance
2 5
Risk owners
Group Strategy & Regulatory Director and Group
Sustainability Director
Persimmon Plc Annual Report 202472

Risk description
Failures to safeguard our sites, or instances of non-compliance with the Group’s
robust framework of HS&E procedures could result in serious injury or loss of life,
or damage to the environment. In addition to the human impacts of any health,
safety or environmental breach or incident, there is the potential for reputational
damage, construction delays and financial penalties.
Key mitigations
●
Comprehensive policies and procedures to manage construction,
manufacturing and office activities safely.
●
Training programmes to embed the Group’s policies effectively.
●
Target Zero initiative to drive awareness of workplace safety and reduce
thevolume of safety-related incidents in our operations.
●
Inspection regime led by our Group HS&E department, with additional assurance
from specialist resource within our Group Internal Audit department.
●
Engagement with industry forums and best practice groups.
Risk monitoring measures
●
The Group HS&E Director provides regular narrative and KPI reporting
totheBoard on HS&E matters.
●
Data from inspections by the Group HS&E department feeds into management
reports at all levels of the Group.
●
The Group Internal Audit department conducts additional HS&E assurance
engagements, with results and follow-up of actions reported to both executive
management and the Audit & Risk Committee.
Risk description
The Group has a well-established plan for the delivery of remediation works for
legacy safety and quality issues. This includes measures to ensure resident safety
in advance of any scheduled works. Should the remediation works be disrupted or
delayed due to the complex nature of the works, lack of availability of skilled
contractors or evolutions in regulation, or should further buildings requiring
remediation be identified, the Group could be exposed to increased costs and
potential reputational damage.
Key mitigations
●
The Group has a dedicated Special Projects team, supported by specialist
consultants, which is responsible for the identification of affected buildings,
assessment of any remediation required, and ensuring that the work is
contracted and completed as quickly as practicable.
●
All identified buildings are independently assessed and, where necessary,
interim measures are put in place to ensure resident safety until remedial works
are carried out.
●
Independent Quality Controllers, reporting centrally, provide assurance on
thequality and status of remediation works.
●
The Group’s assumptions on the estimated financial costs associated with the
remediation works have been subject to comprehensive challenge and are
regularly reassessed.
●
The Group Building Safety function has also been established. This provides
anadditional layer of oversight, ensuring continued alignment to good practice
in building safety over the lifecycle of the homes we build.
Risk monitoring measures
●
The Board receives routine reporting on the progress of the works on
legacybuildings.
●
The Finance team monitors costs incurred and provides assurance on the
utilisation and ongoing appropriateness of the Group’s provision.
5
Legacy buildings
4
HS&E event
Health, safety and environment (HS&E) risks
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium Decrease Averse
Within tolerance
1
Risk owners
Group HS&E Committee, Group HS&E Director, Group
Construction Director, and Group Special Projects Director
Riskrating Risktrend Risk appetite
Link to strategic
priorities
High No change Averse
Within tolerance
1 2
Risk owners
Group Construction Director and Group Special
ProjectsDirector
Risk description
The Group’s continued ability to secure an appropriate supply of land is crucial
toensuring timely availability of outlets and the delivery of our strategy.
Failure to maintain an adequate supply of high-quality land, due to factors such
asplanning constraints or inability to procure land at appropriate levels of return,
could adversely affect future sales, margins and return on capital employed.
Failure to effectively understand, anticipate or adhere to planning conditions
could result in delays in development of sites.
Key mitigations
●
Enhanced approach to building relationships with councils, land agents and
promoters, and ensuring alignment of potential development with local priorities.
●
Scrutiny of all potential land transactions through comprehensive viability
assessments to ensure appropriate returns and alignment with the Group’s
overall strategy.
●
Land Committee approval process for all land transactions.
Risk monitoring measures
●
The Group’s Land Committee meets regularly to review the Group’s current
land holdings and future needs, and to assess potential land transactions.
●
Volume of planning permissions obtained is monitored and reported on
routinely, including tracking against legal completions via principal risk reporting.
●
Outlet numbers are tracked routinely by management and subject to
detailedreporting.
6
Land and planning
Riskrating Risktrend Risk appetite
Link to strategic
priorities
High No change Cautious
Within tolerance
3
Risk owners
Group Planning Director, Group Director of Land Operations,
Group Director of Transformation and Land Strategy, Group
Strategic Land Director and Regional Chairs
Operational risks
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
3
Disciplined growth: high-quality land investment
Read more on pages 14 and 15
Persimmon Plc Annual Report 2024 73
Financial statementsGovernance Other informationStrategic report

Principal and emerging risks continued
Principal risks continued
Risk description
The drive for a greater volume of construction of new homes in the UK could
resultin increased demand for certain materials, and for skilled labour, causing
availability constraints and increased cost pressures.
Supply chain disruptions could also result from a range of factors, which
potentially impact on availability and pricing of key materials.
Build quality could be compromised if unsuitable materials or labour are procured
leading to damage to the Group’s reputation and overall customer experience.
Key mitigations
●
Vertical integration on key materials through investment in our Brickworks,
Tileworks and Space4 facilities.
●
Long-term relationships with key suppliers and subcontractors, including
appropriate payment terms.
●
Strategic approach to procurement, led by our Group Procurement team,
withsupply chain engagement, robust processes for appointing suppliers
andongoing performance monitoring.
●
Detailed forecasting and planning of material requirements to inform
suppliernegotiations.
●
Group Commercial oversight and monitoring of operating company controls,
including robust processes to monitor material purchases and stock holdings to
minimise potential for loss or damage during construction.
Risk monitoring measures
●
The Group Procurement department provides routine monitoring of trends
andsupplier performance.
●
Site budgets and performance, including availability and pricing of materials,
are assessed through the bi-monthly valuation process.
●
Routine principal risk reporting is provided to the Board, including commentary
from the Group Commercial Director on material purchasing trends and issues.
Risk description
The Group’s strategy requires access to significant working capital to fund
investments in land and work in progress. At times, the Group will draw on its
Revolving Credit Facility (RCF) to provide this working capital.
Failure to manage cash requirements effectively could lead to unnecessarily high
borrowing costs, breaches of loan covenants, or an inability to take advantage of
land or other investment opportunities that could benefit the Group.
Key mitigations
●
The Group closely monitors its cash position and forecast cash utilisation to
ensure these are sufficient to support land investments, fund work in progress
and meet other requirements identified through annual budgets and business
planning processes.
●
Investment decisions in land are subject to comprehensive appraisal under
thesupervision of the Land Committee. Work in progress is tightly controlled
through the bi-monthly valuation process.
●
The Group’s RCF is considered sufficient to meet all our projected funding
requirements in the short to medium term. The RCF was extended during the
period and now runs to July 2029, with an option to request an extension for
afurther year.
Risk monitoring measures
●
Utilisation of the RCF and optimisation of cash deposits are monitored daily
bythe Group Finance team.
●
Covenants on the RCF are monitored and subject to periodic certification.
●
The Board is provided with routine reporting on the Group’s actual and
forecast cash positions.
7
Supply chain
8
Finance and liquidity
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium Increase Cautious
Within tolerance
1 4
Risk owners
UK MD, Group Commercial Director and Group
Procurement Director
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Low NEW Cautious
Within tolerance
3 4
Risk owners
Group CFO, Group Financial Controller and Senior
Group Accountant
Risk description
Attracting and retaining a highly skilled workforce and management teams is
crucial to the delivery of the Group’s strategic priorities. The continued competition
for skilled labour, and the ageing construction workforce in the UK, create risks of
increased costs, operational disruption and potential delays to build programmes.
Key mitigations
●
Development of a compelling employee value proposition to attract a
high-quality workforce into the Group.
●
Comprehensive training programmes including apprenticeships,
GraduateScheme and the Persimmon Pathways in core disciplines.
●
Talent development and succession planning programmes.
●
Competitive remuneration packages to attract and retain talent at all
levels,including our Real Living Wage commitment, Sharesave and other
employee benefits.
●
Employee engagement monitoring through surveys and our Employee
Engagement Panel.
Risk monitoring measures
●
The Group HR department provides reporting, including metrics such
astraining hours, to management at all levels of the Group.
●
The Chief HR Officer is a member of the Group Executive Committee,
andprovides additional periodic reports and updates to the Board on
employment trends.
●
Feedback from the Employee Engagement Panel and annual Employee
Engagement Survey is reviewed by the Board.
●
Routine principal risk reports issued to each meeting of the Board include
staffturnover data and commentary from the Group HR department.
9
Skilled workforce, retention and succession
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium No change Cautious
Within tolerance
1
Risk owners
Chief HR Officer and Director of Talent & Diversity
Operational risks continued
Persimmon Plc Annual Report 202474

Risk description
The Group’s operations are increasingly reliant on the continuous availability and
security of various IT systems. Failure or significant disruption to the Group’s core
IT systems, particularly those storing customer data, could disrupt operations,
result in significant financial costs and potentially cause reputational damage.
Key mitigations
●
Oversight from the Security Council, chaired by the Chief Information Security
Officer (CISO) and attended by senior leaders within the business.
●
Comprehensive programme of investment via the Cyber Security Infrastructure
Improvement Programme (CSIIP).
●
Robust IT security policies and disaster recovery protocols.
●
Routine in-house training and communications to promote awareness of cyber
security and data protection issues.
●
Regular external reviews, including penetration testing, to provide assurance
on the effectiveness of the Group’s control framework.
Risk monitoring measures
●
Routine Board updates provided by the Group’s Chief Information Officer (‘CIO’).
●
Routine CIO reporting to the Group Executive Committee, ensuring IT and
cyber risks are actively considered in all key business decision making.
●
Periodic presentations by the CIO and CISO to the Audit & Risk Committee.
●
Data breaches monitored and reported on via the Group’s GDPR steering group.
10
Cyber and data
Riskrating Risktrend Risk appetite
Link to strategic
priorities
High Increase Averse
Within tolerance
2 5
Risk owners
Chief Information Officer, Chief Information
SecurityOfficer
Risk description
The Group aims to maintain a reputation for high standards of business conduct in
all aspects of its operations. Failure to live up to our expected high standards in
areas such as governance, build quality (including remediation of legacy issues),
customer experiences and health and safety, or in dealing with local planning
concerns could damage stakeholder relationships and have a detrimental impact
on financial performance.
Key mitigations
●
Company values underpinned by Board and Executive Committee-level
commitment to a culture of excellence, with particular emphasis on high quality
in construction and customer care.
●
Continued significant investments in build quality, through The Persimmon Way,
our commitment to the objectives underpinning the New Homes Quality Code
(‘NHQC’), and in addressing legacy issues.
●
Processes to build positive relationships with all our stakeholders, including
local authorities and the communities in which we build, through addressing
housing need, supporting local employment and making valuable contributions
to local infrastructure and community causes.
Risk monitoring measures
●
Operational performance, including build quality and customer experience,
are subject to routine management oversight, with reporting to the Executive
Committee and Board.
●
The Board also oversees stakeholder engagement, including monitoring
feedback from shareholders, and the results of our Employee Engagement
Surveys and the Employee Engagement Panel.
●
Routine principal risk reports issued to each meeting of the Board include a
range of internal and external indicators on reputation, such as NHBC survey
data, Trustpilot scores and sentiment of media coverage.
11
Reputation
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium No change Cautious
Within tolerance
1 2 4 5
Risk owners
Group Director of Strategic Partnerships and External Affairs,
Group Investor Relations Director, Group Construction Director,
Chief Customer Experience Officer and Regional Chairs
Reputational and regulatory risks
Risk description
The regulatory landscape for the housebuilding industry has become increasingly
complex, particularly in land acquisition, planning, building regulations and the
environmental impact of development. Further regulatory evolutions through the
NHQC, for example, will affect many of our processes. Failure to comply with
regulations in any of these areas could result in imposition of financial penalties
and potential damage to the Group’s reputation.
Key mitigations
●
Comprehensive management systems to ensure regulatory and legal
compliance, including policies, procedures and internal training for key
areasof regulation.
●
Inspection regimes supported by internal audits and external reviews on
construction quality and compliance.
●
Oversight from Group-level functions and cross-functional steering groups
forkey areas, such as GDPR compliance.
Risk monitoring measures
●
The Board and Audit & Risk Committee are provided with regular updates
oncore areas of regulatory compliance and preparation for upcoming
regulatory change.
●
Routine principal risk reports issued to each meeting of the Board include
narrative updates on regulatory matters from the relevant specialists within
thebusiness.
12
Regulatory compliance
Riskrating Risktrend Risk appetite
Link to strategic
priorities
Medium No change Averse
Within tolerance
1 2
Risk owners
Chief Customer Experience Officer, Group Construction
Director, Group Director of Legal Services, Company
Secretary and Group Strategy & Regulatory Director
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
3
Disciplined growth: high-quality land investment
Read more on pages 14 and 15
Persimmon Plc Annual Report 2024 75
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Viability statement
Persimmon’s prospects and viability
Persimmon’s prospects and viability
The long-term prospects and viability of the business are a consistent focus
ofthe Board when determining and monitoring the Group’s strategy. The
identification and mitigation of the principal risks facing the business, which
have been updated to reflect current UK economic conditions and uncertainties,
also form part of the Board’s assessment of long-term prospects and viability*.
* The Directors have assessed the longer-term prospects of the Group in accordance with
provision 31 of the UK Corporate Governance Code 2018.
Assessing Persimmon’s long-term prospects
Persimmon has built a strong position in the UK’s housebuilding market over
many years, recognising the potential for long-term growth across regional
housing markets. The Board recognises that the long-term demographic
fundamentals of continued positive population growth and new household
formation, together with the requirement to replace and improve the quality
ofthe country’s housing stock, provide a long-term supportive backdrop for
the industry. However, the Board and the Group’s strategy recognises the
inherently cyclical nature of the UK housing market. The Group has therefore
been able to maintain a position of strength with good liquidity, high-quality
land holdings and a strong balance sheet throughout the disruption caused
bythe cost of living crisis and ongoing geopolitical uncertainty. The future
impacts of these disruptions in creating uncertainty within the UK economy
and subsequent effect on the Group’s sales and construction programmes
remain uncertain. The Board has considered these potential impacts in depth
when assessing the long-term prospects of the Group.
Whilst this uncertainty remains, Persimmon possesses the sound
fundamentalsrequired to realise the Group’s purpose and ambitions
anddeliver sustainable success:
●
talented teams focused on consistently delivering good quality new homes
for our customers;
●
high-quality land holdings that allow us to create attractive places in areas
where people wish to live and work;
●
strong customer and local community relationships;
●
continued investment in the training and development of our teams;
●
market knowledge, expertise and industry know-how;
●
long-term healthy supplier engagement; and
●
vertical integration ensuring internalised supply of key materials.
By continuing to build on these solid foundations through, for example,
ThePersimmon Way and our ongoing investments in the customer experience,
its land, development sites and in its supply chain, the Group aims to create
enduring value for the communities we serve and our wider stakeholders.
Thisis reflected within the Group’s materiality assessment, which ensures a
thorough review of stakeholder interests is incorporated within the assessment
of the Group’s long-term prospects.
The Group adopts a disciplined annual business planning regime, which is
consistently applied and involves the management teams of the Group’s
housebuilding businesses and senior management, with input and oversight
by the Board. The Group combines detailed five-year business plans
generated by each housebuilding business from the ‘bottom up’, with
projections constructed from the ‘top down’ to properly inform the Group’s
business planning over these longer-term horizons. Zero-based 12-month
budgets are established for each business annually.
This planning process provides a valuable platform, which facilitates the
Board’s assessment of the Group’s short and long-term prospects. Consideration
of the Group’s purpose, current market position, its five key priorities and
overall business model, and the risks that may challenge them are all included
in the Board’s assessment of the prospects of the Group.
Key factors in assessing the long-term prospects
oftheGroup:
1. The Group’s current market positioning
●
Sales network of active developments across the UK providing geographic
diversification of revenue generation.
●
Three distinct brands providing diversified products and pricing deliver
further diversification of sales.
●
Imaginative and comprehensive master planning of development schemes
with high amenity value to support sustainable, inclusive neighbourhoods
which generate long-term value to the community.
●
Disciplined land replacement reflecting the extent and location of housing
needs across the UK provides a high-quality land bank in the most
sustainable locations supporting future operations.
●
Long-term supplier and subcontractor relationships providing healthy
andsustainable supply chains.
●
Sustained investment to support higher levels of construction quality
andcustomer service through the implementation of initiatives such as
ThePersimmon Way.
●
Strong financial position year end net cash and a £700m working capital
credit facility that has been extended to July 2029. There remains the
ability to extend for a further year. In making our assessments we have
assumed we will exercise this extension.
2. Strategy and business model
●
Strategy focuses on the risks associated with the housing cycle and on
minimising financial risk and maintaining financial flexibility.
●
Focusing on constructing new homes for our customers to the high quality
standards that they expect and helping to create attractive neighbourhoods.
●
Strategy recognises the Group’s ability to generate surplus capital beyond
the reinvestment needs of the business.
●
Substantial investment in staff engagement, training and support to sustain
operations over the long-term.
●
Disciplined land replacement reflecting the extent and location of housing
needs across the UK provides a high quality land bank in the most
sustainable locations supporting future operations.
●
Long-term supplier and subcontractor relationships providing healthy
andsustainable supply chains.
●
Approach to land investment and development activity provides the
opportunity to successfully deliver much needed new housing supply
andcreate value over the long-term.
●
Differentiation through vertical integration, achieving security of supply
ofkey materials and complementary modern methods of construction to
support sustainable growth.
●
Simple capital structure maintained with no structural gearing.
Persimmon Plc Annual Report 202476

3. Principal risks associated with the Group’s strategy
andbusiness modelinclude
●
Disruption to the UK economy and housing market conditions adversely
affecting demand for and pricing of new homes, availability and pricing
ofland, or contributing to inflationary pressures.
●
Changes in Government policy affecting the housebuilding sector, such as
those relating to taxation, planning conditions or market support.
●
Climate change risk, comprising both transition (legal and regulatory changes
affecting the housebuilding sector) and physical (operational disruption
through more frequent and prolonged adverse weather) elements.
●
Failure to safeguard our sites, our people, our customers or the environment
we work in could impact our reputation or result in financial penalties.
●
Reputational damage and increased costs resulting from disruption or delays
to scheduled remediation works to ensure resident safety.
●
Failure to maintain an adequate supply of high-quality land due to planning
constraints or inability to procure land at appropriate levels of return.
●
Disruption to supply chains, affecting the availability of key construction materials.
●
Ability of the Group to access significant working capital to fund investments
inland and work in progress.
●
Adverse market competition and construction workforce trends, resulting in
aninability to attract and retain high-quality workers and an appropriately
experienced management team.
●
Cyber and data risk, including potential for significant or prolonged operational
disruption arising from cyber-attack or failure of critical IT systems.
●
Requirement to maintain a reputation for high standards of business conduct
across all aspects of operations whilst working within an increasing complex
regulatory landscape.
See pages 72 to 75 for the full list of principal risks together with
detaileddescriptions.
Disciplined strategic planning process
The prospects for the Group are principally assessed through the annual
strategic planning review process conducted towards the end of each year.
The management team from each of the Group’s housebuilding businesses
produce a five-year business plan with specific objectives and actions in line
with the Group’s strategy and business model. These detailed plans reflect
thedevelopment skill base of the local teams, the region’s housing market,
strategic and on-market land holdings and investments required to support
their objectives. Special attention is paid to construction programmes and
capital management through the period to ensure the appropriate level of
investment is made at the appropriate time to support delivery of the plan.
Emerging risks and opportunities in their markets are also assessed at this
local level.
Senior Group management reviews these plans and balances the competing
requirements of each of the Group’s businesses, allocating capital with the
aim of achieving the long-term objectives of the Group including our five
keypriorities. The five-year plans provide the context for setting the annual
budgets for each business for the start of the new financial year in January,
which are consolidated to provide the Group’s detailed budgets. The Board
reviews and agrees both the long-term plans and the shorter-term budgets for
the Group.
The outputs from the business planning process are used to support
development construction planning, impairment reviews, funding projections,
reviews of the Group’s liquidity and capital structure, and for the identification
of surplus capital available for return to shareholders via the Group’s Capital
Allocation Policy.
Assessing Persimmon’s viability
The Directors have assessed the viability of the Group over a five-year
period, taking into account the Group’s current position and the potential
impact of the principal risks facing the Group.
The Directors consider the use of a five-year period as the most appropriate
time horizon for the purpose of assessing the viability of the Group, as it
reflects the business model of the Group, with new land investments generally
taking at least five years to build and sell through, and for the development
infrastructure to be adopted by local authorities.
A key feature of the Group’s strategy, as documented in the Strategic
Reportand set out in the Group’s capital allocation priorities, is the Group’s
commitment to maintain capital discipline over the long-term through the
housing cycle.
The key principles of the Capital Allocation Policy are:
●
maintain a strong balance sheet and low leverage through the housing
cycle, while prioritising our building safety remediation works;
●
invest in the long-term performance and growth of Persimmon through
continuing our disciplined approach to land acquisition and investment
intoenhancing the Group’s operational capabilities;
●
pay ordinary dividends at a sustainable level that is well covered by
post-tax profits through the housing cycle, thereby balancing capital
retained for investment in the business with those dividends; and
●
return any excess capital to shareholders from time to time, through a share
buyback or special dividend as considered to be appropriate at the time.
On 12 March 2024, in line with the Capital Allocation Policy, the Directors
declared a final dividend of 40p per share in respect of the financial year
ended 31 December 2023. This final dividend was approved at the 2024
Annual General Meeting and was paid to shareholders on 12 July 2024.
On 8 August 2024, the Directors announced their intention to pay 20p
pershare as an interim cash dividend in respect of the financial year to
31December 2024. This interim dividend was paid to shareholders on
8November 2024.
On 10 March, the Directors declared a final dividend of 40p per share
inrespect of financial year ended 31 December 2024.
On an annual basis, the Directors review financial forecasts used for this
Viability Statement as explained in the disciplined strategic planning processes
outlined earlier. These forecasts incorporate assumptions on issues such as the
timing of legal completions of new homes sold, average selling prices achieved,
profitability, working capital requirements and cash flows.
Persimmon Plc Annual Report 2024 77
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Assessing Persimmon’s viability continued
The Directors have also carried out a robust assessment of the principal and
emerging risks facing the Group, and how the Group manages those risks,
including those risks that would threaten its strategy, business model, future
operational and financial performance, solvency and liquidity. This risk
assessment was also informed by the performance of the Group’s materiality
assessment, incorporating views from the Group’s key stakeholders, and
through a comprehensive survey to incorporate input from the Board and
senior management from across the Group. The Directors have considered
theimpact of these risks on the viability of the business by performing a range
of sensitivity analyses when compared to base position being the actual
performance for full year 2024, including severe but plausible scenarios
materialising together with the likely effectiveness of mitigating actions that
would be executed by the Directors.
The scenarios emphasise the potential impact of severe market disruption
including, for example, the effect of economic disruption from a cost of living
crisis or a war on the short to medium-term demand for new homes. The
scenarios’ emphasis on the impact on the cash inflows of the Group through
reduced new home sales is designed to allow the examination of the extreme
cash flow consequences of such circumstances occurring. The Group’s cash
flows are less sensitive to supply side disruption given the Group’s sustainable
business model, flexible operations, agile management team and off-site
manufacturing facilities.
The first scenario modelled is a severe but plausible downside scenario that
models a fall in housing revenue, when compared to full year 2024, of c.54%
for full year 2025 followed by a gradual recovery. The housing revenue modelled
factors in changes in both volumes and average selling prices. The assumption
used in this scenario reflects the experience management gained during the
global financial crisis from 2007 to 2010, it being the worst recession seen in
the housing market since World War Two.
A second, even more extreme, scenario assumes the same significant downturn
in 2025 followed by a period of enduring depression of the UK economy and
housing market through to 2029, assuming that neither volumes nor revenue
recover, but that mitigations within management’s control are exercised.
Viability statement continued
In each of these scenarios, cash flows were assumed to be managed consistently,
ensuring all relevant land, work in progress and operational investments were
made in the business at the appropriate time to deliver the projected new
home legal completions. Each scenario fully reflects the current estimate of
cash outflows, value and timing associated with the legacy buildings provision.
The Directors assumed they would continue to make well-judged decisions in
respect of capital allocation payments, ensuring that they maintained financial
flexibility throughout and that the RCF would be extended to July 2030 as
permitted by the current agreement.
Based on this assessment, the Directors confirm that they have reasonable
expectation that the Group will be able to continue in operation and meet its
liabilities as they fall due over the period to the end of 31 December 2029.
Tracy Davison
Company Secretary
10 March 2025
Persimmon Plc Annual Report 202478

The UK Corporate Governance Code 2018 was
applicable to the Company for the year ended
31December 2024. During the year, the Board
has fully complied with the UK Corporate
Governance Code 2018.
The Board continues to review its governance procedures to maintain proper
control and accountability. The UK Corporate Governance Code 2018, and
the UK Corporate Governance Code 2024 (which applies to the financial
year beginning 1 January 2025), are available from the Financial Reporting
Council, at www.frc.org.uk. The table opposite references where further
information can be found regarding the application of the Code’s Principles.
1. Board leadership and Company purpose Pages
A Board of Directors 84 to 85
B Purpose, values, strategy and culture 01 to 80, 89 to 90
C Resource and control framework 16 to 18, 70 to 75, 109
D Stakeholder engagement 52 to 58, 92
E Workforce policies and practices 93, 113, 116, 138 to 142
2. Division of responsibilities
F Role of the Chairman 94, 97
G Division of responsibilities 94
H Role of the Non-Executive Directors 94 and 95
I Board policies, processes, information, time and resources 94 and 95
3. Composition, succession and evaluation
J Appointments to the Board 99 to 107
K Board skills, experience and knowledge 84 to 85
L Board evaluation 96 to 98
4. Audit, risk and internal control
M Independence and effectiveness of internal and external auditors 108 to 115
N Fair, balanced and understandable assessment 108, 112, 117, 143
O Risk and internal control 70 to 75, 108 to 115
5. Remuneration
P Alignment to purpose, values and long-term success 119 to 143
Q Remuneration policy 139 to 143
R Independent judgement and discretion 119 to 138
UK Corporate Governance Code 2018
Persimmon Plc Annual Report 2024 79
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Executive Directors 25%
Independent Non-
Executive Directors 75%
Executive Directors 22.2%
Independent Non-
Executive Directors 77.8%
White 9/9*
* The Board included one person from a
minority ethnic group until 30 September
2024 (when Shirine Khoury-Haq left
theBoard) and from 1 January 2025
(following the appointment of
AnandAithal).
White 9/10
Asian/Asian British 1/10
Male 55.6%
Female 44.4%
Male 60%
Female 40%
Board
gender diversity
Board
independence
(excluding Chairman)
Board
ethnic diversity
Governance
at a glance
0–3 years 44.4%
3–6 years 33.3%
6–9 years 22.2%
0–3 years 50%
3–6 years 30%
6–9 years 20%
Board
tenure
At 10 March 2025
At 31 December 2024
The Group’s commitment to good
corporate governance not only
benefits our customers, employees
and shareholders, but also our wider
stakeholders, such as the communities
in which we build and create.”
Roger Devlin
Chairman
Persimmon Plc Annual Report 202480

Governance key dates 2024
March
Announcement of Final
Results for2023
April
Annual General Meeting
September
Meeting with Dame Judith
Hackitt, former Chair of the
Independent Review of
Building Regulations and
Fire Safety.
Paula Bell appointed
asIndependent
Non-Executive Director
December
Appointment of Anand
Aithal as Independent
Non-Executive
Directorannounced.
June
Andrew Duxbury (Chief
Financial Officer) joined
theBoard
Board site visits to Persimmon
Homes Whitmore Place and
Charles Church Kenilworth Gate.
August
Announcement of Half Year
Results for 2024
October
Board Annual
StrategyDay
Persimmon Plc Annual Report 2024 81
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Leading Persimmon for long-term
sustainable success
Chairman’s introduction to governance
The Board understands the importance
of good corporate governance for the
Group’s long-term sustainable success.
Roger Devlin
Chairman
We have continued to maintain focus on succession planning during the year,
particularly in light of changes to the Board’s composition. In March 2024,
the Nomination Committee reviewed the composition of the Board, including
each Director’s tenure.
In April 2024 the Group announced that, due to time commitments, Shirine
Khoury-Haq would step down as an Independent Non-Executive Director
and as Chair of the Audit & Risk Committee to focus on her role as Group
Chief Executive of The Co-operative Group. Shirine left the Board on
30September 2024 and I reiterate our thanks to Shirine for her valuable
contribution to the business.
Following a thorough recruitment process, in July 2024 the Group announced
that Paula Bell would be appointed as an Independent Non-Executive Director
with effect from 1 September 2024 and asChair of the Audit & Risk Committee
from 1 October 2024. It is my pleasure to welcome Paula to the Board of Persimmon .
In addition, and again, following a rigorous recruitment process, in December
2024 the Group announced that Anand Aithal would be appointed as an
Independent Non-Executive Director with effect from 1 January 2025. On
behalf of the Board, I would like to welcome Anand to Persimmon and look
forward to working with him.
In December 2024, Nigel Mills notified the Board of his intention to step
down from the Board and as Senior Independent Director, at Persimmon’s
Annual General Meeting on 1 May 2025, after nine years of service. We
thank Nigel for his immense contribution to Persimmon. We were very pleased
to announce that Annemarie Durbin will be appointed as Senior Independent
Director from 1 May 2025, when Nigel retires. We believe that Annemarie’s
strong leadership skills, accompanied by her governance expertise and
proficiency in stakeholder management, equip her to perform this role well.
Further information on the changes to the Board’s composition can be found on
pages 102 to 103.
The Group’s commitment to good corporate
governance not only benefits our customers,
employees and shareholders, but also our
wider stakeholders, such as the communities
inwhich we build.
The Board understands the importance of goodcorporate governance for
theGroup’s long-term sustainable success. Underpinned by our strategic
framework and business model, the Board continues to define the Group’s
strategy required to deliver this. I am pleased to report that during the year
the Group delivered a return to growth.
The UK Corporate Governance Code
The UK Corporate Governance Code 2018 applied during the reporting
yearto 31 December 2024 and the Group has fully complied with this.
Ourcompliance statement can be found on page 79.
The introduction of the UK Corporate Governance Code 2024, which came
into effect from 1 January 2025 (with the exception of provision 29), has put
in place some revisions to the corporate governance landscape. The Board
considered the changes to the Code during the year. The Board considers
thatthe Company will be able to comply with the UK Corporate Governance
Code 2024 and in anticipation of the changes, the Group has continued its
work to strengthen risk management, internal control and assurance processes.
The UK Corporate Governance Code 2024 will apply to the Group’s
financial year ending 31 December 2025.
Board composition
Andrew Duxbury, joined the Group on 17 June 2024, as Chief Financial
Officer and we are delighted to welcome Andrew to the Group. During the
year, Andrew received a full, formal and tailored induction covering all
aspects of the Group and its operations. Andrew is already making a
significant contribution to the business and brings a wealth of experience
tothe team.
Persimmon Plc Annual Report 202482

Annual Board Performance Review
As referred to on pages 96 to 98 of the Corporate Governance Statement
and in line with the UK Corporate Governance Code 2018, during the year
we commissioned an external Board Performance Review. The externally
facilitated Board Performance Review was conducted by Clare Chalmers
Limited, a highly experienced and independent provider of board
performance reviews. Clare Chalmers conducted the 2018 externally
facilitated Board Performance Review and supported the delivery of the 2020
internal Board Performance Review. Clare Chalmers has no other connection
with the Group or its Directors.
During the year, we have continued to review the skills, knowledge,
experience and diversity of the Board. The Board carefully considered the
results of the 2023 internal Board Performance Review. Following on from the
actions raised in the 2023 internal Board Performance Review, during the
year the Nomination Committee received a report from the Chief HR Officer
regarding the development of a new Strategic and Inclusive Workforce Plan,
setting out the Group’s approach to future proofing the skills of its workforce,
and proposed actions to increase the diversity and inclusion of the Group’s
Talent Pipeline.
Further information on the Board Performance Review can be found on pages
96 to 98.
Sustainability
Sustainability remains integral to the Group’s strategy and long-term success.
The three key pillars of our sustainability strategy remain aligned with the
Group’s five key priorities and ensure that sustainability is a core element of
our operations. During the year the Board reviewed the Group’s sustainability
activities and received reports from the Group Sustainability Director. The
Board reviewed progress on key commitments. Regular updates on the Group’s
sustainability strategy are provided at Board meetings.
During the year, the Board reviewed the Group’s long-term target of net zero
carbon in our homes in use by 2030 and net zero carbon in our operations by
2040. Further improvements to our build quality and customer service have
been evident during the year, and it is pleasing to see the strong progress
which has been made on our building safety remediation programme.
Sustainability remains at the heart of what we do and long-term net zero
carbon transition plans, in anticipation of the Future Homes Standard
implementation, remained high on the Board agenda and we continued
totake an active role in understanding its impact and ensuring business
readiness to be a better and more sustainable business. This included the
carbon reduction glide path for Scope 1 and 2 emissions aligned to the
Group’s science-based reduction commitments. I am pleased to confirm
thatthe business remains committed to its net zero and science-based
reduction targets.
Further information on the Group’s work in relation to sustainability can be
found on pages 28 to 50.
Remuneration
During the year the Remuneration Committee reviewed workforce remuneration
and related policies and was pleased to see a number of enhancements
being implemented for the broader workforce, including an increase to the
holiday entitlement for our weekly-paid colleagues to ensure that we remain
acompetitive and attractive employer. As part of our accreditation as a Real
Living Wage employer, we implemented the Real Living Wage increase in
February 2024 ahead of the required May 2024 timeline.
The Remuneration Committee agreed that the Group Chief Executive and
theGroup’s most senior executives should be awarded a base salary
increaseof 3% from July 2024. This was in line with the increase awarded
toemployees generally.
The Group’s metrics for the 2024 Performance Share Plan awards (‘PSP’)
were reviewed and agreed by the Remuneration Committee. They continued
to include an environmental target for the 2024 PSP award based on the
Group’s science-based targets for Scope 1 and Scope 2 emissions reduction
and will follow the same approach for its 2025 PSP awards. This supports the
achievement of our long-term sustainability target and reflects the importance
of sustainability to Persimmon.
Further information on the work of the Remuneration Committee can be found on
pages 118 to 142.
Equality, diversity and inclusion
The Nomination Committee has continued its oversight of the implementation
of the Group’s Equality, Diversity and Inclusion Strategy. The Committee has
reviewed the steps being taken to enhance the Group’s approach in this area,
with updates provided at the Nomination Committee’s meetings during the year.
Following consideration of the Parker Review Survey recommendations,
during the year the Nomination Committee agreed a stretching ethnic
diversity target for the Group’s senior management team* to be achieved by
2027. When setting this stretching target, consideration was given to the
national nature of the Group’s operations and the ethnic diversity of the
Group’s local offices. The stretching target reflects the Group’s commitment to
lead the drive for inclusivity. The Nomination Committee will monitor progress
made toward the target.
During the year, an Ethnic Minority Employee Discussion Group was also
established with the aim of better understanding the experience of current
employees from ethnic minority backgrounds, making the Group’s workplace
and culture as inclusive as possible and encouraging more applications from
under-represented groups.
Further information on the Group’s work in relation to equality, diversity and
inclusion can be found on pages 25, 49, 102 and 104 to 105.
Assurance
During the year, the Audit & Risk Committee’s main areas of focus remained
largely unchanged, with a continued emphasis on ensuring integrity and
quality of financial reporting, particularly in areas requiring estimate or
accounting judgement. The Audit & Risk Committee also focused on maintaining
an effective and high quality external audit, the ongoing effectiveness and
independence of the Group Internal Audit department and, in anticipation
ofthe requirements of the UK Corporate Governance Code 2024, oversight
of the Group’s comprehensive work to enhance its systems of risk management
and internal control.
Further information on the work of the Audit & Risk Committee can be found on
pages 107 to 114.
Roger Devlin
Chairman
10 March 2025
* Executive Committee and Direct Reports.
Persimmon Plc Annual Report 2024 83
Financial statementsGovernance Other informationStrategic report

Board leadership
Board of Directors
Roger Devlin
Chairman
Date of appointment: 1 June 2018
Committee membership:
N
CF
Age: 67
Experience and external appointments:
Roger was independent on appointment and
has extensive business, leadership and
governance experience, having held executive
and non-executive roles in a variety of sectors
such as corporate finance, gaming, leisure,
pubs and brewing, sport and transport.
Roger is a highly experienced Board Director,
having previously served as Chairman of
William Hill PLC, Chairman of Marston’s PLC
and as Senior Independent Director at the
Football Association.
In May 2022 Roger was appointed to the
Board of The Sutton Trust, a charity designed
toimprove social mobility and address
educational disadvantage.
Skills and contribution: Roger’s wealth of
experience gives him a strong understanding
ofcorporate governance, shareholder and
stakeholder views, banking and finance,
customer propositions and leadership.
Roger’s expertise and personal qualities enable
him to effectively lead the Board and drive
change within the business. Roger ensures that
the Board functions effectively by facilitating
open and productive debate, providing
constructive challenge and by demonstrating
objective judgement.
Dean Finch
Group Chief Executive
Date of appointment: 28 September 2020
Committee membership:
S
CF
Age: 58
Experience and external appointments:
Dean is a widely experienced senior executive
with a strong commercial, financial and
operational track record spanning a 30 year
career in Europe and North America.
Dean was the Chief Executive Officer of
National Express Group plc from 2010 to
2020, and during his tenure built the business
into Britain’s leading transport group. Prior to
that Dean was Group Chief Executive of Tube
Lines and Group Finance Director and Group
Chief Operating Officer at FirstGroup plc,
where he also held a number of other senior roles.
In May 2021 Dean was appointed as a
Non-Executive Director of Diploma Plc.
Skills and contribution: Dean is a seasoned,
well-respected and proven Chief Executive with
an exceptional record. Since his appointment,
Dean has gained extensive housebuilding
experience. He has led the Group’s programme
of transformative change in its drive to become
Britain’s leading homebuilder, delivering substantial
strategic and operational improvements, while
driving the development of the Group’s culture,
with a focus on build quality, customer care,
stakeholder value and strong long-term returns
for investors.
Dean is also a qualified chartered accountant.
Nigel Mills
Senior Independent Director
Date of appointment: 4 April 2016
Committee membership:
N R
Age: 69
Experience and external appointments:
Nigel is the Senior Independent Director at
bothJohn Wood Group Plc and Greggs plc.
Nigel has extensive experience in advising
some of the UK’s largest companies, having
held a variety of executive positions in the
banking sector including Senior Advisor at
Citigroup Global Markets, Chairman of
Corporate Broking at Citi and Chief Executive
of Hoare Govett.
Skills and contribution: Nigel has strong
commercial judgement, drawing on a 30-year
executive career advising quoted companies.
Nigel has broad experience of financial markets,
strategy, risk, shareholder attitudes and
corporate governance, which enable him to
provide sound advice to the Board.
Annemarie Durbin
Independent Non-Executive Director
Date of appointment: 1 July 2020
Committee membership:
N R
Age: 61
Experience and external appointments:
Annemarie has over 35 years’ broad-based
retail, commercial, corporate and institutional
banking experience across the UK, Asia, Africa
and the Middle East and is an experienced
executive coach and mentor. Annemarie is
theChair of Yorkshire Building Society and
Remuneration Committee Chair of Petershill
Partners plc. Annemarie spent the bulk of her
executive career at Standard Chartered, a FTSE
100 international bank, where she held a
variety of global business and functional roles
including being CEO of a FTSE 250 equivalent
listed company in Thailand, culminating in
membership of the Group Executive Committee.
Annemarie has previously held a variety of
non-executive positions including Senior Ringfence
Director and Remuneration Committee Chair of
Santander UK plc, Chair of Cater Allen Limited,
Remuneration Committee Chair of WH Smith
PLC, and Chair of Merryck & Co. Ltd.
Skills and contribution: Annemarie is a highly
experienced international business executive,
with a strong background in banking, diversity
& inclusion, transformation, corporate governance
and human resources. Annemarie is a qualified
lawyer, coach and conflict mediator. Annemarie’s
experience and knowledge are valuable additions
to the Board as the Group continues to implement
its programme of business improvement.
Date of appointment: 17 June 2024
Committee membership: N/A
Age: 50
Experience and external appointments:
Andrew brings significant and relevant industry
experience to the Board, having served as
Group Finance Director at Galliford Try
Holdings plc, one of the UK’s leading stock
exchange listed construction companies
between March 2019 and June 2024. During
his career at Galliford Try, Andrew held various
finance roles for over ten years, including roles in
Galliford Try’s former housebuilding operation,
Linden Homes. Prior to that, Andrew spent 16
years at PwC, leading a portfolio of significant
clients across a range of sectors including
construction and housebuilding.
Skills and contribution: Andrew brings an
extensive financial background, with a wealth
of experience operating in the construction and
housebuilding industries. Andrew is a valuable
asset to the Group as we continue to provide
good quality homes for families across the UK
and position the business for future growth.
Andrew is a Fellow of the Institute of Chartered
Accountants.
Andrew Duxbury
Chief Financial Officer
The Board of Directors sets the Group’s purpose, defines the Group’s values, sets the strategy and monitors and
assesses the Group’s culture. The Board consists of the Chairman; two Executive Directors; and seven Independent
Non-Executive Directors, including the Senior Independent Director.
Persimmon Plc Annual Report 202484

Date of appointment: 4 January 2021
Committee membership:
AR
N
Age: 62
Experience and external appointments:
Andrew is an experienced construction sector
executive and was Chief Executive of Costain
Group PLC for 14 years, until his retirement in
2019. Previously, Andrew was Managing
Director of Taylor Woodrow Construction and
amember of the Group Executive Committee at
Taylor Woodrow Plc. During his career, Andrew
has worked on a variety of major contracts and
projects in Saudi Arabia, Ghana, the Falklands,
Malaysia and the UK.
Andrew currently serves as the Senior Independent
Director of Yorkshire Water and as Remuneration
Committee Chair of the Institution of Civil
Engineers. He was previously a Non-Executive
Director of BMT Group Ltd and Scottish Water,
and President of the Institution of Civil Engineers.
Skills and contribution: Andrew has a long
and successful track record within the construction
industry and brings highly relevant sector
experience to the Board. Andrew’s industry
knowledge, expertise and perspective are
valuable to the Board as the Group continues
tobuild a sustainable business.
Andrew has an MBA from London Business
School and is a Fellow of the Royal Academy of
Engineering. For his services to engineering and
construction, Andrew was awarded a CBE.
Andrew Wyllie CBE
Independent Non-Executive Director
Date of appointment: 1 May 2023
Committee membership:
N R
Age: 44
Experience and external appointments:
Alex is a technology entrepreneur and the
co-founder and CEO of Resi.co.uk, the UK’s
largest residential architectural practice and a
leading property technology business. Prior to
establishing Resi.co.uk, Alex co-founded
Hassle.com, Europe’s largest domestic cleaning
online marketplace.
Alex previously sat on the board of the London
Economic Action Partnership, the local enterprise
partnership chaired by the Mayor of London,
which is responsible for over £100m of investment
into London’s culture and communities.
Skills and contribution: Alex’s appointment
adds highly relevant skills to the Board, with
hervaluable property-related technology
andinnovation experience. Alex’s impressive
entrepreneurial track record of building and
scaling consumer-facing technology businesses
adds further depth to the Board’s capabilities.
In recognition of Alex’s achievements and
entrepreneurial success, she has won various
awards and was made an MBE for her services
to the sharing economy.
Alexandra Depledge MBE
Independent Non-Executive Director
Date of appointment: 1 May 2023
Committee membership:
AR
N W
Age: 56
Date of appointment: 1 September 2024
Committee membership:
AR
N
Age: 58
Date of appointment: 1 January 2025
Committee membership:
N R
Age: 57
Experience and external appointments:
Colette has a wealth of property market
investment and development expertise gained
in her 20-year career with one of the UK’s
leading real estate businesses, Land Securities
Group PLC (‘LandSec’). Colette spent the
majority of her executive career with LandSec,
having held the position of Chief Operating
Officer between 2020 and 31 March 2023.
Prior to this, Colette held a number of senior
executive positions at LandSec, including
Managing Director, London & Retail; and Head
of Development. Colette has also previously
served as a Non-Executive Director of a
leading housing association.
On 9 April 2024, Colette was appointed
interim Chief Operating Officer of Wellcome
Genome Campus, part of Wellcome Trust.
Skills and contribution: With extensive industry
experience, and a particular expertise in
planning, Colette makes a valuable contribution
to the Board. As well as a respected leader,
Colette brings a wealth of development and
investment knowledge, which assists the Group
with the sector-related challenges that it faces.
Experience and external appointments:
Paula has extensive FTSE 100 & 250 board
experience, serving both as an Executive and
Non-Executive Director of large global
organisations. Since 2016, Paula has held the
position of Chief Financial & Operations Officer
of Spirent Communications Plc*. Paula has also
been a Non-Executive Director and Chair of the
Audit and Risk Committee at Keller Group Plc
since 2018 and was previously a Non-Executive
Director and Chair of the Audit Committee at
Laird Plc from 2013 to 2018.
Prior to Spirent Communications Plc, Paula was
Chief Financial Officer at John Menzies Plc and
Chief Financial Officer at Ricardo Plc, as well
as holding senior finance roles at BAA Plc,
AWG Plc and Rolls Royce Group Plc. Paula has
wide sector experience including construction,
property and manufacturing environments.
Skills and contribution: Paula is an experienced
executive and non-executive director, with a
track record of delivery of both strategic and
operational agendas for large and complex
global businesses. Paula’s extensive professional
experience in finance, business strategy, operations
and change management, combined with her
significant Audit & Risk Committee Chair experience ,
make Paula an excellent addition to the Board.
Paula is a Fellow of the Chartered Institute of
Management Accountants and a Chartered
Global Management Accountant.
Experience and external appointments:
Anand has extensive board experience,
currently holding Non-Executive Director roles
at Saga Plc, Polar Capital Holdings Plc and
Nationwide Building Society. He also serves
onnot-for-profit boards at the Association of
Chartered Certified Accountants and the Institute
for Government. Previously, Anand was the lead
Non-Executive for the Cabinet Office. Anand
has over thirty years of experience in financial,
business and professional services and
co-founded Amba Research, an outsourced
data analytics and research business.
Skills and contribution: Anand brings a wealth
of experience across many sectors as a senior
executive, entrepreneur and Non-Executive.
Anand has gained demonstrable expertise in
financial, business and professional services.
His career has taken him internationally, having
worked in Singapore, Hong Kong, India, the
United States, Sri Lanka, and Costa Rica, providing
him with a broad business perspective. This
global exposure, combined with his multifaceted
experience, makes Anand an important
addition to the Board.
Anand has an MA in Economics from the
University of Cambridge.
Colette O’Shea
Independent Non-Executive Director
Paula Bell
Independent Non-Executive Director
Anand Aithal
Independent Non-Executive Director
Committee key
AR
Audit & Risk Committee
N
Nomination Committee
R
Remuneration Committee
S
Sustainability Committee
CF
Trustee of the Persimmon Charitable
Foundation
W
Workforce Non-Executive Director
Committee Chair
* Paula Bell intends to retire from her executive role
at Spirent Communications Plc on completion of
Spirent’s takeover by Keysight Technologies Inc, which
is expected to complete by the end of April 2025.
Persimmon Plc Annual Report 2024 85
Financial statementsGovernance Other informationStrategic report

Corporate governance statement
Standing items at all scheduled Board meetings:
Each Board meeting includes a number of standing items:
●
Group Chief Executive’s Report and Business Update
Provides a comprehensive update on the Group’s performance,
matters ofstrategic importance and the Group’s external environment.
This is supplemented by the Business Update, which usually includes
an in-person update from the UK Managing Director, Deputy UK
Managing Director or a Regional Chair, and provides an in-depth
focus on specific areas of the Group’s performance and the practical
implementation of the Group’s strategy:
●
Customer Experience
●
Building & Fire Safety
●
Construction
●
Human Resources
●
Health, Safety & Environment
●
FibreNest
●
Information Technology
●
Sustainability
●
Chief Financial Officer’s Report
Provides a comprehensive update on the Group’s financial performance
and financial forecasts. An Investor Relations update is also included.
●
Committee Chairs’ updates
Updates are provided to the Board on the activities of the Audit & Risk,
Nomination and Remuneration committees. Board members also
provide updates to the Board regarding their attendance at Employee
Engagement Panel meetings.
Periodic standing items:
In addition to the standing items at each scheduled meeting, the Board’s
calendar includes a number of periodic standing items:
●
Annual items:
●
Budget
●
Annual Strategy Day
●
Annual General Meeting
●
Internal Controls review
●
Whistleblowing Provision review
●
Annual Board Performance Review
●
Bi-annual items:
●
Building and Fire Safety update
●
Sustainability update - to be twice yearly from 2025
Further details regarding these periodic standing items can be found in the table on
pages 87 to 88.
During the year the Board held six scheduled
meetings and its Strategy Day meetings, plus
additional meetings when required. Meeting
agendas are planned in advance by the Chairman,
supported by the Company Secretary, and in
consultation with the Group Chief Executive.
This ensures that meetings are effective, efficient
and flexible, with appropriate time and focus
devoted to the Group’s performance, strategy,
stakeholders and the external environment.
The standing items for Board meetings are displayed on this page, and
examples of the Board’s work during the year can be found on pages 87 to
88.
To further enhance Board effectiveness, Board meetings are often preceded
by Board dinners. This helps to foster good, constructive and professional
relations between Board members and the Group’s senior executives, and
allows the Board to receive additional presentations and engage in discussion
on matters concerning the implementation of the Group’s strategy.
Boardmeetingattendance 2024
Scheduled meetings
attended
Percentage of
meetings attended
Roger Devlin 7/7 100%
Dean Finch 7/7 100%
Andrew Duxbury
1
3/3 100%
Nigel Mills 7/7 100%
Annemarie Durbin 7/7 100%
Andrew Wyllie 7/7 100%
Alexandra Depledge 7/7 100%
Colette O’Shea 7/7 100%
Paula Bell
2
2/2 100%
Shirine Khoury-Haq
3
5/5 100%
1. Appointed on 17 June 2024
2. Appointed on 1 September 2024
3. Resigned on 30 September 2024
Board activities
Persimmon Plc Annual Report 202486

Examples of the Board’s work during the year, including both standing and ad hoc items, can be found in the table below:
Area of focus Outcome Link to our strategic framework
Strategy
Annual Strategy Day – Members of the Executive team delivered a comprehensive suite of presentations to the Board
regarding the Group’s strategy. Topics covered included: brand development, customer experience, building & fire safety,
land & planning, innovation, IT transformation, People (talent, succession and diversity), culture, the Group’s external
environment, and five-year financial projections. The high-quality presentations facilitated Board debate, questions
andoversight.
The Group’s strategy was reviewed and approved by
theBoard.
1 2 3 4 5
TopHat – a number of updates were received regarding the Group’s investment in the modular home manufacturer,
TopHat. Topics discussed included TopHat’s challenging financial position and the potential integration of TopHat’s
industry-leading facade product with the timber frames produced by the Group’s Space4 manufacturing business.
The Board agreed to write down the Group’s original
investment in TopHat. Constructive dialogue continued
withrelevant stakeholders, resulting in the Group securing
access to the Mauer facade product.
1 4
Mergers & Acquisitions (M&A) – reports received regarding M&A activity in the housebuilding sector. Considered and discussed by the Board
4
Operations
Fire Safety – updates were received throughout the year regarding the Group’s continued fire safety remediation activities. The Board reaffirmed its approval of the Group’s fire safety
remediation activities, and the importance of completing
the remediation works as soon as reasonably practicable.
1
UK Managing Director, Deputy UK Managing Director and Regional Chair presentations – a number of
presentations were received during the year as part of the Business Update at each scheduled meeting, providing detailed
insight into regional operations and matters including market conditions, build quality, customer care, the planning system,
the land market, talent and diversity, and the embedding of the Board’s desired culture.
Presentations were considered and discussed, enabling
theBoard to exercise oversight of the Group’s operations,
performance and culture.
1 2 3 4 5
FibreNest – presentation received from the FibreNest Managing Director regarding the performance and future
development of the Group’s ultra-fast full fibre broadband provider.
Considered and discussed by the Board.
2 4
Planning – presentation received from the Group Planning Director regarding the National Planning Policy Framework (NPPF). Considered and discussed by the Board.
3 4 5
Sustainability – presentation received from the Group Sustainability Director regarding the implementation of the Group’s
sustainability strategy. Topicscovered included: Implementation of the Future Homes Standard, waste reduction &
management, carbon reduction activity, Biodiversity Net Gain, nutrient neutrality and the development of the Group’s
longterm carbon transition plan.
Considered and discussed by the Board.
5 B T S
Finance
Budget – financial budget, setting out expected performance and resource allocation for 2024. Reviewed and approved by the Board.
4
Results – Final Results for 2023, Annual Report 2023, Half Year Results for 2024 and Trading Updates. Considered and approved by the Board.
1 2 3 4 5
Capital Allocation Policy – consideration of whether to pay a final dividend for 2023 and an interim dividend for 2024. Final dividend of 40p per share for 2023: recommended
toshareholders bythe Board.
Interim dividend of 20p per share for 2024: approved
bythe Board.
4
Persimmon Plc Annual Report 2024 87
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Area of focus Outcome Link to our strategic framework
Governance
Competition and Markets Authority (CMA) – updates were received regarding the CMA’s market study & subsequent
investigation into eight housebuilders, including the Group.
The Board reaffirmed the Group’s continued cooperation
with the CMA.
Fire Safety Update Meeting with Dame Judith Hackitt – meeting with the former Chair of the Independent Review of
Building Regulations and Fire Safety. The meeting discussed a number of matters including the need for change (both
systemic and regarding culture) within the construction industry, and enhanced regulation. Anupdate was also provided
onthe Group’s fire safety remediation activities and safety culture.
Dame Judith Hackitt commended the Group for the
leadership ithas shown, and the actions it has taken,
inrelation to firesafety.
1
Annual General Meeting 2024 – Notice of Meeting Approved by the Board.
Internal Controls – Annual Review of the Effectiveness of Internal Controls. Following consideration, the Board agreed that the risk
management and internal control systems remained effective.
Corporate Governance Code – update received regarding the UK Corporate Governance Code 2024. Considered by the Board and actions to be taken by the
Group to remain compliant with the Code were noted.
Employee Engagement – updates received from Colette O’Shea, Workforce Non-Executive Director; and Annemarie
Durbin, Chair of the Remuneration Committee; following their attendance at Employee Engagement Panel meetings.
Considered and discussed by the Board.
P
Board composition – consideration of the recommendations from the Nomination Committee to appoint Paula Bell and
Anand Aithal as Independent Non-Executive Directors; and to appoint Annemarie Durbin as the next Senior Independent
Director, on Nigel Mills’ retirement from the Board.
All nominations approved by the Board.
Annual Performance Review – presentation received regarding the findings of the Board’s externally facilitated annual
performance review.
Considered and discussed by the Board. Actions for Board
performance enhancement agreed.
Whistleblowing Provision – reviewed and approved by Board. Following consideration, the Board agreed that the Group’s
whistleblowing provision remained effective.
P
Our Key Priorities are:
1
Build quality and safety
2
Reinforce trust: customers at the heart of our business
3
Disciplined growth: high quality land investment
4
Industry-leading financial performance
5
Supporting sustainable communities
Read more on pages 14 to 15
Our Sustainability Pillars are:
B
Building for tomorrow
T
Transforming communities
S
Safe and inclusive
Read more on pages 28 to 50
Good Governance
P
People
Corporate governance statement continued
Board activities continued
Persimmon Plc Annual Report 202488

Culture
The Group’s Mission is to build
homes with quality our customers
can rely on, at a price they can
afford. This is supplemented by the
Group’s Vision and Values, both of
which are set out on page 1.
A key responsibility of the Board is to ensure that the
Group’s culture is aligned with the Group’s Mission,
Vision and Values. To effectively discharge this
responsibility, the Board uses a variety of methods
andmetrics to monitor and assess the Group’s culture.
The standing items at Board meetings, site visits and the
Board’s engagement with employees and wider
stakeholders enables the Board to effectively monitor the
Group’s culture.
Employees
34.6%
Female employees in our senior
management team
81%
Employee engagement score (2024
YourSay employee engagement survey)
90%
Of employees are committed to the
Group and what it is trying to achieve
Active employee networks for women and
LGBTQ+ colleagues, plus a discussion group
for ethnic minority colleagues.
c.270
Mental Health First Aiders
587
Apprentices and trainees on programmes
c.400
Hiring managers received recruitment
training during 2024 as part of the
Group’s D&I strategy
Customers and Quality
96.0%
Customer satisfaction score
Based on the percentage of customers that
would recommend Persimmon to a friend*
93.5%
Build quality score
Based on customer satisfaction with
buildquality*
7%
Improvement in NHBC Reportable Items
during 2024
19
Pride in the Job Awards for sites in 2024
4.5
Persimmon Homes Trustpilot score
* The Group participates in the National New Homes Survey,
run by the Home Builders Federation
Health, Safety
andEnvironment
Net Zero
We aim to be net zero carbon for our homes
in use by 2030, and in our operations by
2040
Persimmon Excellence Always Awards
(including Health, Safety and Environment
awards) continued, with winners being
announced to the business.
98%
Operational waste recycled
2.2
Number of work related incidents (RIDDORs)*
* Reportable incidents per 1,000 workers in our
housebuildingoperations.
Community
c.£905k
Donated to 355 charities and local
community groups across the UK
c.79,000
Construction and supply chain
jobssupported
Customer focused
Value driven
Team work
Social impact
Excellence always
O
U
R
V
A
L
U
E
S
Persimmon Plc Annual Report 2024 89
Financial statementsGovernance Other informationStrategic report

Corporate governance statement continued
Culture continued
Employee Engagement Panel
The Panel, which comprises 16 employees, provides a broad representative
body of the Group’s employees, and provides an important forum for employees
to express their views and provide feedback on the Group, its performance,
policies, procedures and culture.
The Panel is chaired by the Chief HR Officer and holds four meetings per year.
Colette O’Shea, the Workforce Non-Executive Director, attends at least two
meetings per year, other Board members frequently attend. The Panel’s open
and honest feedback is highly valued by the Board, providing an excellent
opportunity for the Board to monitor the practical application of the Group’s
values, and therefore, the Group’s culture.
Board attendees at Panel meetings during 2024:
●
Roger Devlin, Chairman;
●
Andrew Duxbury, Chief Financial Officer;
●
Colette O’Shea, Workforce Non-Executive Director; and
●
Annemarie Durbin, Chair of the Remuneration Committee.
Further details regarding matters discussed at Panel meetings, and resulting
actions during the year, can be found on page 92.
Employee Engagement Survey
The results of the Employee Engagement Survey are presented to the Board
annually. The Survey conducted during the year showed that the Group’s
employees are engaged and committed to the Group’s Mission, Vision and
Values; strategy and focus on customer care. For further details regarding the
survey results, see page 26.
Persimmon Plc Annual Report 202490

In addition to the Board and its committees, the Group’s executive-level
committees play a key role in the governance of the Group:
●
Disclosure Committee – chaired by the Chief Financial Officer, the committee
reviews compliance with regulations concerning the release of information
to the financial markets. The Committee considers, in conjunction with the
Group’s advisors, the Group’s market announcements before they are
presented to the Board.
●
Executive Committee – chaired by the Group Chief Executive, the committee
is a key forum where the Group’s operations, performance and strategy
implementation are reported, considered and assessed.
●
Health, Safety & Environment Committee – the committee is responsible
for reviewing the Group’s ongoing health, safety & environmental performance;
and the development, implementation and monitoring of the Group’s
health, safety and environment strategy. Chaired by the Group Chief
Executive, committee members include the Health, Safety & Environment
Director, Regional Chairs and the Group Construction Director.
●
Land Committee – the committee is responsible for assessing and approving
all land acquisitions and disposals, within defined authority limits. Chaired
by the Group Chief Executive, committee members include the Chief Financial
Officer, the UK Managing Director, the Group Strategy & Regulatory Director,
Regional Chairs and the Group Director of Land Operations.
●
Management Risk Committee – established in 2024, the committee
supports the Board in the development and oversight of the Group’s risk
management framework, reviews risk indicators and reviews the operational
effectiveness of control activities. Chaired by the Chief Financial Officer,
committee members include the Director of Internal Audit, the Chief
Information Officer and the Group Sales Director.
●
Sustainability Committee – chaired by the Group Chief Executive, the
committee is responsible for developing and overseeing the implementation
of the Group’s sustainability strategy, policies and objectives. For further
information, see page 92.
Governance structure
UK Managing Director and Regional Chairs Leaders of Group Functions
Nomination
Committee
Remuneration
Committee
Audit & Risk
Committee
Executive-level committees:
Operating Businesses
Disclosure
Committee
Executive
Committee
Health, Safety &
Environment
Committee
Land
Committee
Management Risk
Committee
Sustainability
Committee
Board of Directors
The Board leads and directs theGroup. It sets the Group’s purpose, defines the Group’s values, sets
the strategy, and monitors and assesses the Group’s culture, with the aim ofsecuring the long-term
sustainable success of the business and generating value forall of our all stakeholders.
Persimmon Plc Annual Report 2024 91
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Stakeholder engagement
To successfully implement and deliver the Group’s five key priorities, the
Group engages extensively with its stakeholders. In doing so, the Group is
able to strengthen existing business relationships and nurture new ones to
deliver value for all stakeholders and ensure business sustainability.
The Board receives regular updates on stakeholder engagement including
from the Group Chief Executive, CFO, the Group Director of Strategic
Partnerships & External Affairs, the Investor Relations Director, the Chief
Customer Experience Officer, the Group Construction Director and the Group
Health, Safety & Environment Director. The Group’s engagement with its
stakeholders, and the outcomes and effects this has on the Board’s decisions,
is described in detail in the Section 172 Statement on pages 52 to 59.
The Sustainability Committee
The Sustainability Committee is responsible for developing and overseeing the implementation of the Group’s sustainability strategy, policies and objectives.
Reporting directly to the Board, the Sustainability Committee is chaired by the Group Chief Executive and members include the Group Strategy and Regulatory
Director, the Company Secretary, the Group Sustainability Director, the Chief Customer Experience Officer, the Group Construction Director and a Regional
Chair. The Board receives updates on sustainability issues and performance at each of its meetings via the Group Chief Executive’s Report and Business Update,
and presentations from the Group Sustainability Director.
The Sustainability Committee held three meetings during the year; topics covered included business readiness planning for the Future Homes Standard (FHS)
(including updates received from the Group’s FHS Implementation Steering Group), operational carbon reduction initiatives, climate risk and TCFD reporting,
long-term net zero carbon transition plan development, ecology and Biodiversity Net Gain updates, consideration of a potential environmental metric for PSP
awards, the Group’s framework for the prevention of modern slavery and the Group’s modern slavery statement, and policy reviews and updates.
The Sustainability Committee also supports the Board’s oversight of climate change matters, and oversees the implementation of the Group’s climate change
strategy. The Sustainability Committee ensures climate issues are being effectively considered and managed, and reports its findings and recommendations to
the Board. Further information can be found in the Climate-Related Financial Disclosures (‘TCFD’) on pages 60 to 69.
Workforce engagement
Workforce engagement is of great importance to the Board. This engagement is facilitated by a variety of means, including the appointment of Colette O’Shea
as the Workforce Independent Non-Executive Director and the Group’s Employee Engagement Panel. As explained on page 90, the Panel holds four meetings
per year, which Board members frequently attend. Examples of matters raised by the Panel during the year include:
Salary Sacrifice
Issue Panel members suggested that employees would appreciate the ability to participate in Salary Sacrifice arrangements for pension
contributions and other company benefits.
Initial actions As part of the Group’s Payroll Transformation, a Salary Sacrifice Project was initiated, involving internal and external stakeholders.
Update Pension Salary Sacrifice was successfully implemented for monthly paid employees during the year. The implementation of additional
Salary Sacrifice arrangements for weekly and monthly paid employees remains under review.
Holiday Purchase Scheme
Issue Panel members suggested that, to enhance work/life balance, employees would appreciate the ability to purchase additional annual leave.
Initial actions The introduction of a Holiday Purchase Scheme was included as an objective of the Group’s Payroll Transformation.
Update Work was undertaken during the year to develop the processes and procedures required to implement the scheme. Following successful
testing, the scheme was implemented in January 2025.
Corporate governance statement continued
Governance structure continued
2
EMPLOYEES
3
COMMUNITIES
4
SUPPLIERS AND
SUBCONTRACTORS
5
SHAREHOLDERS
1
CUSTOMERS
6
GOVERNMENT,
REGULATORS AND
INDUSTRY BODIES
OUR
STAKEHOLDERS
Persimmon Plc Annual Report 202492

2025 Annual General Meeting
The Annual General Meeting (AGM) is an important opportunity for the
Board to engage with shareholders.
The 2025 AGM will be held at 11.00am on 1 May 2025, at York Racecourse,
Knavesmire Road, York, YO23 1EX. Shareholders are encouraged to attend.
Voting will be on a poll whereby every member shall have one vote for every
ordinary share held. The Notice of Meeting and AGM circular, which
includes an explanation of the ordinary and special resolutions to be voted
on, will be sent to shareholders on 24 March 2025 and will be available on
the Company’s website at www.persimmonhomes.com/corporate/investors/
shareholder-centre/annual-general-meetings/.
Workforce policies and practices
Whistleblowing Policy
The Board is responsible for ensuring that an effective Whistleblowing
Policyis in place and that individuals both inside and outside the Group
canconfidentially raise any concerns they may have. The whistleblowing
provision, which encompasses the Whistleblowing Policy and associated
processes, includes assurances to those reporting potential wrongdoing, that
reporting a genuinely held concern will not lead to individuals suffering any
form of detriment. This encourages and reassures individuals that it is safe to
speak up, and therefore helps to promote a culture of openness and trust.
The Whistleblowing Policy is reviewed by the Audit & Risk Committee and
theBoard at least annually. The operation of the whistleblowing provision
ismanaged by the Group Internal Audit department, which reviews and,
where necessary, investigates all whistleblowing reports received. The Group
Internal Audit department works with the Chief HR Officer and other senior
managers as appropriate to ensure that investigations are rigorous and
conducted with the necessary sensitivity. Learnings from investigations are
then taken and acted upon as required.
Details of all whistleblowing reports are reviewed by the Audit & Risk
Committee. The Chair of the Audit & Risk Committee is the Group’s
Whistleblowing Champion, acting as an independent sponsor for the
whistleblowing provision. The Group’s continued partnership with Protect,
thewhistleblowing charity, has provided access to benchmarking and good
practice guidelines.
The Board remains satisfied that the Whistleblowing Policy and the supporting
processes and arrangements of the whistleblowing provision remain appropriate
and effective. Further information on the whistleblowing provision can be
found on pages 113 and 114.
Remuneration Policy
The Remuneration Policy is voted on by shareholders at least triennially;
thecurrent policy was last approved by shareholders at the AGM on
26April2023, with 98.7% of votes being cast in favour. When setting the
Remuneration Policy, the Remuneration Committee aims to: ensure appropriate
alignment with the Group’s strategy, values and key priorities; align the
interests of the Executive Directors, senior management and employees with
those of shareholders and wider stakeholders; and ensure that remuneration
and incentives adhere to the principles of good corporate governance,
support good risk management practice and promote long-term sustainable
Company performance; and to have a competitive mix of fixed remuneration
and short-term and long-term incentives, with stretching targets linked to the
Company’s financial and non-financial performance.
Prior to the shareholder vote at the 2023 AGM, the Chair of the Remuneration
Committee consulted with the Company’s major shareholders (representing
51.7% of the then share register) regarding the then proposed policy. Further
information regarding the Remuneration Policy can be found in the
Remuneration Report on pages 138 to 142.
Anti-Bribery and Corruption Policy
The Group has a well-established Anti-Bribery and Corruption Policy, which
forms an extension to our Code of Ethics, setting out our zero-tolerance approach
to any form of bribery and corruption. Through this policy, the Board aims to
reinforce a culture where bribery and corruption are never seen as acceptable
behaviours. This applies to all Group employees, businesses and operations,
and extends to our relationships with all of our suppliers, sub-contractors and
intermediaries, supporting our reputation for ethical conduct, and fostering
long-term, mutually beneficial relationships with our supply chain.
The Group maintains a comprehensive suite of anti-bribery and corruption
controls and oversight arrangements. These include robust and transparent
tendering processes to ensure appropriate decision making when appointing
new suppliers and sub-contractors. Our Policy is made available to all stakeholders
via our corporate website, with monitoring processes also in place to promote
awareness of potential bribery and corruption issues, including training and
awareness programmes which are regularly reviewed and updated by the
Group Head of Training. The Group’s independent whistleblowing provision
supports the Policy to enable prevention, detection and reporting of bribery
and corruption. The Group Internal Audit department, which reports to the
Board via the Audit & Risk Committee, provides independent assurance on
theeffective operation of these controls and activities.
Equality, Diversity and Inclusion Policy
A description of the Group’s Equality, Diversity and Inclusion Policy, its
objectives, implementation and results achieved during the year can be
foundon pages 25 and 104.
Persimmon Plc Annual Report 2024 93
Financial statementsGovernance Other informationStrategic report

Division of responsibilities
There is a clear, written division of responsibilities between the Chairman and the Group Chief Executive, which is approved by the Board. The responsibilities of the Senior Independent Director are set out in a letter of appointment. Terms of
reference for the Board’s Committees are reviewed annually. They are available on the Company’s website www.persimmonhomes.com/corporate/investors/corporate-governance/board-committees/ or from the Company Secretary at the
Company’s registered office. More than half of Board members (excluding the Chairman) are Independent Non-Executive Directors and no one individual or group of individuals has the ability to dominate the Board’s decision making.
Role Responsibilities
Chairman
Roger Devlin
●
Leading the Board and responsible for its overall effectiveness in directing the Company.
●
Upholding high standards of integrity and probity and supporting the Directors in instilling the
appropriate culture, values and behaviours in the boardroom and throughout the Group’s operations.
●
Setting the agenda for Board meetings and setting the style and tone of all discussions to promote
effective decision-making, constructive debate and participation by all Directors.
●
Promoting an effective Board and having a prime role, via the Nomination Committee,
insuccessionplanning.
●
Promoting effective professional relationships and open communication, both inside and outside
theboardroom, between the Non-Executive Directors and the Executive team.
●
Promoting high standards of corporate governance.
●
Constructively challenging the Executive Directors and assisting in the development of strategy proposals.
●
Scrutinising the performance of management in meeting agreed goals and objectives, and monitoring
the reporting of performance.
●
Ensuring that all Directors receive high-quality information sufficiently in advance of Board meetings.
●
Leading the annual board performance review.
The Chairman’s Statement and the Chairman’s Introduction to Corporate Governance can be
located on pages 4 to 5 and pages 82 to 83, respectively.
Group Chief
Executive
Dean Finch
●
Leading the Executive team in running the Group’s business.
●
Leading the development of the Group’s strategy and implementing the strategy as agreed by the Board.
●
Working closely with the Chairman to support the effectiveness of the Board.
●
Leading by example and ensuring effective communication of the Board’s agreed strategy and desired
culture to the Group’s management and workforce.
●
Supporting the Chairman to ensure that appropriate standards of governance permeate throughout
theGroup.
●
Communicating the views of senior management to the Board to aid effective decision making.
●
Ensuring that the Board receives accurate high-quality information from management in a timely manner.
●
Listening to the constructive challenge of the Non-Executive Directors, and encouraging Non-Executive
Directors to test proposals in light of their external experience and knowledge.
The Group Chief Executive’s statement can be located on pages 11 to 13.
Chief Financial
Officer
Andrew Duxbury
●
Supporting the Group Chief Executive in developing and implementing strategy and alignment to
financial objectives.
●
Leading the Group’s relationship with the auditor, banks and shareholders.
●
Stewardship of the Group’s financial resources and risk management.
●
Ensuring that financial information and financial controls and systems of risk management are robust,
and reporting this to the Board.
The Financial Review can be located on pages 20 to 22.
Role Responsibilities
Senior
Independent
Director
Nigel Mills
(until 1 May 2025)
●
In addition to his role as a Non-Executive Director, acting as a sounding board for the Chairman
andan intermediary for other Directors.
●
Leading the annual performance review of the Chairman.
●
Being available to shareholders for them to raise any concerns they may have outside of the usual
channels of communication.
Non-Executive
Directors
(NEDs)
Annemarie Durbin
1
Andrew Wyllie
Alex Depledge
Shirine Khoury-
Haq
2
Paula Bell
Anand Aithal
3
●
Supporting and constructively challenging the Executive Directors in developing, determining
andimplementing the Group’s strategy.
●
Bringing independent judgement and scrutiny to decisions recommended by the Executive Directors
and monitoring the reporting of performance.
●
Contributing a broad range of views, skills and experience.
●
Devoting time to developing and refreshing knowledge and skills.
●
Monitoring delivery of the agreed strategy within the risk and control framework set by the Board.
●
Reviewing the integrity of financial information and satisfying themselves that risk management systems
are robust and defensible.
Designated
Workforce
NED
Colette O’Shea
●
In addition to her role as a Non-Executive Director, attending meetings of the Employee Engagement
Panel and facilitating effective two-way communication, meaningful dialogue and engagement
between the Board and the Group’s workforce.
●
Acting as a direct link between the Employee Engagement Panel and the Board.
Company
Secretary
Tracy Davison
●
Advising the Board and supporting the Chairman on corporate governance matters.
●
Ensuring a good flow of information to the Board, its Committees and senior management.
●
Promoting compliance with statutory and regulatory requirements and Board procedures, and ensuring
that regular updates are provided to the Board when necessary.
●
Working with the Chairman to organise and deliver the Board’s annual performance review.
●
Providing guidance and support to Directors, individually and collectively.
●
Ensuring that all new Directors receive thorough inductions that are adapted to meet their needs and requirements.
1. Will be appointed as the Senior Independent Director on 1 May 2025, following Nigel Mill’s retirement from the Board at the AGM.
2. Resigned on 30 September 2024.
3. Appointed on 1 January 2025.
Corporate governance statement continued
Governance structure continued
Persimmon Plc Annual Report 202494

Matters Reserved for the Board
The Board has a formal schedule of matters reserved for its consideration
anddecision, which is reviewed annually. Theschedule includes:
●
Setting the Group’s purpose, values and standards;
●
Approving the Group’s strategy;
●
Changes to the Group’s structure and capital;
●
Approving the annual report and accounts, and half-year results
andtrading updates;
●
Approving the Capital Allocation Policy, recommending final dividend
payments and agreeing interim dividend payments;
●
Ensuring a sound system of internal control and risk management,
asrecommended by the Audit & Risk Committee, including reviewing
theeffectiveness of the Group’s risk and control processes;
●
Approving material capital projects and contracts;
●
Approving resolutions and corresponding documentation to be put forward
to shareholders at general meetings;
●
Approving changes to the membership and composition of the Board,
asrecommended by the Nomination Committee;
●
Delegations of authority;
●
Corporate governance matters including considering the annual
performance review of the Board and its Committees; and
●
The review and approval of various policies.
The Group has a Conflicts of Interest Policy to govern the process of identifying,
recording and managing any potential conflicts of interest of the Group’s
senior management team and wider workforce. To support the aims of the
Conflicts of Interest Policy, the Group Internal Audit department oversees an
annual process of obtaining declarations from individuals, with detailed
reporting on potential conflicts of interest and mitigation controls, which is
reported to the Audit & Risk Committee on an annual basis. Furthermore,
declarations of interest are made (if applicable) at every Board and
Committee meeting.
Board external appointments
The Directors recognise that external appointments can broaden an
individual’s skills and experience. If an Executive Director wishes to take up
an external appointment, they must first seek approval from the Chairman.
Board composition
Chairman
On appointment, Roger Devlin, Chairman, satisfied the criteria for
independence specified in the UK Corporate Governance Code 2018.
The Chairman, supported by the Company Secretary, sets the agenda
for Board meetings and ensures that Board members are provided with
accurate, timely and clear information. The Chairman ensures that
Board meetings are a forum for open and constructive debate and
thatthe views of all Directors are valued and considered.
Senior Independent Director
Annemarie Durbin, currently Independent Non-Executive Director and
Chair of the Remuneration Committee, will be appointed as the Senior
Independent Director with effect from 1 May 2025, following Nigel
Mills’ retirement from the Board at the forthcoming Annual General
Meeting, after nine years of service.
On 10 December 2024 the Company announced that Nigel Mills, the
current Senior Independent Director, had notified the Board of his
intention to step down from the Board and as Senior Independent
Director, at the Annual General Meeting on 1 May 2025.
Nigel Mills was a Senior Advisor at Citigroup Global Markets until
April 2020. Although Citigroup was one of the Company’s two brokers
until March 2020, they were not a financial advisor to the Company.
Citigroup has received no remuneration from the Company for more
than sixteen years, having only received share dealing commission in
the two years prior to that. Whilst employed by Citigroup Nigel had
not worked on the Company’s business over the three years prior to his
appointment to the Board in 2016, this itself being preceded by
Citigroup’s decision to put in place strict procedures to further ensure
Nigel’s independence. Accordingly, the Board reiterates its belief in
Nigel’s independence, which has been clearly demonstrated
indebate in both Board and Committee meetings.
Non-Executive Directors
The Non-Executive Directors have expertise which complements that
of the Executive Directors. Between them, the Non-Executive Directors
have experience in fields such as construction and engineering,
property, HR, executive leadership coaching, technology, banking
and finance. The collective experience of the Non-Executive Directors
allows them to make valuable contributions to Board discussions,
providing insight, strategic guidance, a diversity of views and
constructive challenge to the Executive Directors. For further
information on the skills and contribution of each Director see pages
84 and 85.
Only Non-Executive Directors are members of the Board’s Audit &
Risk, Remuneration and Nomination Committees. The Chairman
regularly holds meetings with the Non-Executive Directors without
theExecutive Directors being present.
All Directors are required to allocate sufficient time to the Group to
discharge their duties. Prior to the appointment process the Nomination
Committee considers the other demands on a potential Director’s time
and provides the Director with an assessment of the time commitment
required of their role on the Company’s Board.
Paula Bell is currently the Chief Financial & Operations Officer of
Spirent Communications plc. Spirent announced in March 2024 that
its Board had recommended an offer to its shareholders from Keysight
Technologies Inc, and Spirent’s shareholders have since voted to
approve the takeover. Spirent & Keysight are currently seeking to
obtain all necessary regulatory clearances to allow the deal to
complete, which is currently expected to complete by the end of April
2025. On completion of that transaction, Paula intends to retire from
Spirent and focus on her non-executive career. Since her appointment
to Persimmon’s Board on 1 September 2024, Paula has demonstrated
great commitment to her role as both a Non-Executive Director and
Chair of the Audit & Risk Committee; the Board is therefore satisfied
that Paula has sufficient time to meet her board responsibilities, in
accordance with the UK Corporate Governance Code 2018.
The Board considers all the Non-Executive Directors to be independent.
Company Secretary
The Board is supported by the Company Secretary to ensure the
necessary policies, processes, information and resources are in
placein order that the Board can function effectively and efficiently.
All Directors have access to the advice of the Company Secretary and
may seek external professional advice at the expense of the Company
in regard to their role with the Group.
Persimmon Plc Annual Report 2024 95
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Evaluation: Annual Board Performance Review
The Board’s policy is to undertake an annual review of its performance
and that of its Committeesand Directors, with an externally facilitated
review at least triennially.
During the year the annual board performance review was externally facilitated by Clare Chalmers Limited.
MsChalmers has no connection to the Company or its directors, other than having conducted the Board’s external
performance review in 2018 and having supported the Chairman’s internal performance review in 2020. The process
for the 2024 external performance review was agreed with the Chairman and was supported by the Company
Secretary.
In accordance with guidance issued by the Chartered Governance Institute, the disclosures relating to the process and
findings of the 2024 external performance review have been reviewed by Clare Chalmers to ensure their accuracy.
Year 1
External
Year 2
Internal
Year 3
Internal
Corporate governance statement continued
Process – Annual Board Performance Review2024
1. Selection & appointment
A number of external performance review providers were considered by the
Chairman and Company Secretary. Following careful consideration of the
detailed proposals received, a shortlist was given to the Nomination
Committee for their consideration. The Nomination Committee decided to
appoint Clare Chalmers Limited, based on the firm’s expertise, experience
and service offering.
2. Scoping
The External Reviewer met with the Chairman and Company Secretary to
discuss the scope of the performance review and the review’s methodology,
including the framework for the External Reviewer’s interviews with Board
members and senior executives.
3. Document review
The External Reviewer was provided with a comprehensive number of
documents, including Board and Committee meeting papers, forward
agendas and the Schedule of Matters Reserved for the Board.
4. Observation
The External Reviewer observed one Board meeting, and one of each of the
Board’s Committees’ meetings (Audit & Risk, Nomination and Remuneration).
5. Interviews
The External Reviewer held in-depth interviews with all Board members,
andinterviews with individuals who regularly attend, or present at, Board or
Committee meetings (including the Group’s most senior executives, external
auditor, and remuneration advisor).
6. Draft report
The Chairman, Company Secretary and External Reviewer discussed the External
Reviewer’s draft report.
7. Final report and Board presentation
The External Reviewer attended a Board meeting to present the final report,
setting out findings and recommendations. The final report was then
considered and discussed by the Board, and resultant actions were agreed.
Board evaluation cycle
Persimmon Plc Annual Report 202496

Annual Board Performance Review 2024
The 2024 performance review identified a number of areas of strength:
What the Board does well
The Board benefits from a highly experienced Chairman, who engages well with Executives while ensuring Board members are kept fully
informed about changes in the business.
The Board has committed, knowledgeable Independent Non-Executive Directors with a wide range of skills and experience, whoengage well
with the business.
The Board operates with a high degree of openness and transparency.
The Board’s Committees are led by well-qualified Chairs, give good coverage to their areas of responsibility and provide high quality inputs to
the Board.
The performance review also identified areas for potential improvement:
What the Board could
do better Action
Financial
information
Comprehensive financial information is included in the papers issued prior to all Board meetings. However, to improve Board oversight
of this area between meetings, financial updates will be issued to the Board on a monthly basis from the 2025 financial year.
Strategy The Board holds a Strategy Day every October, where the Group’s strategy is debated, reviewed and agreed. To enhance the
Board’s role in strategy development, Strategy Updates will continue to be included regularly in Board meetings.
Culture The Non-Executive Directors conduct site visits, present at leadership development events and employee conferences; and attend
Employee Engagement Panel meetings. To gain a better understanding of the Group’s culture and to further enhance the visibility of
Non-Executive Directors among the Group’s employees, the Non-Executives are encouraged to undertake additional site visits.
Sustainability The Board receives sustainability updates at each of its meetings via the Group Chief Executive’s Report and Business Update. However,
to reinforce the Board’s oversight of this area, the Group’s Sustainability Director will attend Board meetings on at least a bi-annual basis
to report on, and discuss, the work of the Group’s Sustainability Committee.
Yea r 1
External
Performance Review of individual Directors
Following individual performance reviews, it is considered that the Chairman
and Non-Executive Directors have individually performed well in their roles
and have shown a high level of independence and commitment. Their collective
experience allows them to make valuable contributions to Board discussions,
providing insight, strategic guidance, a diversity of views and constructive
challenge to the Executive team.
The Board also considers that the Group Chief Executive and Chief Financial
Officer have performed well in their roles during the year. Dean Finch continues
to demonstrate strong leadership of the business with a focus on build quality,
customer care, stakeholder value, sustainability and strong long term returns
to shareholders. Andrew Duxbury, who joined the Group on 17 June 2024,
has settled into his role well and is already making a significant contribution
tothe business. To support the execution of the Group’s strategy, Andrew is
enhancing and empowering the Group’s finance function, making it an
enabler of business growth.
Performance Review of the Chairman
The Chairman’s performance was formally evaluated by the Non-Executive
Directors, led by Nigel Mills, the Senior Independent Director, in March 2024.
Private discussions were held between the Senior Independent Director and each of
the Non-Executive Directors. The evaluation concluded that the Chairman is
well-qualified to lead the Board. He promotes open discussion that leverages
the Board’s collective knowledge and experience, and ensures the
participation of all directors. Feedback from the externally facilitated
performance review of the Board later in the year was that the Chair is skilled
and highly experienced and is commended for his efforts to establish strong
and productive working relationships between the Non-Executive Directors
and the Executives. The Senior Independent Director will conduct the annual
appraisal of the Chair’s performance with the Non-Executive Directors in
March 2025.
Performance Review of Board Committees
The findings of each Committee’s performance review were presented to the
Board. The Chairman also discussed the findings with each Committee Chair.
The performance review noted that the Board’s Committees are performing
well. They are led by well-qualified Chairs, give good coverage to their areas
of responsibility and provide high quality inputs to the Board. It was noted that
the Nomination Committee has a good record of recommending women for
appointment to the Board, and the Committee will continue to focus on diversity
in all its forms. A particular area of focus for the Audit & Risk Committee has
been, and will continue to be, the Group’s enhancements to its risk management
framework and internal control environment, and the Group’s preparations for
changes under the UK Corporate Governance Code 2024.
Persimmon Plc Annual Report 2024 97
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What the Board could
do better Action Progress made during the year (2024)
Instructions and
procedures for
monitoring
business risks and
internal financial
controls
Deliver an initial phase of control enhancements
in preparation for Governance Code changes.
Routine reporting has been improved, with an
update from the Group Internal Control Manager
provided regularly to the Audit & Risk Committee.
This will continue to be an area of regular
engagement for the Committee into 2024.
Enhanced reporting to the Audit & Risk Committee regarding the Group’s risk
management framework, including principal risk evolutions and control
effectiveness, occurred during the year. Regular updates were also provided
regarding the Group’s programme of work to strengthen the risk management
framework and the overall control environment. The delivery of improvements
tothe Group’s risk management framework has been underpinned by the
establishment during the year of the Group’s Management Risk Committee.
Strategy The Board will consider an element of the Board’s
strategy at each of its meetings, in addition to
holding an annual Strategy Day.
Updates regarding actions flowing from the 2023 annual Strategy Day were
received during 2024. Other elements of the Group’s strategy, and the
implementation of the strategy, were considered throughout the year.
Succession
planning for key
roles in the
management
team.
The Nomination Committee will continue to focus
on succession during 2024 to ensure that more
robust plans are in place.
Succession to Board and executive positions was a key area of focus for the
Committee during the year, with updates being received from the Chief HR Officer
and the Director of Talent and Diversity.
Detailed succession plans for CEO, CFO, UK Managing Director, Regional Chairs,
and other senior executive positions were considered by the Nomination Committee.
Attracting and
retaining talent
at all levels.
Future priorities are executive team leadership,
continuing cultural change and a focus on
equality, diversity and inclusion.
The Nomination Committee received an update from the Chief HR Officer regarding
the development of a new Strategic and Inclusive Workforce Plan, setting out the
Group’s approach to future proofing the skills of its workforce, and proposed
actions to increase the diversity and inclusion of the Group’s Talent Pipeline.
Corporate governance statement continued
Evaluation: Annual Board Performance Review continued
Yea r 3
Internal
Annual Board Performance Review 2023 –
progress made during 2024
The outcome of the Board Performance Review conducted in 2023 is set out
below, along with the resultant actions taken during 2024 to strengthen the
Board and its Committees.
What the Board does well
We always explore all Board members’ opinions prior to
decision-making.
The Board’s decisions are always based on facts and relevant data.
All Board members actively contribute to fostering a climate of
inclusive discussion.
Our committee structure improves the efficiency of the Board’s work.
The Board has the knowledge and experience required to support
the delivery of the strategy.
Persimmon Plc Annual Report 202498

Nomination Committee report
Committee Chair’s statement
On behalf of the Board, I am pleased to present
the Nomination Committee’s report for the year
ended 31 December 2024.
Board changes
Following a formal and rigorous recruitment process led by the Committee,
Andrew Duxbury joined the Group as Chief Financial Officer on 17 June 2024.
Andrew received a comprehensive induction, designed to provide him with
awide-ranging introduction to the business, including our values, strategy,
operations, external environment and stakeholders. Further information on
Andrew’s induction can be found on pages 102 to 103.
In July 2024, we were pleased to recommend the appointment of Paula Bell
to the Board as an Independent Non-Executive Director. Paula has extensive
board experience both as an executive and non-executive director of large
global organisations. She has held the position of Chief Financial & Operations
Officer of Spirent Communications Plc since 2016. She has been a non-executive
director and chair of the audit and risk committee at Keller Group plc since
2018 and was previously a non-executive director and chair of the audit
committee at Laird Plc from 2013 to 2018. Paula has wide sector experience
including in the construction, property and manufacturing environments.
Paula joined the Board on 1 September 2024 and was appointed as Chair
ofthe Audit & Risk Committee on 1 October 2024, succeeding Shirine
Khoury-Haq who retired from the Board on 30 September 2024. The
Boardreiterates its thanks to Shirine for her valuable contribution.
The Nomination Committee is satisfied that
the Board is well balanced, with an
appropriate blend of skills and expertise to
successfully deliver the Group’s strategy.
Roger Devlin
Chair of the Nomination Committee
Nomination Committee members and meeting
attendance 2024
Scheduled
meetings attended
Percentage of
meetings attended
Roger Devlin (Chair) 3/3 100%
Nigel Mills 3/3 100%
Annemarie Durbin 3/3 100%
Andrew Wyllie 3/3 100%
Shirine Khoury-Haq
1
2/2 100%
Alexandra Depledge 3/3 100%
Colette O’Shea 3/3 100%
Paula Bell
2
1/1 100%
1. Resigned on 30 September 2024.
2. Appointed on 1 September 2024.
Role and purpose of the NominationCommittee
The key duties of the Nomination Committee are to:
●
review the structure, size and composition of the Board;
●
lead the process for appointments to the Board; and
●
ensure that plans are in place for orderly succession to both
theBoard and senior management.
The role, responsibilities and authority delegated to the Nomination
Committee are outlined within the Committee’s terms of reference.
Theterms of reference are reviewed annually to maintain alignment
with corporate governance best practice. The most recent review of the
terms of reference took place in December 2024 where minor updates
were made to reflect the UK Corporate Governance Code 2024.
Details of the members of the Nomination Committee and its terms
ofreference can be found on the Group’s corporate website at
www.persimmonhomes.com/corporate/investors/corporate-
governance/board-committees/
Persimmon Plc Annual Report 2024 99
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Board changes continued
In December 2024, the Committee also recommended the appointment
ofAnand Aithal to the Board as an Independent Non-Executive Director.
With over 30 years of experience in financial, business and professional
services, Anand brings a wealth of experience across many sectors as a
senior executive, entrepreneur and non-executive. Anand currently holds
non-executive director roles at Saga Plc, Polar Capital Holdings Plc and
Nationwide Building Society and serves on not-for-profit boards at the
Association of Chartered Certified Accountants and the Institute for
Government. Previously, Anand was the lead non-executive for the Cabinet
Office. He also co-founded Amba Research, an outsourced data analytics
and research business. Anand’s work internationally has provided him with
abroadened business perspective. Anand was appointed to the Board on
1January 2025.
The Nomination Committee is satisfied that the Board is well balanced, with
an appropriate blend of skills and expertise to successfully deliver the Group’s
strategy.
Succession planning and talent development
Two key duties of the Nomination Committee are ensuring that plans are in
place for orderly succession for Board and senior management positions and
overseeing the development of a diverse pipeline for succession. To assist with
this, the Nomination Committee has received updates and presentations from
the Chief HR Officer and Director of Talent and Diversity on the Group’s
succession plans for the Executive Directors and members of the senior
management team. Updates were also provided on diversity and talent
across the Group. The Nomination Committee noted timelines for potential
successors including ‘ready now’ talent and those who would be ready over
longer durations, as well as immediate temporary cover should this be required.
The succession plan updates during the year included targeted actions the
Group is taking including training and development programmes for
high-potential employees and potential future leaders, as well as the
introduction of new roles, to assist with the transitions to senior positions.
Further information on the Nomination Committee’s approach to succession
planning, and supporting and developing a healthy and diverse talent
pipeline, can be found on pages 104 to 106.
Diversity and inclusion
Further progress has been made in enhancing the Group’s diversity and
inclusion during the year, with particular focus being on increasing the
representation of female employees and those from ethnic minority backgrounds.
Various initiatives were implemented to support female talent, including
leadership programmes, and female representation among all employees
increased to 30% during the year, with notable progress in senior roles. Our
collection of employee ethnicity data also improved during the year and the
Nomination Committee will continue tomonitor the Group’s progress in line
with our action plan to increase ethnic minority representation in senior roles.
During the year, the Nomination Committee noted that an externally assessed
inclusion audit had taken place to measure our progress in increasing diversity.
The findings pointed to the progress made in embedding equality, diversity
and inclusion throughout the Group. This resulted in an improvement in the
Group’s rating, compared to the previous audit which was completed in
2021, moving from Bronze to Silver, and further evidences the Group’s
cultural evolution.
Looking ahead
During 2025, the Nomination Committee will continue to monitor the Group’s
work to increase diversity and improve inclusion. It will also review the Board’s
structure, size and composition; evaluate the skills, knowledge and experience
of the Board; and ensure that plans are in place for orderly succession to the
Board and senior management.
Roger Devlin
Chair of the Nomination Committee
10 March 2025
Nomination Committee report continued
Persimmon Plc Annual Report 2024100

Q
How did you find the induction process?
A
From the point that my appointment had been confirmed, I was
givenopportunities to meet with key members of the operational
management team, including the UK MD and the Regional Chairs,
aswell as senior members of the Group finance team. My induction
was both broad and thorough and commenced once I joined the
Group in June 2024. This included meetings with each member of the
Board, senior executives and other heads offunctions, as well as
colleagues at all levels of the organisation. Iundertook numerous visits
to sites around the Group’s regions, which allowed me to see Persimmon’s
build and sales processes in action and meet stakeholders including a
number of colleagues. I was impressed with the people I met through
the induction process as well as the induction process itself.
Q
Is there anything that has surprised
you in your first six months in the role?
A
Prior to joining Persimmon, I had some awareness of the investments
which the Group had made to its capabilities, quality and service.
However, when I commenced as Chief Financial Officer, it became
really clear how well embedded these had been throughout the
Group. I was excited to visit our manufacturing facilities and see
vertical integration in operation and I look forward to seeing what
more there is to come. During my initial months with the Group, I was
pleased to see the commitment, enthusiasm and pride of the colleagues
I had met in the various offices and sites across the Group’s regions.
Q
How important is the Company’s culture
toyou and what are your thoughts on
Persimmon’s culture since joining?
A
Culture is an extremely important consideration to me when contemplating
joining a company. Upon my commencement with the Group, it
became clear to me that Persimmon’s culture has evolved significantly
in recent years. I hope that my appointment as Chief Financial Officer
will assist with the continued evolution of Persimmon’s culture.
Q
What changes do you plan to bring to
theGroup?
A
I think that my appointment will bring sector experience to help drive
performance into the new housing cycle. Although this will be different
to the previous housing cycle, I believe that the Group has the opportunity
to continue to outperform and that my skills, knowledge, experience
and approach will help drive this. To date, the Group has been hugely
successful and is well positioned for future success. The Group has
made significant investments and taken strides in recent years in its
sales, build, HR and IT capabilities. I would like to build on these
changes by improving the performance and efficiency of other
functions, including Finance.
Q
Are there any areas where you think
Persimmon can do more?
A
I am pleased with how far Persimmon has come and its positioning
inthe market. However, I am also excited by the opportunities which
Persimmon has available to it going forward. For example, I am
confident that the Group can increase its investment and create value
through its existing Charles Church and Westbury brands, complementing
the Persimmon core brand offering. I am particularly excited by how
the Group can use its vertical integration capabilities to not only help
protect its sources of supply in the growing market but also to help it
drive volume, margin and quality.
Q&A with Andrew Duxbury, Chief Financial Officer
Q
What attracted you to Persimmon?
A
Persimmon is a major operator in a sector that I know well. This is a
sector that is of importance not only to the lives of our customers but
also to the wider UK economy. Persimmon’s reputation for efficient,
market-leading financial performance, coupled with its improved focus
on quality, people and customers, were also major attractions to me.
Iwas excited by Persimmon’s innovation, such as vertical integration,
and how this could be used to improve our performance going forward.
Over recent years, Persimmon has invested in numerous areas including
operational capabilities, people, land and vertical integration; this
hasled the Group to be very well positioned to take advantage of
market opportunities.
Persimmon Plc Annual Report 2024 101
Financial statementsGovernance Other informationStrategic report

Summary of the Nomination Committee’s
work during theyear
The Nomination Committee oversees and receives updates on various matters
which are reviewed periodically and align with the Group’s strategic
priorities. These include succession planning, diversity and culture.
Theme Activity/discussion Mar 24 Jun 24 Dec 24
Oversee the
development of a
diverse and talented
workforce
Board and Group diversity
and inclusion
Talent
Ensure that plans are
in place fororderly
succession to both the
Board and senior
management
Board/management skills
mapping
Executive team development
updates andplans
Lead the process
forappointments
tothe Board
Board appointments
Other
Board training framework
High level HR department
update
Corporate governance
matters
Key matters considered and outcomes
Matter considered: Succession Planning
Process: The Nomination Committee discussed Executive talent and
succession planning, as well as Chairman and Independent Non-Executive
Director succession. Succession plan grids were reviewed and discussed.
Outcome: Skills gaps were noted and consideration given as to how
these could be filled. Development plans for the key senior managers
were noted. The Nomination Committee agreed that it would be
beneficial to have additional City and finance experience on the Board
and that the search for the new Independent Non-Executive Directors
include the requirement for these skills.
Matter considered: Appointment of Independent
Non-Executive Directors
Process: The Nomination Committee determined the skills, experience
and diversity of views which would benefit the Board’s composition.
Anexecutive search, board and leadership advisory services firm was
engaged to conduct searches for suitable candidates.
Outcome: The Nomination Committee recommended the appointment
of Paula Bell and Anand Aithal. Paula was appointed to the Board
on1September 2024 and as Chair of the Audit & Risk Committee on
1October 2024. Anand was appointed to the Board on 1 January 2025.
Matter considered: Diversity and Inclusion
Process: The Nomination Committee received gender and ethnicity
reports from the Chief HR Officer and the Director of Talent and
Diversity, covering matters such as data, recruitment activities and
training, as well as actions to improve diversity. During 2024 the Group
participated in the Parker Review Survey and the FTSE Women Leaders
Review Survey.
Outcome: Following consideration of the Parker Review Survey, the
Nomination Committee agreed a stretching target forincreasing the
ethnic diversity of the Group’s Executive Committee and Direct Reports,
to be achieved by 2027. When setting this stretching target,
consideration was given to the national nature of the Group’s
operations, and the variations in ethnic diversity across the regions of
England, Scotland and Wales. TheGroup aspires to have a more
diverse and inclusive workforce by 2030, with a particular focus on
increasing representation among our employees and leadership.
Board Skills Matrix
During the year, the Board skills matrix was reviewed and refined to add
additional categories and nuance to the scoring. Each Director was asked to
score a variety of skills including listed business and boardroom skills, risk,
regulation, leadership, sales & marketing, ESG, and financial reporting oversight.
The results of the Board skills review demonstrated that, together, the Directors
bring a variety of skills and expertise to the Board, with clear strengths in
governance, financial oversight, strategic thinking, stakeholder management,
and human resources and culture. The review also highlighted areas for future
development, such as technology and innovation, and sustainability. Overall,
the Nomination Committee considers that the Board’s skills are appropriate to
the Group’s current strategy. Further learning and development opportunities
for the Board will be considered, with additional training provided as appropriate.
The Board skills matrix will be reviewed regularly to ensure that the combined skills,
knowledge and experience of the Board is appropriate for the Group’s strategy.
Composition of the Nomination Committee
The Nomination Committee consists exclusively of the Board’s Independent
Non-Executive Directors, with each being a member. Further information on
the experience and skills of the Board can be found on pages 84 to 85. The
composition of the Nomination Committee changed during the year due to the
resignation of Shirine Khoury-Haq and the appointment of Paula Bell. Anand
Aithal also joined the Nomination Committee shortly after the year end, on 1
January 2025. Further details of these changes can be found on page 103.
Members are recused from meetings when the Nomination Committee
discusses matters which may concern them. Due to its key duties, the
Nomination Committee receives updates on matters including succession,
diversity and talent development. Meetings are also attended, in full or in
part, by other individuals upon invitation, for presentations and updates.
Attendees include the Group Chief Executive, the Chief HR Officer and the
Director of Talent and Diversity. In line with its terms of reference, the Nomination
Committee meets on at least three occasions each year. During the year, the
Nomination Committee held three scheduled meetings, with an additional
meeting to consider the replacement of the Chair of the Audit & Risk Committee
following Shirine Khoury-Haq’s resignation.
Board composition
Board changes and inductions
Board induction – Andrew Duxbury
A comprehensive, formal and tailored induction programme was put in place
for Andrew Duxbury upon his joining the Group on 17 June 2024. Stakeholder
engagement was a key component of the induction and Andrew had meetings
Nomination Committee report continued
Persimmon Plc Annual Report 2024102

with the lead partner of the external auditor, major shareholders and our
banking partners. To assist him with these meetings, Andrew met with the
Group’s Investor Relations Director early in his induction process to gain
oversight of the Group’s major shareholders and their existing relationships
with the Group. Meetings took place with all members of the Board, and the
Group’s senior executives.
The wide-ranging schedule of meetings covered themes including customer
experience, construction, land and planning, technical and commercial,
human resources, investor relations, strategy and regulation, audit and risk,
strategic partnerships and external affairs; health, safety and environment;
FibreNest, IT and cyber security, legal, finance, and off-site manufacturing.
Prior to his formal commencement date, Andrew was invited to attend the
Group’s Leadership Conference and attended introductory meetings with
members of the finance department.
Andrew’s comments on his induction process can be found on page 101.
Board departure – Shirine Khoury-Haq
In April 2024 Shirine Khoury-Haq notified the Board of her intention to step
down as an Independent Non-Executive Director and Chair of the Audit &
Risk Committee of the Company, with effect from 30 September 2024, to
focus on her role as Group Chief Executive at The Co-operative Group. During
her three-year tenure, Shirine made a valuable contribution to the Board.
Forthcoming Board departure – Nigel Mills
In December 2024, Nigel Mills notified the Board of his intention to step
down from the Board and as Senior Independent Director, at the Company’s
Annual General Meeting on 1 May 2025, after nine years of service. During
his nine-year tenure on the Board, Nigel has made an immense contribution,
providing wise and valuable counsel.
Board appointments – Paula Bell and Anand Aithal
Following notification of Shirine’s intention to resign from the Board, the
Nomination Committee focused on the recruitment of an Independent
Non-Executive Director who could assume the role of Chair of the Audit & Risk
Committee. Spencer Stuart, an executive search, board and leadership
advisory services firm, was engaged to provide a list of candidates who met
the specification. Upon the conclusion of a thorough and robust search
process, five candidates were interviewed by the Chair of the Nomination
Committee. The candidates werereduced to two preferred individuals who
were then interviewed by theremaining members of the Nomination
Committee. They also met with theExecutive Directors. The successful
candidate was selected basedon criteria including personal strengths,
expertise and experience.
On the conclusion of the recruitment process, the Nomination Committee
recommended to the Board that Paula Bell be appointed as an Independent
Non-Executive Director and Chair of the Audit & Risk Committee. The Board
subsequently approved the recommendation and Paula’s appointment to the
Board was announced on 23 July 2024. Paula assumed the role of Independent
Non-Executive Director on 1 September 2024 and the role of Chair of the
Audit & Risk Committee on 1 October 2024.
When recommending Paula Bell’s appointment to the Board, the Committee
noted that Paula intends to retire from Spirent Communications Plc on
completion of its takeover by Keysight Technologies Inc. For further details,
please see page 95.
Following a similar recruitment process for which Spencer Stuart was also
engaged, in December 2024 the Nomination Committee recommended the
appointment of Anand Aithal as an Independent Non-Executive Director of
the Company. The Board approved the recommendation and Anand’s
appointment to the Board was announced on 10 December 2024. Anand
assumed the role of Independent Non-Executive Director on 1 January 2025.
The biographies of the Board, including those of Paula and Anand, containing
information on their experience and skills, can be found on pages 84 and 85.
Spencer Stuart was selected as the search firm due to its expertise in addition to
its global commitment to diversity, equality and inclusion. Spencer Stuart has
been recognised as an Equality 100 organisation and partner with global
organisations to improve diversity, equity and inclusion. Spencer Stuart has
no other connection to the Company or its Directors, other than the provision
of recruitment services.
Board inductions – Paula Bell and Anand Aithal
Following their appointments to the Board, Paula Bell and Anand Aithal
received comprehensive and tailored inductions to the Group. Facilitated by
the Company Secretary, the inductions took place over a number of days and
included meetings with senior executives across the Group and key external
parties, as well as operational site visits. The meetings were designed to give
Paula and Anand a valuable insight into the Group’s business and culture.
Those they met included the Chief Financial Officer, the UK Managing
Director, the Deputy UK Managing Director and the Group Strategy and
Regulatory Director. The Group Director of Strategic Partnerships and
External Affairs and the Group Health, Safety and Environment Director
werealso met with. Site visits allowed Paula and Anand to see building and
sales in progress; this is at the heart of what we do. Both Paula and Anand
were encouraged to provide feedback on the induction process to assist in
refining the process for future appointments.
Board appointment process
1
Specification
Candidate specification reviewed and refreshed. This includes a
candidate specification describing the Group’s business and
strategy, and candidate skills and experience. Consideration is
given to the existing composition, size, skills, experience and
knowledge of the Board.
2
Search
Engagement with an external search firm which specialises in
recruitment in this area. Identification of diverse candidates, both
internal and external (role dependent), who meet thespecification.
3
Assessment
A longlist of candidates is produced. Candidates are assessed for
anumber of factors including knowledge, capability, leadership
and delivery.
4
Interview
A shortlist of candidates are interviewed by the Nomination
Committee and other senior executives (role dependent). Shortlisted
candidates may be requested to undertake other assessments and/
or interviews with external third parties. The interview process may
be supported by the Chief HR Officer.
5
Selection, recommendation and appointment
The Nomination Committee considers the feedback from the
interviews and makes a recommendation to the Board regarding
theappointment. The Board then considers, and if appropriate,
agrees the appointment.
Persimmon Plc Annual Report 2024 103
Financial statementsGovernance Other informationStrategic report

Equality, diversity and inclusion
The Nomination Committee takes a key role in reviewing and agreeing the
diversity objectives and strategy for the Group. Presentations and updates are
regularly received from the Chief HR Officer and the Director of Talent and
Diversity. The Board is committed to ensuring equality, diversity and inclusion
across the Group as a whole. Over recent years the Board has taken action
toevolve the Group’s culture, such as launching the Group’s updated values,
which underpin our desired culture. The Nomination Committee reviews the
Group’s progress to monitor how the Group’s culture is changing and whether
further actions are needed. Equality, diversity and inclusion are important
toour ambition to become an employer of choice.
During the year, a Diversity and Inclusion Dashboard was introduced to aid
the work of the Nomination Committee. The Diversity and Inclusion Working
Group, consisting of a diverse cross-section of employees, continued to meet
to shape and deliver the key strands of the Group’s Equality, Diversity and
Inclusion Strategy. An external audit took place to measure progress and it
was very encouraging that the Group moved from a bronze to a silver rating.
We have networking groups for women and LGBTQ+ employees, and have
also held discussion groups with ethnic minority colleagues, to understand
how we can make changes to attract a more diverse workforce and be more
inclusive.
Equality,
Diversity &
Inclusion
Strategy
Communication
TrainingCustomer
Recruitment
Data
Future
talent
Disability
Religion and
Culture
Diversity and Inclusion Dashboard
The Diversity and Inclusion Dashboard was launched during the year.
It tracks employee demographics, providing insights into diversity at
allstages of the employee journey, demonstrating how the Group is
performing in its aim to increase diversity. This supports our Equality,
Diversity and Inclusion Strategy. Going forward, the Diversity and
Inclusion Dashboard will be considered at each Nomination
Committee meeting, to provide updates and monitor changes.
Further details on the Group’s equality, diversity and inclusion activities
undertaken during the year are located on pages 25 and 49.
Link to strategy
The Group’s Equality, Diversity and Inclusion Policy applies to all employees
including the Board and its Committees. Its purpose is to provide equality,
fairness and respect for all employees; to ensure we do not unlawfully
discriminate because of a protected characteristic (race, religion or belief,
disability, sex, gender reassignment, age, sexual orientation, pregnancy and
maternity, marital or civil partnership status); and to prevent all forms of
unlawful discrimination. The Group has created and implemented an Equality,
Diversity and Inclusion Plan to achieve this, which contains details of how the
Group’s Equality, Diversity and Inclusion Strategy will be implemented. The
Nomination Committee approves the Equality, Diversity and Inclusion Policy.
It states the governance mechanisms established to support the delivery of the
Group’s Equality, Diversity and Inclusion Strategy and the Group’s overall
strategy. It covers a range of areas including recruitment and selection,
training and promotion, and disabilities. Whilst the Equality, Diversity and
Inclusion Policy mentions specific protected characteristics, the Group
recognises that diversity is fluid and exists in all shapes and forms. Diverse
workforces provide both companies and societies with a wealth of opportunities
to grow and succeed. The Board believes that it is important for the Group to
ensure the social diversity within its communities is reflected in its employees.
The Equality, Diversity and Inclusion Policy is available on the Group’s
corporate website: www.persimmonhomes.com/corporate/sustainability/
policies-and-statements/
The Board’s Performance Review included consideration of Board succession
planning, training and induction processes, as well as the work of the
Nomination Committee. Further information on the Board’s Performance
Review can be found on pages 96 to 98.
Information on the Group’s gender pay gap can be found in the Remuneration
Committee Report on page 134 and on the Group’s corporate website at:
www.persimmonhomes.com/corporate/sustainability/policies-and-statements/
gender-pay-gap-reports/
During the year, the Board received a presentation on the Group’s people
and culture, including actions both taken and planned. A strategic ‘to do’ list
of HR priorities was presented with updated action areas for 2025 – 2029.
Action areas relating to equality, diversity and inclusion going forward include:
●
enhancing the Diversity and Inclusion Dashboard to measure and assess
strategy impact;
●
continuing progress on culture change with a Behavioural Framework;
●
improving recruitment processes focusing on under-represented groups; and
●
developing an action plan to attract employees from ethnic
minoritybackgrounds.
Nomination Committee report continued
Persimmon Plc Annual Report 2024104

In compliance with FCA Listing Rule 6.6.6R(9) the Company reports the following diversity information as at 31 December 2024:
FCA Listing Rule target
Outcome at 31
December 2024 Explanation at 31 December 2024
Outcome at 10
March 2025 Update at 10 March 2025
At least 40% of Board
Directors are women
Target
achieved
44.4% of Board Directors were women. Target
achieved
40% of Board Directors were women.
TheFTSE Women Leaders target continues
to be achieved.
At least one senior Board
position* held by a woman
Target not
achieved
No senior Board positions were held by women
during 2024. The Board has agreed that
Annemarie Durbin will be appointed Senior
Independent Director on 1 May 2025.
Target to be
achieved by
1May 2025
Annemarie Durbin will be appointed as
Senior Independent Director with effect from
1 May 2025. The FTSE Women Leaders
target will be achieved from 1 May 2025.
At least oneBoard Director
from aminority ethnic
background
Target
temporarily
not achieved
In the three-month period between Shirine
Khoury-Haq leaving the Board and Anand Aithal
joining the Board, we did not meet this target.
Target
achieved
One Board Director from a minority ethnic
background. The Parker Review target has
again been achieved.
* Chair, Chief Executive, Senior Independent Director or Chief Financial Officer.
Changes have occurred to the composition of the Board between 31 December 2024 and the date this document was approved 10 March 2025.
See the supporting explanation for further details.
Gender diversity data at 31 December 2024
Number of
Board members
Percentage of
the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive
management**
Percentage of
executive
management**
Men 5 55.6% 4 6 60%
Women 4 44.4% 0 4 40%
Not specified/prefer not to say 0 0% 0 0 0%
** Executive Committee only.
Ethnic diversity data at 31 December 2024
Number of
Board members
Percentage of
the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive
management**
Percentage of
executive
management**
White British or other White (including
minority-white groups) 9 100% 4 9 90%
Mixed/Multiple Ethnic Groups 0 0% 0 1 10%
Asian/Asian British 0 0% 0 0 0%
Black/African/Caribbean/Black British 0 0% 0 0 0%
Other ethnic group 0 0% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
** Executive Committee only.
Supporting explanation
During the year the Committee has continued to closely review the composition
anddiversity of both the Board and the Group’s executive management team. The
journey to increase diversity within the Board and Group as a whole has remained
a focus and whilst progress continues to be made, the Group will continue to work
to increase the diversity of its employees. The Board had a Director from a minority
ethnic background until 30 September 2024. In the three-month period between
Shirine Khoury-Haq leaving the Board and Anand Aithal joining the Board, we did not
meet the target set by the Listing Rules and Parker Review. We achieved this target
once again following the appointment of Anand Aithal to the Board as Independent
Non-Executive Director on 1 January 2025. Further details on Anand’s appointment
can be found on page 103.
In December 2024, the current Senior Independent Director, Nigel Mills, notified
the Board of his intention to step down from the Board and as Senior Independent
Director, at the Company’s Annual General Meeting on 1 May 2025, after nine
years of service. The Group announced that due to her strong leadership skills,
accompanied by her governance expertise and proficiency in stakeholder
management and mentoring, Annemarie Durbin would be appointed as Senior
Independent Director from 1 May 2025 following Nigel’s retirement. At 31
December 2024, whilst the Group had not achieved the target of having a senior
Board position held by a woman, the positions of Chair of both the Remuneration
Committee and Audit & Risk Committee were held by women. The Board will meet
the target of at least one senior Board position held by a woman from 1 May 2025.
During the year the Group participated in the FTSE Women Leaders Review Survey
and the Parker Review Survey.
Approach to data collection
The Company has used a consistent approach in collecting the gender and
ethnicity data displayed in the tables above, the source of which is the Group’s HR
Information System.
All employees, including Board Directors, are asked to provide information regarding
their gender and ethnicity when they join the Group. If provided, the gender and
ethnicity information is recorded in the Group’s HR Information System. Employees
can update their gender and ethnicity details at any time during their employment
via the Group’s HR Information System. Employees provide the information on a
voluntary basis.
For gender data collection, employees can self-identify as either male, female or
‘other’. The Group’s HR Information System offers employees the ability to declare
if their current gender differs from that of their gender which was assigned at birth.
For ethnicity data collection, employees can self-identify based on the ethnicity
categories set out by the Office for National Statistics.
FCA Listing Rule 6.6.6R(9) – diversity reporting
Persimmon Plc Annual Report 2024 105
Financial statementsGovernance Other informationStrategic report

During the year the Nomination Committee was presented with the succession
plans for the Executive Directors and members of senior management, as well
as the Chairman and Independent Non-Executive Directors. Timelines for
potential successors were noted, including temporary emergency cover,
ready now, ready in the short term and ready in the longer term. Example
discussions during the meetings include a mapping of the impacts of any
senior management exits, as well asaction plans to mitigate risks. Updates
and presentations were delivered bythe Chief HR Officer and the Director of
Talent and Diversity.
Senior management succession
As part of senior management succession planning, our Regional Chairs
havedetailed development plans in place to assist their progression.
Targetedtraining sessions were undertaken by specific job roles to broaden
their knowledge. Additional job roles have been introduced to provide stretch
and support the transition to the next level; this includes Regional Managing
Directors and Deputy Managing Directors. Individual coaching and support
have also been given to our Managing Directors. This, accompanied by a
more rigorous Managing Director recruitment process, has led to a 50%
reduction in turnover in the role. Third party higher education providers have
been employed to offer executive training and education programmes to our
senior managers. We have continued our Leadership Development Programme
with three cohorts having successfully completed to date. Of the 35 participants
in the three cohorts since we launched the programme in October 2022, ten
have been promoted, including moves to MD, Deputy MD, and Regional
Finance Director roles. Others have taken on additional responsibilities in
their current positions, been appointed a mentor, or received individual
coaching. Additionally, since its inception, 127 employees from across the
Group have participated in the Advanced Management Programme, which
targets high performing individuals in junior and middle management roles.
This has led to the promotion of 43 participants to date. The Group’s
Graduate Scheme also launched for another year during 2024.
Whilst mentoring took place during the year, a more formal mentoring
programme will be launched during 2025, which will see mentors receive
formal training before being carefully matched to suitable mentees. This will
provide opportunities for personal growth, skills and career development for
both parties. Further details on the progress and achievements made in talent
management and development during the year are located on pages 23 to
25.
During 2025, the Nomination Committee’s key areas of oversight in relation
totalent and succession will include the Group’s work in providing tailored
support for high-performing members of senior management, Managing
Director’s and Regional Chairs; developing a structured mentoring scheme;
establishing a cohort of trained internal coaches; and continuing to evolve
senior management and Managing Director development activities, under
career pathways or establishing an academy.
Roger Devlin
Chair of the Nomination Committee
10 March 2025
Attract talent
Grow talentRetain talent
Succession
planning
Board succession
Succession planning is a key duty of the Committee and consistently features
during meetings. The Group has succession plans in place, and the Nomination
Committee reviews those of the senior team regularly. They also review the
processes in place for succession planning in the Group generally. As stated
in our Equality, Diversity and Inclusion Policy, the Group’s succession plans
are based on merit and objective criteria, and within this context promote all
aspects of diversity, with a particular focus on gender, social mobility and
ethnicity. The Board takes a strategic approach to succession planning, to
ensure a diverse combination of skills, experience and views.
Nomination Committee report continued
Persimmon Plc Annual Report 2024106

Audit & Risk Committee
Committee Chair’s statement
I am pleased to issue my first report as Chair of
the Audit & Risk Committee, which through the
course of 2024 has continued its important work
in overseeing the Group’s financial reporting,
external and Internal Audit provision, and the
development of enhanced systems of risk
management and internal control.
Paula Bell
Chair of the Audit & RiskCommittee
Audit & Risk Committee members and meeting
attendance 2024
Scheduled
meetings
attended
Percentage of
meetings
attended
Paula Bell (Committee Chair)
1
1/1 100%
Shirine Khoury-Haq
2
3/3 100%
Andrew Wyllie 4/4 100%
Colette O’Shea 4/4 100%
1. Joined 1 September 2024.
2. Former Committee Chair, left 30 September 2024.
Key duties of the Audit & Risk Committee
The main role of the Audit & Risk Committee is to support the Board in
fulfilling its corporate governance responsibilities. In particular, and as
outlined within its terms of reference, the Committee provides oversight
of the following:
●
processes for corporate reporting (including key accounting
judgements and estimates, and non-financial reporting);
●
external audit;
●
risk management framework;
●
system of internal controls; and
●
Group Internal Audit processes.
The Committee’s composition has been subject to change within the
year. Shirine Khoury-Haq stepped down from the Board and her role
as Chair of the Committee on 30 September 2024; I would like to
thank Shirine for the valuable contribution she made to the work of the
Committee during her time with Persimmon and for her assistance to
me when I took on the role of Chair to ensure a safe transition. The
other members have remained unchanged throughout the year,
ensuring the Committee continues to benefit from an extensive and
broad range of skills and experience to fulfil its duties effectively.
From my appointment as Chair of the Audit &
Risk Committee from 1 October 2024 I have
taken the opportunity to review both the current
assurance and risk management processes and
policies in place, together with initiatives and
areas of focus we plan to further develop going
forward. This will ensure our work appropriately
matches and supports the business agenda.
This report provides insight into key areas considered and how the Committee
has discharged its responsibilities as outlined within its terms of reference over
the course of the year, with particular focus on corporate reporting, external
audit, Internal Audit and the Group’s systems of risk management and internal
control. In performing these duties, the Committee has complied with the
requirements of the UK Corporate Governance Code 2018 and has been
guided by best practice as published by the FRC.
The Committee’s main areas of focus have remained largely consistent from
prior years, with a continued focus on ensuring integrity and quality of financial
reporting, an effective and high quality external audit, and the ongoing
effectiveness and independence of the Group Internal Audit department. The
Committee has also continued to focus on providing oversight on the Group’s
extensive work on enhancing its risk management and internal controls, in
anticipation of the future requirements of the UK Corporate Governance Code.
In fulfilling its duties, the Committee has maintained its close working relationship
with Ernst & Young LLP (‘EY’) as the Group’s external auditor, as well as the
Group Finance and Group Internal Audit departments and other members of
the senior management team within the Group. The close working relationship
with each of these stakeholders has enabled the Committee to ensure the
Group has provided clear and accurate corporate reporting, with appropriate
challenge on areas of accounting judgement and estimation, while operating
with effective and appropriate risk management, internal control and Internal
Audit regimes.
Persimmon Plc Annual Report 2024 107
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Areas of focus 2024
Economic and political environment
The economic and political environment changed through the year, with some
early signs of economic improvement and the UK general election in July. We
experienced some easing of UK inflationary pressures and mortgage rates
beginning to reduced but external factors, including geopolitical uncertainty,
have remained challenging and presented additional risks and uncertainties
to the Group’s operations. In this context, the Committee has retained a particular
focus on accounting judgements and estimates, including areas such as the
Group’s liquidity, asset carrying values, the appropriateness of the legacy
buildings provision and our Viability Statement and going concern assessments.
Management has modelled and reviewed each of these areas extensively,
with further scrutiny and review through the work of the external auditor. The
Committee has challenged these assessments, and the underlying assumptions
on which they are based, to ensure their appropriateness.
Corporate reporting
The Committee has maintained its focus on ensuring the integrity of all aspects
of the Group’s corporate reporting. This has involved review and challenge
on the key aspects of the Group’s financial and non-financial reporting
throughout the year, such as the Half-Year Report and the 2024 Annual
Report, along with all associated regulatory disclosures including those
relating to climate as outlined by the Task Force on Climate-related Financial
Disclosures (‘TCFD’). The Committee has reviewed the Group’s 2024 Annual
Report and has satisfied itself that taken as a whole it is fair, balanced and
understandable, and provides the necessary information for stakeholders to
assess the Group’s overall position, performance, business model and strategy.
Legacy buildings provision
Each meeting of the Committee has included a review of reporting from the
Group Construction Director, detailing the progress of the Group’s remediation
works on legacy buildings. The Committee has provided challenge on the
assumptions that management has made on the anticipated costs and duration
of the remediation works. The Committee has satisfied itself that the Group’s
provision remains reasonable and is reflective of the likely future scope and
cost of remediation works.
External audit
Oversight of the Group’s external audit provision has continued to be a key
area of attention for the Committee, with particular focus on ensuring the
ongoing quality, independence and objectivity of the auditor, and maintaining
a positive relationship where audit challenge is both encouraged and welcomed.
As in prior years, the Group has actively engaged with the auditor and
management to oversee the audit planning process, and satisfy itself of the
quality and effectiveness of the audit approach. Auditor independence and
objectivity have been maintained through various measures, including regular
private meetings between the audit partner and the Committee, the Group’s
policy limiting the provision of non-audit services, review of the auditor’s
independence declarations and periodic rotation of the audit partner. The
Committee remains satisfied that EY continues to be independent and objective
and that the Group’s audit is effective.
Risk management and internal control
On behalf of the Board, and as part of a well-established annual process,
theCommittee has assessed the Group’s principal and emerging risks. This
included a review of the results of a comprehensive exercise to gather feedback
from the Board and senior management, with particular focus on risk movements
and the effectiveness of the mitigating controls. In anticipation of the changes
within the UK Corporate Governance Code 2024, the Group has continued
its work to strengthen risk management, internal control and assurance
processes. Within the year, enhanced Committee reporting on the Group’s
risk management framework, including principal risk evolutions and control
effectiveness, has been established, and regular updates are provided on the
programme of work to strengthen the Group’s overall control environment. In
the second half of 2024 a new Management Risk Committee was established
by management, to bring together subject matter experts from across the
Group to review and improve various elements of the risk management
framework, including work to define material controls relevant to the Group’s
principal risks and other key activities. This is an important addition to further
embed the risk management framework within the Group’s culture and drive
continuous improvement.
Internal audit
The Committee has continued to engage closely with the Director of Internal
Audit to oversee the work of the Group Internal Audit department, including
the provision of private sessions at least annually. In addition to the review of
routine reporting on Internal Audit findings, follow-up actions and departmental
performance, the Committee has played a proactive role in the review and
approval of the department’s charter, risk-based annual Internal Audit plan,
and the resourcing and development plans as proposed Director of Internal
Audit. The Committee has completed its formal assessment on the overall
provision of Internal Audit, and remains satisfied of its continued effectiveness
and independence.
Anticipated areas of focus for 2025
2024 has been another busy year for the Committee and management has
made good progress in ensuring the audit assurance plans match both the
changing external environment the Group operates within, whilst remaining
mindful of emerging risks as the Group moves forward with its strategic agenda.
Over the course of 2025, the Committee will continue to focus on its core
areas of responsibility. In addition to the focus on corporate reporting and
oversight of both external and Internal Audit provision, the adequacy of the
Group’s systems of risk management and internal controls will be a particular
area of emphasis. This will provide oversight over processes to ensure the
Group is well prepared for the changes within the UK Corporate Governance
Code 2024, and any change in the broader corporate governance or legislative
environments. In addition, the Committee is preparing to oversee a competitive
audit tender process, as it is required to do when the incumbent auditor tenure
reaches ten years.
Paula Bell
Chair of the Audit & Risk Committee
10 March 2025
Audit & Risk Committee continued
Committee Chair’s statement continued
Persimmon Plc Annual Report 2024108

Purpose, governance and effectiveness of the Audit & Risk Committee
The Audit & Risk Committee’s main role, as outlined within its terms of reference, is to support the Board in fulfilling
itscorporate governance responsibilities. In particular, the Committee provides oversight of the Group’s corporate
reporting processes (including key financial accounting judgements and estimates), ensures an appropriate and
high-quality provision of assurance from both external and Internal Audit, and monitors the Group’s systems of risk
management and internal control.
The role of the Committee is formalised within its terms of reference, which are subject to annual review. Only minor
updates were made to these in 2024, following a comprehensive review in the prior year to reflect the broadening
ofthe Committee’s role and greater emphasis on risk management and internal control. The Committee also reviews
annually the anticipated key matters for consideration in the following year, and agrees an outline schedule of agenda
items. The key matters covered over 2024 are detailed in the table (right).
As detailed further in the governance report on page 79, an external evaluation of the Board, including its various
Committees, was also performed within the year. The results of this evaluation were generally positive, including
alignment andagreement of the risk management framework to match the wider risk landscape as it evolves.
Audit & Risk Committee composition and attendance
In line with the provisions of the UK Corporate Governance Code, the Committee is comprised exclusively of
Non-Executive Directors. Paula Bell was appointed Chair of the Audit & Risk Committee from 1 October 2024 when
Shirine Khoury-Haq stepped down from the Board. Paula Bell is an experienced Chair of Audit & Risk Committees and
has recent and relevant financial experience appropriate to chair the Committee, demonstrated through her current
role as Chief Financial & Operations Officer at Spirent Communications plc since 2016, extensive executive and
not-executive experience in other listed businesses, and her Fellowship with the Chartered Institute of Management
Accountants. The other Committee members, which have remained unchanged over the year, are Andrew Wyllie
(appointed in January 2021) and Colette O’Shea (appointed in May 2024). Andrew and Colette provide a wealth
ofoperational knowledge and industry experience, as outlined in detail in their biographies on pages 84 to 85.
Collectively, the Committee maintains a broad and varied skillset which enables it to deliver a high quality of work
inthe interest of our shareholders and broader stakeholders.
In addition to the Committee members, the meetings of the Committee are attended by the Company Secretary,
GroupCFO, Group Financial Controller and Director of Internal Audit, as well as representatives from the external
auditor. Within the year, and at the invitation of the Chair of the Committee, the Group CEO, other members of the
Board, various senior managers and external speakers have also attended meetings, either in full or in part. During
thefirst halfyear of 2024, before the Group CFO joined the Group, the Group CEO attended the meetings.
The Committee holds four scheduled meetings per year, with all members in attendance for each of these meetings
within 2024. In addition, the Committee also held discussions separately and privately with the external auditor,
thesenior management team and the Director of Internal Audit.
Activities of the Committee in 2024
The Committee’s activities follow a well-established annual cycle, aligned with the Group’s financial reporting
calendar, designed to ensure an appropriate and timely oversight for audit planning and the other key actions of the
Committee. The annual cycle is finalised in the Committee’s March meeting, with the review of all year end reporting
matters, including the assessment of areas of significant financial judgements, review of viability and going concern
disclosures the assessment of the draft Annual Report and Accounts to ensure it is fair, balanced and understandable.
Theme Activity Mar 24 Apr 24 Aug 24 Dec 24 Mar 25
Corporate
reporting
Review of Annual Report as fair, balanced and understandable
Review of draft full year results, including viability and going
concern assessments
Review of draft TCFD reporting for the Annual Report
Half-Year Statement review, including going concern assessment
External audit
Review of external audit report on full-year audit
Private meeting with the Committee members
Review of external audit report on half-year audit
Review of external auditor performance
Fee structure review and approval
Audit plan finalised and agreed
Independence review
Review of audit tender 2025 plan
Review of proposal to appoint external auditor for assurance
on carbon emissions reporting
Internal Audit
Review of the report of Group Internal Audit
Review and approval of Group Internal Audit Charter
Update on changes to Global Internal Audit Standards
Private meeting with the Director of Internal Audit
Formal review of Group Internal Audit independence
andeffectiveness
Approval of the 2025 annual Internal Audit plan, resourcing
and development plans
Audit & Risk Committee report
Persimmon Plc Annual Report 2024 109
Financial statementsGovernance Other informationStrategic report

Theme Activity Mar 24 Apr 24 Aug 24 Dec 24 Mar 25
Risk
management
and internal
control
Review of the overall effectiveness of risk management and
internal controls
Risk management and internal control update
Tax status report
Cyber security update from Group Chief Information Systems
Officer (CISO)
External economist update
Legacy buildings progress report
Update on principal and emerging risks
Committee
governance
Review of Committee terms of reference
Review of Committee evaluation results
Review of Committee plans for 2025
Priorities and main areas of activity during the year
1
Corporate reporting
Ensuring the integrity and reliability of corporate reporting, including both financial and non-financial elements, has
remained a primary consideration for the Committee within the year. This has including robust review and challenge of
the Group’s Annual Report, the Half-Year Report, going concern and viability assessments, and the associated regulatory
announcements. Further details on the key areas of corporate reporting focus for the Committee are outlined below.
Significant financial judgements and issues reviewed in the financial year
The Committee has assessed the most significant financial judgements and issues affecting the Group’s financial
statements for 2024. These are outlined below:
Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment and conclusion
Revenue
recognition
The Group’s
revenue for 2024
was £3,201m.
The analysis of
total Group
revenues is
detailed further
within note 5 to
the financial
statements.
Revenue recognition
could be subject to
misstatement in the event
of cut off errors or
potential management
bias. This could
adversely affect the
income statement.
The accuracy of revenue
and cut off controls is
assessed using data
analytics tools and
detailed transactional
testing, enabling tracing
of recorded sales
through to cash receipts
and legal completion
statements. Revenue from
housing association
sales is also assessed
based on the terms of the
relevant contracts.
Having reviewed the management
controls over revenue recognition,
and considered the assurance
provided by the external auditor, the
Committee is satisfied that the Group’s
revenues are reported accurately.
Activities of the Committee in 2024 continued
Audit & Risk Committee continued
Audit & Risk Committee report continued
Persimmon Plc Annual Report 2024110

Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment and conclusion
Inventory
valuation
andprofit
recognition
The carrying
value of the
Group’s land at
31 December
2024 was
£2,266m. Work
in progress on
site was held at
£1,426m, and
the cost of sales
was £2,620m.
The carrying value of
land and work in
progress could be
subject to impairment in
the event that underlying
estimates, such as those
on market conditions
and anticipated selling
prices, prove to be
inaccurate, or if market
conditions were to
deteriorate significantly.
External auditor
challenge is provided
through a range of
procedures. These
include process and
control walkthroughs,
review of the bi-monthly
valuation controls,
assessments of margin
evolutions and historic
margin forecasting
accuracy, sensitivity
analysis on low margin
sites and a review of
impairment risk on a
sample of sites. These
procedures are set out in
detail in the Independent
Auditor’s Report on
page 144.
The Committee has retained its
closefocus on understanding
andchallenging management’s
processes for monitoring land and
work in progress valuations and
profit recognition. In particular,
theCommittee has appraised the
work of the Group Internal Audit
department in this area, which has
included routine transactional testing
and an additional dedicated review
of the valuation process within its
2024 plan. External audit materiality
has remained at similar levels to
2023, resulted in an increased depth
of testing, which has provided further
assurance. Having reviewed the
Group’s inventory valuation and
profit recognition controls, and the
various sources of assurance on their
effective operation, the Committee
has concluded that the net realisable
value of the Group’s land and work in
progress as held at 31 December 2024
was appropriate.
Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment and conclusion
Legacy
buildings
provision
The Group has a
provision for the
cost of
remediation
works on legacy
buildings. The
value of this
provision at 31
December 2024
was £235m.
The value of this
provision could prove to
be inaccurate if further
legacy buildings were
identified or brought
within the scope of
remediation. Cost
forecasts which inform
the value of the provision
could also prove
inaccurate as the
remediation works are
contracted and delivered.
The external auditor has
assessed the Group’s
key processes and
controls in relation to
legacy buildings, and
has challenged the basis
for the scope of
buildings covered by the
provision. The basis for
movements in
management’s provision
schedule have been
tested, and testing
performed on
expenditure to tie back
to third party evidence.
Further detail is provided
in the Independent
Auditor’s Report on
page 144.
The Committee received routine
comprehensive reporting from
management on the status of work
on legacy buildings. This has
included updates on the scope of
affected buildings, the current and
anticipated future cost of meeting the
Group’s obligations, and the basis
on which the provision has been
utilised, treated and disclosed within
the financial statements. As a result
of its review and challenge of
management reporting, and its
assessment of the external audit
procedures, the Committee is
satisfied that the carrying value
ofthe provision is appropriate.
Management
override of
controls
The Group’s
financial
statements
include various
judgemental
accruals,
provisions and
manual journals.
Accounting estimates
reliant upon judgements
could be subject
tomanipulation in
ordertoimpact the
financialstatements.
Manual journals posted
to significant risk areas
were subject to testing to
confirm the appropriate
accounting treatment.
The year on year
movements in judgemental
accruals were also
assessed to identify
accounting impact.
The Committee has assessed both
the Group’s existing control
environment and management’s
plans to improve controls further,
including enhanced automation to
reduce the frequency of manual
accounting entries. The Committee
has also taken further assurance
from the additional testing
performed in this area in 2024,
through both the Group Internal
Audit department (and external
co-source specialists) and as a result
of lower audit materiality bringing a
greater range of balances into scope
for the external audit.
Persimmon Plc Annual Report 2024 111
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Priorities and main areas of activity during
the year continued
1
Corporate reporting continued
Going concern and viability
The Committee has also reviewed the assessment and conclusion of management
that the Group continues to be a going concern and that the financial statements
should be prepared on a going concern basis. From its review of the Group’s
current financial position and factors including market conditions and access
to funding facilities, as well as the review of the conclusions of the external
auditor (as outlined in the Independent Auditor’s Report on page 144), the
Committee is satisfied that management’s assessment is appropriate and has
made recommendations to the Board to this effect.
The Group’s Viability Statement, which is detailed further on pages 76 to 78,
has also been subject to review and challenge by the Committee. The Group’s
approach to assessing viability is based upon a range of comprehensive stress
testing scenarios, each of which focuses on the potential impact of severe
disruption in the market for new homes over the short to medium-term. The
basis of these scenarios, which assume substantial reductions in sales over a
relatively short period, compounded by reduced average selling prices and
impairments of asset values, has been reviewed and challenged by the
Committee. Following these detailed assessments, the Committee has
concurred with management’s assessment that the Group will be able to meet
its liabilities as they fall due and continue in operation over the five-year
period to 31 December 2029.
Fair, balanced and understandable assessment
At the Committee’s meeting in March 2025, and at the request of the Board,
adraft version of the Group’s 2024 Annual Report was assessed by the
Committee to determine whether taken as a whole, it was fair, balanced and
understandable. This included a review as to whether the Annual Report provided
the necessary information to enable shareholders to assess the Group’s position,
performance, business model and strategy. The Committee’s review of the
2024 Annual Report has considered a broad range of information, including
the routine reporting it receives from the Group Finance function, senior
management, the external auditor and the Group Internal Audit department.
Ithas also assessed the underlying accounting policies and processes governing
financial reporting, and the feedback and assurances from both operational
teams and external advisors concerning quality of information and adherence
to requirements under the Companies Act, the UKCorporate Governance
Code 2018, Listing Rules and other relevant reportingregulations.
Following this review, the Committee has concluded that the 2024 Annual
Report can be considered to be fair, balanced and understandable, and that
it both accurately reflects the performance and position of the Group and
meets the required expectations of shareholders.
2
External audit
The Committee has provided its oversight duties on the Group’s external
auditprovision with reference to the Audit Committees and the External Audit:
Minimum Standard, published by the FRC in May 2023. Further detail on the
key aspects of the oversight activities is outlined below.
External audit areas of focus and challenge
The Committee has engaged closely with the external auditor throughout the
year. Reports from EY were provided ahead of each meeting, including a final
report and presentation of the 2024 audit results for the Committee’s meeting
in March 2025. The Committee has reviewed these reports and provided
constructive challenge through the year, with particular focus on the significant
financial judgements outlined above, and risk areas such as management
override of controls, impairment of goodwill and intangible assets, share-based
payments, the closed sites provision and valuation of the Group’s defined
benefit pension scheme obligations. As noted above, the Committee has also
reviewed EY’s assessments of the Group as a going concern, its evaluation of
the Viability Statement and its requirements as auditor to address the Board’s
application of the UK Corporate Governance Code 2018 (see Independent
Auditor’s Report on page 144).
Performance and effectiveness
Throughout the year, the Committee has remained focused on ensuring the
provision of a high quality and effective external audit. The Committee has
assessed this with reference to a range of sources. These include review of
theof the delivery of the agreed audit plan, the quality of audit reporting
(particularly in respect of key accounting judgements and estimates),
demonstration of appropriate auditor scepticism and challenge, and outputs
from the private meetings with the audit partner.
Feedback on auditor performance is also obtained from internal stakeholders.
The primary mechanism for gathering this feedback is a comprehensive internal
survey of those involved with the audit process, conducted shortly after the
conclusion of the audit. This gathers input on several measures in line with FRC
guidance, such as the mindset, culture, skills and knowledge of the external
auditor team, as well as feedback on the efficiency and depth of the audit
process. The results of the survey are consolidated and summarised for the
Committee’s review.
The formal annual review of the external auditor’s performance and effectiveness
was completed in a private session of the Committee after its April meeting.
Informed by the factors outlined above, the Committee concluded that EY’s
performance and effectiveness, and the overall quality of the audit, continued
to be of a good standard.
Auditor independence and fees
To ensure an appropriate professional scepticism in the work of the external
auditor, the Committee monitors the independence and objectivity of the
external auditor and lead partner on an ongoing basis, with a formal review
annually. Auditor independence and objectivity are assessed through a range
of measures as follows:
Audit partner rotation: The policy of the Group requires rotation of the
audit partner at least every five years. The lead audit partner is Victoria
Venning, who has held the role since April 2021.
Auditor independence declarations: Detailed independence confirmations
are provided by the external auditor, prepared in line with the provisions of
the FRC Ethical Standard and ISA (UK) 260 (Communication of audit matters
with those charged with governance). This confirmation is formally reported
to, and subject to the review and approval of the Committee.
Private meetings with external audit: The Committee has scheduled private
meetings with the EY team, in which confirmation is sought that there has been
no restriction in scope or other hindrance placed upon them.
Non-audit services: The Group has a defined policy on provision of non-audit
services by the external auditor, which was most recently reviewed and updated
in 2023. This policy restricts the nature of the works which the external auditor
may perform, requires Committee pre-approval for non-audit services, and
caps the aggregate amount of fees payable to the auditor for such services to
a maximum of 70% of the average of audit fees in the prior three years. The
policy serves to safeguard the independence and objectivity of the auditor,
both in fact and appearance. Within 2024, the non-audit services provided
by EY included audit related fees of £96,000 for their work on their review of
the Group’s 2024 Half-Year Report. EY also received payments of £72,500
and £5,000 for assurance work on carbon emission reporting and for the
audit of the 2023 annual report of the Persimmon Charitable Foundation
respectively. Thefee paid to EY for its audit work for the 2024 financial year
was £837,217, resulting in ratio of audit fees to non-audit fees for the year of
4.8:1.
Audit & Risk Committee continued
Audit & Risk Committee report continued
Persimmon Plc Annual Report 2024112

The Committee remains satisfied that these measures have operated effectively
in the year, and that the non-audit services provided were not sufficiently
material to affect independence. As such, the Committee continues to
consider that EY, and Victoria Venning as lead audit partner, remain both
independent and objective.
Overall assessment and reappointment of the external auditor
Following its review of the measures outlined above, the Committee has confirmed
that EY continues to be effective, independent and objective, and that it is in
the best interests of all stakeholders for EY to continue as the Group’s external
auditor. As such, the Committee has proposed that a Board resolution will be
put forward at this year’s AGM to reappoint EY for a further year.
External audit tender
EY was first appointed as the Group’s auditor in April 2016, following
acompetitive tender exercise involving three leading audit firms. Since
theappointment of EY, the Company has complied with the provisions
ofTheStatutory Audit Services for Large Companies Market Investigation
(Mandatory Use of Competitive Processes and Audit Committee Responsibilities)
Order 2014. The provisions of this Order will require the Group to re-tender
the external auditor provision ahead of the full-year audit for 2026.
The Committee will lead an external audit tender process for the Group in
early 2025. The process for managing the audit tender, which was agreed
atthe December 2024 meeting of the Committee, will be aligned to the FRC’s
guidance on audit tendering, including the requirements outlined within the
FRC’s Audit Committees and the External Audit: Minimum Standard. This will
ensure a breadth of potential auditors, including ‘challenger firms’, are considered,
and that the eventual appointment is determined based upon an appropriate
range of quality criteria.
3
Risk management and internal control
The Committee has monitored the Group’s systems of risk management
andinternal control and, on behalf of the Board, has assessed their overall
effectiveness. The key aspects of these systems, and the Committee’s role
inmonitoring them within the year, were as follows:
Assessment of principal and emerging risks
The Committee supports the Board in fulfilling its duties under the UK Corporate
Governance Code 2018 by assessing the principal and emerging risks facing
the Group. This assessment is informed by routine reporting on principal and
emerging risks trends presented at each meeting, and review of a formal risk
review exercise facilitated annually by the Group Internal Audit (detailed
further on pages 70 to 75). The external audit team also provides its views
based on its experience in the industry and across other sectors. The conclusions
of the annual assessment were reported to the Board following the
Committee’s December meeting.
Risk management
The Group maintains a comprehensive suite of risk registers, detailing
assessments of risk and management controls for both operational activities
and Group-level functions. The risk registers in their entirety are updated on
an annual basis, with individual updates made continuously in response to the
work of the Group Internal Audit department or at the request of risk owners.
On a periodic basis, the full suite of risk registers, including details of material
changes in content, is presented to the Committee.
Within 2024, and in line with an action plan agreed in the prior year, the
Committee has overseen various improvements made by management to the
Group’s overall risk management framework. This has included formalising
the Group’s classifications and assessment criteria for risk, updating the
Group’s risk appetite, and delivery of improved principal and emerging risk
reporting to the Committee. The delivery of these improvements has been
underpinned by the establishment of the Group’s Management Risk Committee,
further details on which are provided on pages 70 to 75.
Internal control
Systems of internal control within the Group are well established and based
around the ‘three lines’ model as detailed on pages 70 to 75, supported
bystandardisation where possible through IT controls and management
oversight. The control environment is routinely updated and strengthened
inresponse to various mechanisms, including increased automation of
previously manual processes and improvement actions driven by recommendations
from both Group Internal Control and Group Internal Audit.
The enhanced provisions on internal control within the UK Corporate Governance
Code, which take effect from January 2026, have been reviewed by the
Committee, along with management’s action plans to ensure preparedness.
This has included an assessment of how the Group will define the ‘material
controls’ for which the Board will have to make declarations on effectiveness.
The Committee continues to receive routine reporting at each of its meetings
on the delivery of management’s action plans to strengthen the Group’s
overall control environment, including its material controls. This will continue
to be an area of regular engagement from the Committee within 2025.
Anti-fraud and anti-bribery measures
The Committee is responsible for reviewing the Group’s procedures for preventing
and detecting fraud and other inappropriate behaviours, such as bribery or
corruption, particularly where these could result in an adverse financial
impact for the Group. Any instances or suspicions of fraud are reported
directly to the Director of Internal Audit, typically via the Group’s whistleblowing
arrangements (see below). Where reports of suspected fraud, bribery or
corruption are received, they are treated with confidentiality and thoroughly
reviewed and assessed. Details of all such assessments are reported to the
Committee. During 2024, the Committee’s work in this area included the
review of a Group Internal Audit report on the Group’s fraud and bribery
riskregister, including testing to provide assurance on the effective operation
of a various mitigating controls and training regimes for key areas of risk.
TheCommittee has satisfied itself that there were no material instances of
fraud, bribery or corruption identified within the year.
Whistleblowing
The Group has a defined Whistleblowing Policy and procedure, which is
communicated proactively to the workforce through posters and the intranet.
In line with the requirements of the UK Corporate Governance Code 2018,
the whistleblowing provision enables any member of the workforce to raise
concerns, anonymously if necessary, and through a range of media available
at all times. The Chair of the Audit & Risk Committee is the Group’s Whistleblowing
Champion, acting as an independent sponsor of the Group’s overall whistleblowing
provision. Operationally, the Group Internal Audit department manages the
whistleblowing process as an independent function.
Persimmon Plc Annual Report 2024 113
Financial statementsGovernance Other informationStrategic report

Priorities and main areas of activity during
the year continued
3
Risk management and internal control continued
Whistleblowing continued
This includes the review and triage of all incoming whistleblowing reports,
conduct of investigations where necessary, and provision of detailed
reporting to the Committee on all reports received, including any underlying
themes or trends to the reports. The Group has continued to benefit from its
partnership with the whistleblowing charity, Protect, which has provided
access to benchmarking, good practice guidance and training courses.
The Committee has reviewed the Group’s whistleblowing arrangements and
remains satisfied that these are appropriate and effective. In the small number
of cases where whistleblowing investigations have identified issues of misconduct,
or areas of control weakness, the Committee has been apprised of these and
the resulting recommendations and management action plans.
Reviewing the effectiveness of risk management and
internalcontrol
The Committee has processes in place to review the Group’s internal control
and risk management systems both on a routine, continuous basis, and with
aformal annual assessment.
On a routine basis, the Committee receives information on risk management
and internal control from various internal and external sources. At each
meeting, the Committee receives updates on the evolution of the Group’s
principal and emerging risks, progress from Group Internal Control on the
enhancement of the control environment, and updates on legacy building
work (as a principal risk consideration). The Committee also receives
assurance work delivered through both the external auditor and the Group
Internal Audit department. In addition to its routine business, over the course
of 2024, the Committee has received further reporting from management
oncontrols relating to cyber risk and the Group’s tax arrangements, and
anexternal appraisal of the UK economic outlook.
On an annual basis, the Committee performs a formal assessment of risk
management and internal control on behalf of the Board. The annual assessment
is informed by an independent summary produced by the Director of Internal
Audit, which draws upon FRC guidance, an analysis of audit findings through
the year, assurance activities on principal risks, and feedback obtained from
formal representations made by the senior management and Finance teams
on the commitment to Group standards of behaviour (such as the management
of conflicts of interest). The 2024 assessment concluded that the Group’s
material financial and operational controls were operating effectively in all
key respects, but recognised a continued dependence on manual controls in
some core processes, and reliance on the detective controls delivered through
the valuation process. The Board has recognised these improvement areas,
with various workstreams underway to drive improved automation and
strengthening of the control environment. Following its processes of continuous
review and consideration of the annual summary report, the Committee has
concluded that the Group’s systems of risk management and internal control,
including material controls, continue to be broadly effective and appropriate.
4
Monitoring the Group Internal Audit department
The Group Internal Audit department plays a key role in the provision of
independent and objective assurance to the Board, while also supporting
management advisory work to drive process and efficiency improvements.
The function is led by the Director of Internal Audit who reports jointly to the
Group CFO and, to maintain independence, the Chair of the Committee.
The department’s annual plan is developed by the Director of Internal Audit,
based on a range of considerations such as principal risk coverage, standing
items, management requests and entity coverage. This plan is then subject
tovarious stages of management review, including consultation with our
co-source internal audit providers, before being presented to the Committee
for final review and approval. The 2024 plan was broadened to incorporate
discrete audit plans for construction and health, safety and environmental
(HS&E) matters. Core Internal Audit activities included reviews on key areas
ofthe Group’s operations, as well as aspects of compliance, non-financial
reporting and IT controls.
The Committee received and considered reports from the Director of Internal
Audit who attends all meetings of the Committee, presenting detailed reporting
to cover the results and findings of all completed internal audits, against the
agreed work programme, the follow-up status of agreed actions, audit
performance indicators and the status of the department development plan.
The Group Internal Audit department satisfactorily delivered on its agreed
audit plan for 2024, which was flexed to include additional requests from
Board and management at various points through the year.
The Committee reviews and approves the Group Internal Audit department’s
resourcing and mandate. Within 2024 the Committee has overseen an
expansion of routine activities of the Group Internal Audit department,
through the provision of specialists in both construction and health and
safetyto support the broader-based Internal Audit plans detailed above.
In line with its terms of reference and the requirements of the UK Corporate
Governance Code 2018, the Committee has reviewed and satisfied itself of
the continued effectiveness and independence of the Group Internal Audit
department. The 2024 review process was informed by a range of factors,
including reference to the department’s positive External Quality Assessment
(‘EQA’) of 2023, and the subsequent progress in addressing the small number
of actions which this highlighted. In line with the requirements of the Chartered
Institute of Internal Auditor’s Internal Audit Code of Practice, as the Director of
Internal Audit has been in post for seven years, the Committee has also
formally assessed and confirmed the continued independence of this role.
Overall, progress was noticeable across the Group in driving a stronger
control environment. Looking forward, the department’s 2025 plan has
beenreviewed and approved by the Committee. The plan has been further
developed to include additional focus on operating company controls
reviews, alongside the regular thematic audits conducted by the department.
Audit & Risk Committee continued
Audit & Risk Committee report continued
Persimmon Plc Annual Report 2024114

Other disclosures
Persimmon Plc (the ‘Company’) is the holding
company of the Persimmon Group of companies
(the ‘Group’) and is a public company listed in
the UK and traded on the London Stock Exchange.
The Group’s main trading companies are Persimmon Homes Limited and
Charles Church Developments Limited. The Group trades under the brand
names of Persimmon Homes, Charles Church, Westbury Partnerships,
Space4and FibreNest.
The subsidiary undertakings which principally affect the profits and assets of
the Group are listed in note 32 to the financial statements. A complete list of
the Company’s subsidiaries and residents’ management companies under its
control is contained on pages 181 to 194.
Strategic report
The management report for the purposes of the Disclosure Guidance and
Transparency Rule 4.1.8.R is included in the Strategic Report on pages 01
to78 and in the Directors’ Report on pages 79 to 117. A description of the
Group’s future prospects, research and development, the principal risks and
uncertainties facing the business and important events affecting the Group
since 31 December 2024 are contained within the Strategic Report. Details
ofthe financial risk management objectives and policies of the Group and
associated risk exposure are given in note 23 to the financial statements.
The Board has taken advantage of s.414C(11) of the Companies Act 2006 to
include disclosures in the Strategic Report including: the principal risks and
uncertainties, future development, performance and position of the Group;
the financial position of the Group, greenhouse gas emissions, R&D activities,
and engagement with employees, customers, suppliers and other stakeholders.
Results and return of cash
The Group’s revenue for 2024 was £3,200.7m and its consolidated profit
before taxation was £359.1m.
The Company may by ordinary resolution declare dividends not exceeding
the amount recommended by Directors subject to statute. The Directors may
pay interim dividends and any fixed rate dividend whenever the financial
position of the Company, in the opinion of the Directors, justifies its payment.
All dividends and interest shall be paid (subject to any lien of the Company)
tothose members whose names are on the register of members on the record
date, notwithstanding any subsequent transfer or transmission of shares.
The Board has recommended the payment of a final dividend of 40p per
ordinary share for the year ended 31 December 2024, to be paid on 11 July
2025 to shareholders on the register on 20 June 2025, following shareholder
approval at the AGM. This is in addition to the interim dividend of 20p per
share, paid on 8 November 2024, to give a total dividend per share of 60p
in respect of the 2024 financial year.
Going concern
After completing a full review, the Directors have satisfied themselves that
thegoing concern basis for the preparation of the accounts continues to
beappropriate and there are no material uncertainties to the Group’s and
Company’s ability to continue in operation and meet its liabilities for the
period up to 30 June 2026.
Further details are provided in note 2 to the Financial Statements
Directors and Directors’ interests
The current Directors of the Company and their biographical details are
shown on pages 84 and 85. Information on the Executive Directors’ service
contracts and the Non-Executive Directors’ letters of appointment are given in
the Remuneration Report on page 130. All of the Directors served for the
whole of the year, with the exception of Shirine Khoury-Haq, who left the
Board on 30 September 2024; Andrew Duxbury, Paula Bell and Anand
Aithal who were appointed to the Board on 17 June 2024, 1 September
2024 and 1 January 2025, respectively. The beneficial and non-beneficial
interests of the Directors and their connected persons in the shares of the
Company at 31 December 2024 and as at the date of this report are
disclosed in the Remuneration Report on page 132. Details of the interests of
the Executive Directors in share options and awards of shares can be found
on page 131 within the same report.
Appointment and replacement of Directors
The Directors shall be no less than two and no more than fifteen in number.
Directors may be appointed by the Company by ordinary resolution or by
theBoard of Directors. A Director appointed by the Board of Directors holds
office until the next following AGM and is then eligible for election by the
shareholders. The Company may by special resolution remove any Director
before the expiration of their term of office.
In accordance with the UK Corporate Governance Code 2024 the Board
hasdetermined that all Directors will be subject to annual re-election by
shareholders. The Company’s Articles of Association (‘the Articles’) provide
that at each AGM at least one third of the Directors shall retire from office
andshall be eligible for reappointment and therefore each Director shall
retire from office and shall be eligible for reappointment at the AGM held
inthe third year following their last reappointment.
Powers of the Directors
The business of the Company shall be managed by the Directors who may
exercise all powers of the Company, subject to the Articles, the Companies
Act 2006 and any directions given in general meetings. In particular, the
Directors may exercise all the powers of the Company to borrow money,
issue and buy back shares with the authority of shareholders, appoint
andremove Directors and recommend and declare dividends.
Capital structure
The following description summarises certain provisions of the Articles and
theCompanies Act 2006. This is only a summary and the relevant provisions
of the Companies Act 2006 and the Articles should be consulted if further
information is required. A copy of the Articles may be obtained by writing
tothe Company Secretary at the registered office.
Amendments to the Articles of the Company may be made by way of special
resolution in accordance with the provisions of the Companies Act 2006.
Share capital
The Company has one class of share in issue, being ordinary shares with a
nominal value of 10p each, which carry no right to fixed income. During 2024,
493,452 ordinary shares were issued with a nominal value of £49,345 to
employees exercising share options. The Company received consideration
of£52,368 for options exercised under the Group’s savings-related share
option scheme. At 31 December 2024 the issued share capital of the Company
was 319,914,868 ordinary shares with a nominal value of £31,991,487. At
10 March 2025 the issued share capital of the Company was 319,915,905
ordinary shares with a nominal value of £31,991,591. Further details are
provided in note 25 tothe financial statements.
Persimmon Plc Annual Report 2024 115
Financial statementsGovernance Other informationStrategic report

Share capital continued
Shares may be issued with such preferred, deferred or other rights or
restrictions, whether in regard to dividend, return of capital, or voting or
otherwise, as the Company may from time to time by ordinary resolution
determine (or failing such determination as the Directors may decide), subject
to the provisions of the Companies Act 2006 and other shareholders’ rights.
There are no securities carrying special rights with regard to control of
theCompany.
The Directors may allot, grant options over, or otherwise dispose of shares
inthe Company to such persons (including the Directors themselves) at such
times and on such terms as the Directors may think proper, subject to the Articles,
the Companies Act 2006 and shareholders’ rights. At the AGM held on 25
April 2024 shareholders gave Directors authority to allot ordinary shares up
to a maximum nominal amount of £10,647,543, representing approximately
one third of the Company’s issued share capital as at 11 March 2024.
Shareholders also gave Directors authority to disapply pre-emption rights on
the issue of shares up to 10% of the issued share capital, being an aggregate
nominal amount of £3,194,262. Plus the additional power to disapply pre-emption
rights on the issue of shares up to a further 2% of the issued share capital, with
such power to be used only for the purposes of making a follow-on offer. In
addition, shareholders gave Directors authority to disapply pre-emption
rights on the issue of shares up to further 10% of the issued share capital,
being an aggregate nominal amount of £3,194,262, in connection with an
acquisition or specified capital investment, with the additional power to
disapply pre-emption rights on the issue of shares up to a further 2% of the
issued share capital, with such power to be used only for the purposes of
making a follow-on offer. These authorities, which are consistent with the
Pre-Emption Group’s 2022 Statement of Principles on Disapplying Pre-
emption Rights, will expire at the conclusion of the AGM on 1 May 2025.
Resolutions to renew these authorities will be put to shareholders at the
forthcoming AGM.
Votes of members
All issued shares in the Company are fully paid and there are no restrictions
on voting rights. Votes may be exercised in person, by proxy, or in relation to
corporate members by a corporate representative. The deadline for delivering
either written or electronic proxy forms is not less than 48 hours before the
time for holding the meeting.
To attend and vote at a meeting a shareholder must be entered on the register
of members at a time that is not more than 48 hours before the time of the
meeting, calculated using business days only.
On a vote on a poll, each member present in person or by proxy or by duly
authorised representative has one vote for each share held by the member.
On a vote on a show of hands, each member being an individual present in
person or a duly authorised representative of a corporation has one vote.
Each proxy present in person who has been appointed by one member
entitled to vote on a resolution has one vote. If a proxy has been appointed
bymore than one member and has been given the same voting instructions
bythose members, the proxy has one vote.
If the proxy has been appointed by more than one member and has been
given conflicting instructions, or instructions to vote for or against by one
member and discretion by another, the proxy has one vote for and one vote
against a resolution.
Details of employee share schemes are set out in note 30 of the financial
statements. The Trustee of the Persimmon Employee Benefit Trust may vote
orabstain on shareholder resolutions as it sees fit.
Transfer of shares
There are no restrictions on the transfer of securities in the Company. Any
member may transfer their shares in writing in any usual or common form or
inany other form acceptable to the Directors and permitted by the Companies
Act 2006 and the UK Listing Authority. The Company is not aware of any
agreements between shareholders that may result in restrictions on the
transfer of shares or that may result in restrictions on voting rights.
Qualifying third party indemnity provisions
and qualifying pension scheme
indemnityprovisions
The Company has granted an indemnity in favour of its Directors and former
Directors, against liability that they may incur in the course of performing their
duties as Directors of the Company. The indemnity has been put in place in
accordance with section 234 of the Companies Act 2006 and remained in
force on the date of approval of this report. Prior to granting the indemnity
appropriate legal advice was sought by the Company.
The Company has not issued any qualifying pension scheme indemnity provision.
Change of control provisions
One significant agreement contains provisions entitling counterparties to
exercise termination or other rights in the event of a change of control of the
Company. Under the £700m Revolving Credit Facility for Persimmon Plc
dated 6 July 2023 as disclosed in note 23 of the financial statements, all
amounts become due and payable under the terms of the facility if any
personor group of persons acting in concert gains control of the Company.
Emissions
The Group’s greenhouse gas emissions are set out in the Strategic Report on
page 39.
Employee involvement
The Group places considerable value on the involvement of its employees and
has continued to keep them informed on matters affecting them and on various
financial and economic factors affecting the performance of the Group. The
Group has introduced regular online communications to employees to keep
them updated, with a wide range of content including updates on the Group’s
operations and financial performance, announcements about new initiatives
and introductions to key colleagues; In addition, the Group has introduced
divisional communications, enabling the Regional Chairs to speak to their
teams via quarterly updates. These together with a number of functional
webinars, for example, a quarterly site managers’ webinar, means that we
areconnecting senior leaders directly with employees and giving them the
opportunity to ask questions and receive real-time responses.
As mentioned on pages 54 and 90 of this report, the Group has an Employee
Engagement Panel, which is attended by our designated Workforce Non-Executive
Director. This allows employees to receive information on Board activities and
to ask questions. The designated Workforce Non-Executive Director gives
updates on the Employee Engagement Panel to the Board.
There is also a Diversity & Inclusion Council and a Diversity and Inclusion
Working Group, which are part of the Group’s commitment to employee
engagement, diversity and corporate governance best practice. The Company
regularly updates its employment policies, to which all employees have online
access through the HR Information System, to keep them up-to-date with
information relating to their employment. Details of how we engage with our
employees are set out on page 54.
The Company makes various benefit schemes available to employees, including
asavings-related share option scheme which encourages the awareness and
involvement of employees in the Group’s performance. All employees are
encouraged to participate.
Other disclosures continued
Persimmon Plc Annual Report 2024116

Equal opportunities
Persimmon is an equal opportunities employer. We are committed to equality,
diversity and inclusion among our workforce and eliminating unlawful
discrimination. Our aim is for our workforce to be truly representative of all
sections of society and our customers, and for each employee to feel
respected and able to give their best.
Persimmon is committed to being inclusive for individuals with disabilities,
andwill support candidates and employees with adjustments to assist them
toperform at their best and fulfil their potential.
The Group policy is to ensure equal opportunities for all employees across
training, career development and promotion without discrimination and to
apply fair and equitable policies which seek to promote entry into and
progression within the Group. Appointments are determined solely by
application of job criteria, personal ability and competency regardless of
race, colour, nationality, ethnic origin, religion or belief, gender, sexual
orientation, political beliefs, marital or civil partnership status, age, pregnancy
or maternity, or disability. Applications for employment by disabled persons
are always fully considered, with appropriate regard to the aptitude and
abilities of the person concerned. In the event of any employee becoming
disabled, every effort is made to ensure that their employment with the Group
continues, that appropriate training is arranged and any reasonable
adjustments are made to their working environment. It is the Group’s policy
that the training, career development and promotion of disabled persons
should, as far as possible, be identical to that of other employees.
Financial instruments
Details of the Group’s financial instruments are set out in note 23 to the
financial statements.
Acquisition of own shares
At the AGM held on 25 April 2024 shareholders granted the Company
authority to purchase up to an aggregate of 31,942,629 of its own shares.
No shares have been purchased to date under this authority and therefore at
31 December 2024 the authority remained outstanding. This authority expires
on 1 May 2025 and a resolution to renew the authority will be put to
shareholders at the forthcoming AGM.
At 31 December 2024 the Company held no shares in treasury.
Annual General Meeting
The AGM will commence at 11.00 am on 1 May 2025 at York Racecourse, Knavesmire Road, York, YO23 1EX. The Notice of Meeting and an explanation of
the ordinary and special business are given in the AGM circular, which is available on the Company’s website and which will be sent to shareholders in March 2025.
Disclosure of information to auditors
The Directors who held office at the date of approval of this report confirm that, so far as they are each aware, there is no relevant audit information of which the
Company’s auditor is unaware and that each Director has taken all steps he ought to have taken as a Director in order to make himself aware of any relevant
audit information and to establish that the Company’s auditor is aware of that information. This confirmation is given and should be interpreted in accordance
with the provisions of section 418 of the Companies Act 2006.
Listing Rule Disclosures
There are no disclosures to be made under Listing Rule 6.6. As at 31 December 2024 and as at 10 March 2025, the Company had been notified under the
Financial Conduct Authority’s Disclosure Guidance and Transparency Rule 5 of the following interests in the voting rights of the Company:
As at 31 December 2024 As at 10 March 2025
Name
Number of
voting rights
1
% of total
voting rights
Number of
voting rights
1
% of total
voting rights
Nature of
holding
Norges Bank 9,652,550 3.02 9,652,550 3.02 Direct
Black Rock Inc 31,789,814 9.93 Below 5% Below 5% Indirect
1. Represents the number of voting rights last notified to the Company by the shareholder in accordance with D.T.R.5.1.
Directors’ responsibility
The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations. The Directors
consider that the Annual Report and Accounts taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders
to assess the Company’s position and performance, business model and strategy. The Board reached this conclusion after receiving advice from the Audit & Risk
Committee.
Further details are provided on page 143
By order of the Board
Tracy Davison
Company Secretary
10 March 2025
Persimmon Plc
Company registration number: 1818486
Persimmon Plc Annual Report 2024 117
Financial statementsGovernance Other informationStrategic report

Remuneration
Committee Chair’s statement
In particular:
●
Our focus on the quality of our homes and our customer care has continued
and we’re delighted that we have retained our five- star HBF rating, our
eight-week score under the HBF ‘Recommend a Friend’ survey has further
improved to 96%. We have also delivered significant improvement in our
quality scores. Given our strategic focus on quality and customer care, we
continue to use these as performance measures for the annual bonus and
PSP. Details of the outturns for 2024 are set out on pages 126 to 128.
●
We continued our use of an environmental target for the 2024 PSP awards
based on our Science Based Targets for Scope 1 and Scope 2 emissions
reduction, and will follow the same approach for our 2025 PSP awards.
Further details can be found on page 137. This supports the achievement
ofour long-term sustainability target and reflects the continued importance
of sustainability to Persimmon.
●
Over the last year the Persimmon Community Champions scheme, together
with Regional charitable donations, has donated over £905,000 to more
than 350 local charities, sports clubs and community groups.
The Committee has been very mindful of the impact of continuing cost of living
pressures on our workforce and our communities. In this context we were
pleased to see a number of enhancements being implemented for the broader
workforce. These included:
●
implementing the Real Living Wage increases in Spring 2024 ahead of
therequired May 2024 timeline, as part of our accreditation as a Living
Wage employer;
●
a pay review for the wider workforce of 3%; and
●
continuing to enhance and modernise our benefits offering, including agreeing
an increase to the holiday entitlement for our weekly-paid colleagues.
Remuneration Committee members and meeting
attendance 2024
Scheduled
meetings
attended
Percentage of
meetings
attended
Annemarie Durbin (Chair) 3/3 100%
Nigel Mills 3/3 100%
Alex Depledge 3/3 100%
Persimmon has performed well through 2024
and is well positioned for the future. I believe
the 2024 remuneration outcomes reflect the
Group’s performance and represent a fair
and reasonable balance of the interests of
allstakeholders.
Annemarie Durbin
Chair of the Remuneration Committee
We believe that our approach to remuneration
for the senior leaders and the broader workforce
is aligned to our strategy to build high quality
affordable homes for our customers.
Our focus and approach in 2024
The Group continued to successfully navigate the challenging market conditions
in 2024, retaining our focus on cost control and efficiency, and is well positioned
for the future. This is supported by the land and planning investment we have
made in recent years, our vertical integration capabilities and our excellent
teams. This investment, coupled with the Government’s ambitious planning
reforms which demand more of the high-quality, affordable homes which are
Persimmon’s core strength, supports our growth ambitions in the medium-term.
The Board was satisfied with the financial performance in the period. Our
profit and cash generation and returns to shareholders are described in the
Group Chief Executive’s Statement on pages 11 to 13.
The CEO, CFO and, indeed, all of our colleagues, have worked
exceptionally hard to deliver these results in a difficult environment.
It is particularly pleasing that the Group’s robust financial performance
hasbeen delivered whilst remaining focused on building quality homes,
delivering high levels of customer care and maintaining high standards of
health, safety and wellbeing for our customers, our workforce and the
communities in which we operate.
Persimmon Plc Annual Report 2024118

New Chief Financial Officer remuneration
We are delighted that Andrew Duxbury joined the business on 17 June.
Details of his ongoing remuneration were disclosed in the 2023 Directors’
Remuneration Report and can also be found on page 121. As disclosed in
2023, a number of buy-out awards were granted to replace remuneration
which was forfeited when he left his previous role. Details are these are set
outon page 130.
2024 Remuneration outcomes
When considering the outturns, the Committee has assessed performance
relative to the targets and objectives set for both short and longer-term
remuneration. The Committee is focused on setting appropriately stretching
targets for the annual bonus and the PSP across a range of key metrics which
are in line with our business strategy and support the delivery of our five key
priorities. When considering whether to exercise any discretion a holistic view
has been taken by the Committee including consideration of the employee
and wider stakeholder experience, in addition to assessing the formulaic
outturns. The targets were set based on our business plan and reflecting the
continuation of a difficult macro-economic backdrop, while still positioning
the Group for growth. The Committee is satisfied that the outturns reflect the
wider performance of the Group and no discretion has been exercised.
As regards alignment with the overall performance of the business, the
outturns reflect that, over the course of the year, disciplined cost control
hascontinued to be a core focus, prioritising margin protection and cash
generation, whilst still growing outlets and investing in work in progress
andthe land bank in a disciplined and value adding way. This responsible
delivery by management in 2024 is reflected in our strong net margin
performance in a challenging market and the overall experience of
shareholders, for whom the dividend for 2024 has been maintained.
The annual bonus opportunity for the Group Chief Executive and Chief
Financial Officer (from date of joining) was based on a mix of financial
metrics (60%) and ESG/cultural metrics (40%). Reflecting the performance
which has been delivered in a challenging year, as set out on page 121 the
annual bonus outcome for the Group Chief Executive and Chief Financial
Officer was 88.74% of maximum (177.49% and 133.12% of salary respectively).
Half of the bonus earned by Executive Directors is paid in cash with half
deferred into shares for three years. Details of the outturns relative to the
measures set are set out on pages 127 and 128.
208 employees (including the Group Chief Executive) hold PSP awards which
were granted in 2022 and which vest by reference to performance over the
three years ended 31 December 2024. Reflecting our delivery of high levels
of customer care in a challenging economic environment, the awards will vest
at 20% of the maximum. For the Group Chief Executive and senior management
the vested shares will be subject to a two year holding period before they are
released to the participants. Further details are provided on page 128.
Having considered the relevant factors including the share price at grant and
vesting the Committee is satisfied that no windfall gains occurred in respect of
the 2022 PSP awards, and no adjustments have been made.
The normal effective date for salary increases for Executive Directors is 1 July,
in line with other employees.
As disclosed in the 2023 remuneration report the CEO’s salary remained
unchanged in 2023 as implementation of the agreed increase was deferred
until 1 January 2024 due to the difficult trading conditions. Therefore, from
1January 2024, his salary increased by 5%, reflecting the aggregate
increase awarded to the wider workforce of 3% in July 2023 and 2% in
January 2024.
2025 Implementation
Salary
The salary increase for the wider workforce agreed in July 2024 was 3%,
andthe CEO’s salary increased in line with this to £807,611.
The CEO’s and CFO’s salaries will be reviewed in July 2025. Any increases
for 2025 will be made in the context of the increase given to the wider
workforce. When finalising our approach, we will have regard to all of the
circumstances, including the impact of any Executive Director salary increases
on their total remuneration opportunities. We will confirm any changes to the
Executive Directors’ salaries in the 2025 Directors’ Remuneration Report.
Annual bonus
The maximum bonus quantum for will remain at 200% of salary for Dean Finch
and 150% of salary (less than the Policy maximum of 175%) for Andrew Duxbury.
The overall performance metrics applying to both Executive Directors for
2025 remain the same as in 2024. 60% of the bonus remains subject to
financial performance (profit before tax is 40% and cash generation 20%).
The cultural metrics are customer care (15%), build quality (20%) and health
and safety (5%). The change in the HBF methodology for a five-star rating
means that there is no longer a need to have separate measures for the
eight-week and nine-month scores. Therefore, for 2025 we have reduced
thecustomer care weighting from 20% to 15% with a corresponding increase
in the build quality weighting from 15% to 20% which reflects the increased
impact of quality on the five-star rating. Further details are set out on page 136.
The financial targets are commercially sensitive and therefore will be
disclosed in the 2025 Remuneration Report. Delivery of a stretching target
level of performance will result in the Executive Director receiving 50% of the
maximum award. Vesting is at 20% of the maximum for threshold performance.
PSP
The maximum PSP award for each Executive Director will remain at 200% of
salary. An additional financial metric based on EPS will be included for 2025,
although the overall weighting on financial metrics (70%) will remain the same.
The addition of an EPS metric is aligned to our growth ambitions, which is a
key strategic aim, in addition to being a metric that is focused on by our
shareholders. The metrics are:
Metric Weighting (%)
Relative TSR 23
Cash generation 24
Earnings per Share 23
Environmental 10
Cultural metric 20
The cultural metric will be based on the HBF customer satisfaction score
calculated on the new methodology used for the five-star rating.
The TSR peer group for the 2025 award will remain the same as in 2024,
namely companies comprising the FTSE 51-100 (excluding financial services),
plus any of the major housebuilders who do not fall into this group. Further
details of the metrics can be found on page 137.
Persimmon Plc Annual Report 2024 119
Financial statementsGovernance Other informationStrategic report

The Board believes in the importance of ESG and cultural metrics and this is
reflected in our use of customer care and quality in the annual bonus and PSP,
and the incorporation of a clear and measurable environmental target in the
PSP. We have reviewed our environmental target and weighting and believe
that, given the sector in which we operate, this remains a key focus for the
Group as part of our strategy to deliver long-term sustainable value for
shareholders and our wider stakeholders.
The Committee considers that the overall executive remuneration approach is
fair, balanced and reasonable taking into account the interests of all stakeholders.
Non-Executive Directors
Information in relation to the approach to Non-Executive Director fees is set
out on page 127. The Committee determines the Chair’s fee and the Board
determines the Non-Executive Directors’ fees.
The Chair and Non-Executive Director fees are reviewed annually in July.
InJuly 2023, as disclosed in the Directors’ Remuneration Report 2023, all
feeincreases were deferred until 1 January 2024. At this time the Chair fee
increased by 5% and the fee for other Non-Executive Directors increased
by3%. In July 2024, in line with the wider workforce, fees were reviewed
andincreased by 3% for the Chair and other Non-Executive Directors.
Looking ahead – key focus areas for the
Committee for 2025
Our Directors’ Remuneration Policy was approved by our shareholders at the
April 2023 AGM, with a vote in favour of more than 98%. During the course
of 2025 we will be reviewing our Policy, ahead of its renewal at the April
2026 AGM, to ensure that it continues to support our strategic priorities and
provides an appropriate level of reward to attract and retain high-calibre
individuals in an increasingly competitive market. We will engage with
stakeholders during 2025 as we develop and finalise our proposals.
Market conditions are expected to remain muted throughout 2025. We will
continue to monitor the operation of the Policy to ensure that targets remain
relevant and stretching and that it provides an appropriate level of reward to
attract and retain high calibre individuals in a very competitive market. We
will continue to consider the experiences of the wider workforce, our shareholders
and other stakeholders and to remunerate Executives fairly andresponsibly.
We remain committed to a responsible approach to executive pay, as I hope
this Directors’ Remuneration Report demonstrates. We believe the Policy
operated as intended and consider that the remuneration the Executive
Directors received in 2024 is appropriate, taking into account Group
performance, personal performance, and the experience of shareholders,
employees, and our customers.
We have continued to engage with shareholders during the year as appropriate
and, as always, I am happy to meet or speak with shareholders if there are
any questions or feedback on our approach to Executive remuneration.
Ihope that we will earn your support at the forthcoming AGM.
Annemarie Durbin
Chair of the Remuneration Committee
10 March 2025
Remuneration continued
Committee Chair’s statement continued
Persimmon Plc Annual Report 2024120

At a glance
2024 actual remuneration
CEO
Dean Finch
CFO
Andrew Duxbury**
Salary £807,611* £530,000
Pension/salary
supplement
9% of salary in line
with wider workforce
9% of salary in line
with wider workforce
Annual Bonus
maximum
opportunity
200% of salary 150% of salary
PSP maximum
opportunity
200% of salary 200% of salary
Single Figure
Totalfor 2024
£2,550,366 £2,309,313
* Salary as at 1 July 2024
** From date of joining
Implementation in 2025
CEO
Dean Finch
CFO
Andrew Duxbury
Salary £807,611 £530,000
Pension/salary
supplement
9% of salary in line
with wider workforce
9% of salary in line
with wider workforce
Annual Bonus
maximum
opportunity
200% of salary 150% of salary
PSP Maximum
opportunity
200% of salary 200% of salary
2024 variable pay outturns
Annual bonus earned for 2024
Reflecting successful navigation of the challenging market conditions the annual bonus outcome for the CEO and CFO was 88.74% of maximum
(177.49% of salary for the CEO and 133.12% of salary for the CFO). 50% of the bonus earned will be deferred into shares for three years.
Outturn (% of maximum)
Weighting (% of maximum)
20%
32.4%
19.32%
20%
40%
20%
Pre-land cash generation
Profit before tax
Customer care
Performance Share Plan
Dean Finch received a PSP award in 2022. Based on performance over 2022-2024 the award has vested at 20%. A further two-year holding period
will apply to the vested shares.
12.04%
5%
15%
5%
Build quality
Health and Safety
0% 5% 10% 15% 20% 25% 30% 35% 40%
Persimmon Plc Annual Report 2024 121
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Alignment to key priorities
Build quality and safety
●
Customer care and quality metrics are included as performance
conditions for annual and long-term incentives.
●
A specific health and safety metric is included in the annual bonus.
●
Failure of acceptable health and safety standards is explicitly
included in recovery provisions for annual and long-term incentives.
Reinforcing trust: customers at the heart
ofourbusiness
●
Customer care metrics are included in both our annual and
long-term incentives.
Disciplined growth: high quality investment
●
Financial metrics included as performance conditions for incentives:
●
profit before tax;
●
pre-land cash generation;
●
total shareholder return; and
●
earnings per share (for 2025).
Industry-leading financial performance
●
Financial metrics included as performance conditions for incentives:
●
profit before tax;
●
pre-land cash generation;
●
total shareholder return; and
●
earnings per share (for 2025).
Supporting sustainable communities
●
Environmental metrics are included in our incentives.
Progress toward holding requirement
Balance of 200% holding requirement expected tobe
achieved within five years of appointment.
Profit before tax 40
Pre-land cash generation 20
Customer care 15
Build quality 20
Health and safety 5
Relative TSR 23
EPS 23
Pre-land cash generation 24
Customer care 20
Environmental 10
Performance
share plan
performance
measures 2025
%
Discover more at www.persimmonhomes.com/corporate
Our wider workforce and communities
All permanent salaried employees are eligible to participate in a bonus or commission scheme.
A total base pay increase of 3% was implemented for the wider workforce effective in July 2024.
Persimmon is a Living Wage Foundation accredited employer.
Ensuring shareholder alignment
50% of any bonus earned by Executive Directors is
deferred into shares for three years
Subject to performance targets being met, all PSP shares vest after
three years and vested shares are then subject to a further two-year
holding period.
Shareholding requirement guidelines are set at 400% of salary
forthe Executive Directors, with 200% of salary expected to be
achieved within five years of appointment.
No. of employees participating
inSAYE
1,916
During the year Persimmon Regional and
Community Champions donated over
£905,000
to over 355 local groups
No. of employees granted PSP Awards
in 2024
245
54%
Dean Finch CEO
146%
97%
Andrew Duxbury CFO
103%
Annual bonus
performance
measures 2025
%
Remuneration continued
At a glance continued
Persimmon Plc Annual Report 2024122

Annual report on Remuneration
Role of the Remuneration Committee
The role of the Committee is set out in its terms of reference, which is reviewed
annually and were last reviewed in December 2024. These can be found on
our website at www.persimmonhomes.com/corporate. The Committee meets
on at least three occasions a year and otherwise as required. In 2024 the
Committee had three scheduled meetings. Additional meetings were held
asnecessary. The attendance at meetings can be located on page 118.
The Committee determines the remuneration policy for the Group’s Chairman,
Executive Directors, and the Senior Executive Group, which for 2024 consisted
of the UK MD, Regional Chairs, the Group Transformation and Land Strategy
Director, Chief Customer Experience Officer, Group Strategy and Regulatory
Director, the Chief Human Resources Officer and the Company Secretary.
Membership of this Group is kept under review to ensure it aligns to the
organisational structure and comprises the senior management roles. This
isaresponsibility which has been delegated from the Board. The policies
andpractices are designed to support strategy and promote the long-term
sustainable success of the Group. When setting and implementing the Policy
for Executive Directors, the Committee has reviewed and taken into account
workforce related policies and the alignment of incentives and rewards with
culture. The Committee carefully considered the Group’s strategy to increase
customer focus and improve build quality and has aligned the variable
remuneration metrics to meet this.
Further information regarding the members of the Committee, including
their biographies, can be located on pages 84 and 85.
Internal attendees to Committee meetings consisted of the Group Chief
Executive, Chief Human Resource Officer and the Group Head of Reward.
These attendees provided important information to the Committee and were
not involved in any decisions relating to their own remuneration.
Alignment of the Policy with UK Corporate
Governance Code 2018 (the ‘Code’)
In determining the Policy, the Committee took into account the principles of
clarity, simplicity, risk, predictability, proportionality and alignment to culture
as set out in the Code. The annual bonus and PSP performance metrics are
aligned with the Group’s purpose and strategy to build high quality homes for
our customers at a price they can afford, and deliver industry leading financial
performance, therefore providing sustainable value for all stakeholders
through the housing cycle. Directors are not involved in the setting of their
ownremuneration, and are recused from any conversations ontheir own pay.
If Directors offer or volunteer to take reductions, this is something that is then
considered and decided upon by the Committee.
Persimmon Plc Annual Report 2024 123
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Alignment of the Policy with UK Corporate Governance Code 2018 (the ‘Code’) continued
Principle Alignment to the Code
Clarity
Remuneration arrangements should be transparent
and promote effective engagement with
shareholders and the workforce.
We have taken a fully transparent approach to our Remuneration Policy and arrangements. A summary of our Remuneration Policy can be found on pages 121 to 122 of this Annual
Report. This was supported by shareholders with a vote in excess of 98% in favour at the 2023 AGM. We continue to engage with shareholders as appropriate and listen to any feedback
received. We liaise with workforce representatives via the Employee Engagement Panel and the Committee Chair attends meetings as appropriate. We track and discuss a number of
workforce related statistics via the workforce remuneration dashboard that is presented at each Committee meeting. The Annual Report is available to all employees, which has details
ofDirectors’ remuneration.
Simplicity
Remuneration structures should avoid complexity
and their rationale and operation should be easy
to understand.
We consider that our remuneration structures are clear and easily understandable. We welcome feedback and listen to stakeholder comments regarding the Policy and its implementation.
In determining the incoming Chief Financial Officer’s remuneration, the Committee applied the principle that the overall remuneration package should be competitive but not excessive
and that any compensation due should not result in an outcome where the individual received more than would have been due had they remained in post. Details of his remuneration can
be found on page 130.
Risk
Remuneration arrangements should ensure reputationa l
and other risks from excessive rewards, and
behavioural risks that can arise from target-based
incentive plans, are identified and mitigated.
There are malus and clawback provisions included in the Policy to reflect best practice and to override formulaic outcomes, where appropriate. These provisions are capable of application
in a range of circumstances including corporate failure, serious reputational damage and material failure of risk management. Appropriate discretion can be applied to all incentive
outcomes. In the case of the annual bonus this applies for three years from the date on which the amount of the bonus is determined. For PSP awards discretion extends until the fifth
anniversary of the grant date.
Predictability
The range of possible values of rewards to
individual Directors and any other limits or
discretions should be identified and explained
atthe time of approving the policy.
For the Group Chief Executive, annual bonus and PSP awards are 200% of base salary. For the Chief Financial Officer, the annual bonus maximum award quantum is up to 150%
(whichis less than the approved Policy maximum of 175%), and the PSP award quantum is 200% of base salary. Maximum bonus is only payable if stretching targets are met and excellent
Group performance is achieved. Half of the annual bonus and the whole of the PSP vesting is in shares. The Executive Directors have shareholding requirements, which include a two-year
post-cessation shareholding requirement. The value of any share award is less predictable than cash due to potential fluctuations in the share price. However, it means that Directors’
remuneration is better aligned to the shareholder experience.
Proportionality
The link between individual awards, the delivery
of strategy and the long-term performance of the
Company should be clear. Outcomes should not
reward poor performance.
Both the annual bonus and PSP include financial and cultural metrics which are key to our strategy and future success. From 2023 there has been an environmental metric in the PSP.
Subject to the Committee’s discretion to override formulaic outturns, annual bonus awards will result in payment at threshold performance of up to 20% of the maximum. Up to 50% of the
maximum will be payable for on-target performance and all of the bonus will be payable for maximum performance. Half of annual bonus that vests will be paid in cash, with the remaining
50% deferred into shares for a period of three years. The PSP award granted in 2024 was based on performance measures over a three-year period, and a further two-year holding
period before the shares can be released. In relation to shareholding requirements whilst in employment, the Group Chief Executive and Chief Financial Officer have a requirement of four
times salary. The Executive Directors are expected to build up their shareholding over a period of time. The Committee has discretion to override formulaic outcomes. Directors’ pension
contributions/salary supplement are in aggregate, up to 9% of base salary, in line with the Group’s salaried employees (who make up the majority of Group employees).
Alignment to culture
Incentive schemes should drive behaviours
consistent with Company purpose, values
andstrategy.
Our annual bonus and PSP schemes each contain non-financial cultural metrics to measure improvements in customer care and build quality. The aim is to focus upon improving customer
experience, customer satisfaction, and build quality. Ultimately, the strategy is to create and protect superior and sustainable levels of value for the benefit of our customers, workforce,
suppliers and shareholders through the housing cycle. Further information on our culture can be located on pages 89 to 90. Further information on the non-financial metrics can be
located on pages 18 to 19 and pages 30, 39 and 46.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024124

What the Committee has focused upon during the year
Key areas of focus Remuneration Committee activities in 2024
New UK MD remuneration
●
Approved the remuneration package for the new UK MD who joined
in January 2025.
Governance and engagement
●
Remuneration Committee Chair attended a meeting of the Employee
Engagement Panel to discuss executive remuneration and alignment
with broader workforce reward.
●
Reviewed the Committee’s terms of reference and agreed minor
changes for approval by the Board.
●
Confirmed the continuing independence and effectiveness of the
remuneration consultants.
●
Considered and approved the Annual Report on Remuneration.
Annual bonus and PSP awards
●
Agreed the structure and performance conditions for the 2024
annual bonus and 2024 PSP awards made to Executive Directors
and senior management.
●
Agreed the level of awards made to the Executive Directors, the
Senior Executive Group and to other senior managers in the Group.
●
Agreed the approach to the 2024 PSP grant having regard to the risk
of windfall gains, including the price at which the buy-out share
awards were made to the CFO.
●
Discussed and agreed the environmental metric that would be used
for the 2024 PSP awards, in particular focusing on the robustness of
the data, measurement and assurance available to set and assess
performance against such targets.
Workforce remuneration
●
Noted salary increases and pay practices for employees during the
year to ensure that what we do at senior level is aligned appropriately
with the experience of the broader workforce in terms of pay and benefits.
●
Reviewed the HR dashboard which sets out key workforce data at
each meeting and considered the impact on decisions relating to
Executive Directors and the Senior Executive Group.
●
Considered the annual bonus outturns and targets set to ensure they
remained robust and appropriate taking account of the overall
performance of the Group.
What the Committee is focusing on for 2025
Key areas of focus Remuneration Committee activities in 2024
Directors’ Remuneration Policy
●
Undertake a review of the Directors’ Remuneration Policy and
engage with shareholders as appropriate in advance of approval
fora new Policy being sought at the 2026 AGM.
Executive Directors and Senior
Management remuneration
●
Agree the remuneration framework for the Executive Directors and
Senior Executive Group.
●
Take note of reward decisions for the wider workforce and consider
any impact on and alignment of executive pay.
Annual bonus
●
Agree performance conditions for 2025 awards.
PSP awards
●
Agree performance conditions for 2025 PSP awards.
●
Agree the level of awards made to the Executive Directors, the Senior
Executive Group and to other senior managers in the Group, including
consideration of potential windfall gains.
Advisors
The Committee sought advice during the year on remuneration matters in relation to market and best practice. The advice
was sought from Deloitte LLP, who are the Group’s independent remuneration consultants. Deloitte was appointed by
the Remuneration Committee in 2016 and was selected due to their expertise in executive remuneration. During the
year Deloitte LLP also provided advice on remuneration disclosure and share plan matters to the Group, and provided
support and advice to the Group in relation to transfer pricing services. Deloitte LLP is not connected to any Group
company or individual Directors.
The Committee considers that the advice provided by Deloitte as professional remuneration consultants was appropriate,
objective and independent. The advice provided by Deloitte did not affect the judgements made by the Committee,
which remained independent at all times. Deloitte is a founding member of the Remuneration Consultants Group and
adheres to its Code of Conduct in relation to executive remuneration consulting in the UK.
The amount of fees the Group paid to Deloitte for the services they provided to the Remuneration Committee in 2024
was £36,615, charged on a time spent basis.
Persimmon Plc Annual Report 2024 125
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2024 Directors’ Remuneration Report – audited
The auditor is required to report on the following information up to and including the Statement of Directors’ shareholding requirements and share interests.
Single total figure of remuneration for the year ended 31 December 2024 (Audited)
The figures set out in the tables below are the actual amounts of salary or fees earned in the year to 31 December 2024.
Executive remuneration (Fixed)
Fixed remuneration
Salary Benefits
Salary supplement in lieu of
pension/Employer pension
contribution Total fixed remuneration
Executive
2024
£
2023
£
2024
£
2023
£
2024
£
2023
£
2024
£
2023
£
D Finch 795,850 746,750 41,335 45,603 71,626 67,208 908,811 859,561
A Duxbury
1
285,382 — 5,052 — 25,685 — 316,119 —
Total 1,081,231 746,750 46,387 45,603 9 7, 311 67,208 1,224,930 859,561
Executive remuneration (Variable)
Variable remuneration
Annual bonus Value of long-term Awards Vesting Value of SAYE options vesting Value of buy-out awards Total variable remuneration
Executive
2024
£
2023
£
2024
£
2023
£
2024
£
2023
£
2024
£
2023
£
2024
£
2023
£
D Finch 1,412,544 1,271,887 229,011
3
131,566
2
— — — — 1,641,555 1,403,453
A Duxbury 381,673 — — — — — 1,611,521
4
— 1,993,194 —
Total 1,794,217 1,271,887 229,011 131,566 — — 1,611,521 — 3,634,749 1,403,453
Total
Executive
2024
£
2023
£
D Finch 2,550,366 2,263,014
A Duxbury 2,309,313 —
Total 4,856,771 2,263,014
1. 2024 figures are from 17 June, the date Andrew Duxbury joined Persimmon.
2. In the 2023 annual report the Value of long-term Awards Vesting for Dean Finch was
calculated by reference to the average share price over the final quarter of 2023 (£11.73).
In this report, and in line with the reporting regulations, that value has been re-calculated
by reference to the share price on the date of vesting of 12 March 2024 (£13.24).
3. Dean Finch was granted a PSP award in 2022 which vested by reference to performance
over the three years ending 31 December 2024. Further details in relation to the award,
including the basis on which the value in the table above is calculated, are set out on pages
128 and 129.
4. The buy-out awards for Andrew Duxbury reflect the value of awards granted to him in
respect of remuneration forfeited when he left his previous employer.
(a) For the period 1 July 2023 to 31 December 2023 he has received a bonus buy-out
calculated by reference to the vesting of Galliford Try’s bonus for the same period and
amaximum award of £201,750 (being 50% of his salary at Galliford Try). Based on the
vesting level disclosed in the Galliford Try Annual Report and Accounts this resulted in
abonus buyout for this period of £188,435. This buyout bonus will be paid half in cash
and half in shares deferred for three years.
(b) For the period from 1 January until 17 June he has received a bonus buy-out based on
up to 100% of £403,500 (Andrew’s salary and maximum bonus at Galliford Try), pro
rated for the period. This payment has been determined by reference to Persimmon
performance conditions for the 2024 bonus as set out on pages 127 and 128 and
amounts to £164,366. This bonus buy-out will be paid half in cash and half in shares
deferred for three years.
(c) In accordance with the regulations the value of certain share awards granted to
Andrewin respect of share awards that he forfeited when he left his previous employer.
These amount to £1,258,720 in aggregate, with the details included on page 130.
The value of the buy-outs is included in the 2024 single total figure in line with the
requirements of the regulations, notwithstanding that they relate to forfeited remuneration
from the former employer in respect of a period of four years.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024126

Non-Executive remuneration
As Non-Executive Directors only receive fees only this element is shown in the table below.
Fixed remuneration
Salaries and fees Total
Chairman
2024
5
£
2023
£
2024
£
2023
£
R Devlin 351,698 330,000 351,698 330,000
Non-Executive
N Mills 84,954 82,000 84,954 82,000
P Bell
4
28,653 — 28,653 —
A Durbin 84,954 82,000 84,954 82,000
A Wyllie 67,954 65,000 67,954 65,000
S Khoury-Haq
1
63,464 82,000 63,464 82,000
A Depledge
2
67,954 43,333 67,954 43,333
C O’Shea
3
72,954 43,333 72,954 43,333
Total 822,585 727,666 822,585 727,666
1. Shirine Khoury-Haq resigned from the Board on 30 September and 2024 fees are shown to this date.
2. 2023 figures are from 1 May, the date Alex Depledge was appointed to the Board.
3. 2023 figures are from 1 May, the date Colette O’Shea was appointed to the Board.
4. Paula Bell was appointed to the Board on 1 September 2024 and fees are shown from this date.
5. Non-Executive Director fees can vary based on whether additional duties are required e.g. to chair a committee or perform the senior
independent role. A more detailed explanation of this can be found on page 137.
Additional information for single total figure remuneration table
Benefits
Benefits include car or car allowance, private medical scheme membership, life assurance benefits, income protection
scheme membership, professional subscriptions and phone costs. This is in line with other senior employees across
theGroup.
Directors’ pension entitlements
Dean Finch received a salary supplement in lieu of pension, equal to 9% of his base salary. Andrew Duxbury (from the
date he joined) received a total employer pension contribution and salary supplement equal to 9% of his base salary.
Annual Bonus 2024
Dean Finch was eligible to earn a bonus in respect of 2024. The maximum bonus was up to 200% of salary. Andrew
Duxbury was eligible for a bonus of 150% of salary, prorated to reflect the date he joined Persimmon. Andrew was
also eligible for buy-out awards to compensate him for bonuses which were forfeited when he left his previous employer,
further details are shown on page 130. All bonus payments are subject to deferral of 50% for a three-year period.
We have set out below details of the performance measures and targets and the extent to which they were satisfied.
Our financial KPIs (accounting for 60% of the total) reflect the strong underlying financial health of the Group.
Non-financial KPIs (accounting for 40% of the bonus opportunity in total) are important to help the Group to assess our
activities in achieving our five key priorities. The non-financial KPIs help drive long-term shareholder value and reflect
our values of being customer focused, value driven and delivering excellence. For the customer service and quality it is
important to note that the scores start from zero each year meaning that the level of attainment required is a challenging
target to meet.
Measure Weighting
Threshold
(20%
achievement)
Target
(50%
achievement)
Maximum
(100%
achievement) Outturn
Extent bonus
measure met
(% of maximum
bonus)
PBT
1
40% £353.3m £371.m £409.1m £395.0m 32.4
Pre-land cash generation
2
20% £339.1m £376.7m £414.4m £525.4m 20
Customer care 20% See below
3
Met in part 19.32
Build quality 15% See below
4
Met in part 12.04
Health & Safety 5% See below
5
Met in full 5
1. Profit before tax (before exceptional items and goodwill impairment).
2. Pre-land cash generation (being net cash inflow before dividends, legacy building provision spend and net land payments) with the outturn
calculated as:
Persimmon Plc Annual Report 2024 127
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Additional information for single total figure remuneration table
continued
Annual Bonus 2024 continued
Extent bonus
measure met
(% of maximum
bonus)
Cash at 31 December 2023: £420.1m
Cash at 31 December 2024: £258.6m
Decrease in cash: £(161.5)m
Add: Dividends paid: £191.8m
Net land spend: £437.0m
Fire safety spend: £58.1m
Total £525.4m
3. 15% of the customer measure was achieved by reference to the fraction of those operating businesses in the Group rated as 90% and above
as measured by the results of the HBF eight-week Customer Satisfaction Survey Question “would you recommend Persimmon to a friend?”.
The outturn shows that 28 of the 29 operating businesses achieved a score of 90% or above. 5% of the customer measure was achieved by
reference to the Group overall operating at the level required to attain classification as a five-star builder by the HBF, the Group score is 96%
so this target is achieved in full. 5% of the customer measure was achieved by reference to the fraction of those operating businesses in the
Group rated as 75% or above as measured by the results of the HBF nine-month Customer Satisfaction Survey Question “would you recommend
Persimmon to a friend?”. The outturn shows that 27 of the 29 operating businesses achieved a score of 75% or above. These scores start from
zero each year meaning that the level of attainment required is a challenging target to meet.
4. The quality score is based on the results of independent assessments carried out on Persimmon sites by the Group’s warranty providers
from1/1/24 to 31/12/24. Targets were set for each warranty provider and the scores weighted based on the proportion of inspections
completed by each provider. The targets were set such that an improvement on prior year was required for target performance, with the level
of improvement required based on the warranty provider’s scoring system. These scores start from zero each year meaning that the level of
attainment required is a challenging target to meet.
5. Performance was assessed against an H,S&E matrix encompassing a wide range of factors. Each factor was weighted in terms of materiality
reflecting the impact of any infringement and year-on-year improvement was required in order to achieve the target level.
A summary of outturns is shown in the table below:
Provider % Weighting
% of operating companies
achieving threshold but
below target
% of operating companies
achieving target or above
Outturn (% of maximum
opportunity available)
NHBC 80.44 8 19 63.81
LABC 1.37 1 3 1.20
Premier 18. 18 7 14 12.73
Half of the bonus earned by the Executive Directors is paid in cash with half deferred into shares for three years.
Theamount deferred into shares is not subject to any further performance condition. The deferred share award will
ordinarily be subject to continued employment.
Performance Share Plan awards vesting in respect of performance
in2024 (Audited)
A PSP award was granted on 8 March 2022 to Dean Finch. The award was based on performance over the three-year
period which ended on 31 December 2024.
The award vested at 20% and further information is set out below. The award remains subject to a further holding
period before it will be released.
The targets and performance against these targets are as follows:
Performance measure Weighting
Threshold
(25% vesting)
Target
(50%
vesting)
Maximum
(100% vesting) Outturn
Extent PSP
measure met
(% of maximum)
Relative TSR
1
40% Median — Upper quartile
orabove
Below
median
0
Average pre-land
cash generation
overthe three year
performance period
2
40% £949m £1,117m £1,285m £560.6m 0
Customer Care
4
20% Group Customer Care
Score is at 75% and
Group isa four-star
builderover the
performance period
— Group Customer Care
Score is 80% or
above and Group isa
four-star builderover
the performance
period
87.6% 20%
1. Compared to a peer Group of the UK’s largest listed house builders: Barratt Redrow Plc; Bellway p.l.c.; Crest Nicholson Holdings plc;
TaylorWimpey plc; The Berkeley Group Holdings plc; Vistry Group PLC.
2. Net cash inflow before capital return and net land payments.
3. The Customer Care measure is based on the Group score as measured by the results of the HBF nine-month Customer Satisfaction Survey
Question “would you recommend Persimmon to a friend?” as measured on 19 February 2025. The customer care metric is subject to an
underpin that the Group is a four-star builder in each of the three years of the performance period. This underpin has been met.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024128

In the single total figure of remuneration table, the value of these awards is calculated as set out below. As the share
price average for the final quarter was below the grant share price no value is attributable to share price growth.
Number of
shares subject
to award
Vesting
outturn (%)
Vested
shares
Value of
shares
1
(£)
Dividend
equivalent
2
(£)
Total for single
total figure of
remuneration (£)
Dean Finch 64,653 20 12,930 180,523 48,488 229,011
1. In accordance with the relevant regulations, the value of the purposes of the single total figure of remuneration table is calculated by
reference to the average share price over the final quarter of 2024 (£13.9616).
2. In accordance with the rules of the PSP, each Executive Director is entitled to a further benefit by reference to dividends on their vested shares.
These will be calculated over the period ending at the end of the holding period and delivered in shares. The value in respect of dividend
equivalents over the period ended 31 December 2024 is included in the table above.
Savings-Related Share Option Scheme (‘SAYE’) (Audited)
The SAYE Scheme is an HMRC approved all employee savings related share option scheme. Invitations are issued
annually to all employees to apply for the grant of an option under the SAYE. There are no performance conditions
attached to options granted under the SAYE. No options were exercised in 2024.
Performance Share Plan awards made during the year (Audited)
PSP awards were granted on 25 March 2024 to Dean Finch and on 19 June to Andrew Duxbury.
Type
of award
Basis
of award
Threshold
level of vesting
Face value
of award
£000
Performance
period
2
Shares subject
to option
Dean Finch Nil-cost
option
Percentage of
salary – 200%
1
25% 1,568,176 01/01/2024
– 31/12/2026
120,351
Andrew Duxbury Nil-cost
option
Percentage of
salary – 200%
1
25% 1,060,000 01/01/2024
– 31/12/2026
73,376
1. Awards were calculated based on the percentage of salary and the average of the closing share prices on each of the five dealing days
before the grant of the award (£13.03 for Dean Finch and £14.45 for Andrew Duxbury).
2. The awards will vest in 2027 based on the achievement of the performance conditions but are then subject to a further two-year holding
period before the shares can be released.
The award is subject to the performance conditions set out below.
Performance measure Weighting
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Relative TSR
1
35% Median — Upper quartile
or above
Average pre land cash generation over the three
year performance period
2
35% £519m £610.6m £702.2m or
above
Customer Care
3
20% Group HBF
Score is 77.5%
— Group HBF
Score is 82.5%
or above
Carbon Reduction
4
10% 23,682 tonnes
CO
2
e
— 21,314 tonnes
CO
2
e or below
1. Compared to a peer group of the FTSE 51-100 (excluding financial services) as at the grant date, plus those sector comparators which were
not within the group. The relevant sector comparators being Barratt Redrow Plc, Bellway p.l.c., Crest Nicholson Holdings plc, Taylor Wimpey
plc, The Berkeley Group Holdings plc, and Vistry Group PLC.
2. A ROCE underpin has been maintained for the pre land cash metric. This will be assessed by the Remuneration Committee at the time of
vesting based on average ROCE over the performance period. ROCE = annual underlying profit from operations/average capital employed.
Annual Underlying Profit from Operations = 12 month consolidated Group profit before tax, interest, goodwill impairment and exceptional
items. Average Capital Employed = average of Capital Employed during the relevant Financial Year. Capital Employed = Consolidated
shareholder funds, plus consolidated borrowings, less consolidated cash holdings, in each case as determined from the Company’s Annual
Report and Accounts for the relevant Financial Year.
3. The Customer Care measure is based on the HBF nine-month ‘Recommend a Friend’ question. Awards vest on a straight line basis for a score
between 77.5% and 82.5%. The customer care metric is subject to an underpin that the Group is a four-star builder in each of the three years
of the performance period.
4. Based on Scope 1 and 2 carbon emissions from Group operations for the year ending 31 December 2026, measured in tonnes of CO
2
e from
operations and determined consistently with the Group’s Science Based Targets.
Persimmon Plc Annual Report 2024 129
Financial statementsGovernance Other informationStrategic report

Buy-out awards made during the year (Audited)
The following share buy-out awards were made to Andrew Duxbury to replace remuneration forfeited when he left his
previous role.
CFO Share Buy-out Awards table
Forfeited remuneration
Number of Persimmon
shares subject to the
buy-out award Vesting date of buy-out award
Annual Bonus Plan (DBP) 2021
1
12,353 23/09/2024
Annual Bonus Plan (DBP) 2022
1
13,909 28/09/2025
Annual Bonus Plan (DBP) 2023
1
3,998 27/09/2026
Long Term Incentive Plan FY 2022 (year
of grant 2021)
2
55,295 23/09/2024
(followed by a two year holding period)
Long Term Incentive Plan FY 2023 (year
of grant 2022)
3
42,111 23/09/2025
(followed by a two year holding period)
Long Term Incentive Plan FY 2024 (year
of grant 2023)
3
14,743 c. March 2026 (followed by a two and a half year
holding period - release September 2028)
1. The value of the buy-out awards in respect of the Annual Bonus Plan (DBP) 2021, 2022 and 2023 awards are included in the single total
figure of remuneration table on page 126 because they were not subject to performance conditions. This reflects that the awards bought out
were not subject to performance conditions. For the purposes of that table, their value is the number of Persimmon shares subject to the award,
multiplied by the share price of £14.045 (being the closing share price on 18 June 2024, the date of grant of the awards).
2. The vesting of the buy-out award in respect of the FY 2022 LTIP award is included in the single total figure of remuneration table on page 126
because it is no longer subject to performance conditions. Vesting was subject to the satisfaction of the performance conditions applying to
the Galliford Try FY 2022 LTIP awards. Based on the vesting level disclosed in the Galliford Try Annual Report and Accounts, these performance
conditions were met as to 88.2%, so that the buyout award vested in respect of 48,770 Persimmon shares. For the purposes of the single total
figure of remuneration table, the value is the number of vested Persimmon shares subject to the award, multiplied by the share price of
£16.695 (being the closing share price on 23 September 2024, the date of vesting of the award), plus £0.40 per vested share in respect
ofthe dividend paid on 12 July 2024.
3. The buy-out awards in respect of the FY 2023 and FY 2024 LTIP awards are subject to the satisfaction of performance conditions and the
value at the time of vesting will be included in the Single Figure table at the appropriate time
In addition to the share Buy-out Awards Andrew also received Buy-out Awards to compensate him for annual bonus
which was forfeited when he left his previous employer. His bonus buy-outs are included in the single figure table and
full details can be found on page 126. All bonus payments are subject to deferral of 50% for a 3-year period.
Payments for loss of office (Audited)
There were no payments for loss of office made in the year.
Payments to past Directors (Audited)
There were no payments to past Directors for the year ended 31 December 2024 where the total payment to the former
Director exceeded the threshold set by the Group of £20,000.
Service contracts (Audited)
The Company’s policy is for service contracts with Executive Directors to have no more than a 12-month notice period.
The Chairman and the Non-Executive Directors are not employees. They have letters of appointment which set out their
duties and responsibilities. They do not have service contracts.
The Chairman’s and the Non-Executive Directors’ letters of appointment are effective from their date of appointment.
Their appointment is initially for a three-year term but is subject to re-election at each AGM and their appointment may
be terminated on three months’ notice for the Chairman and one month’s notice for the Non-Executive Directors.
Name Commencement date Unexpired term remaining as at 31 December 2024
D Finch 28 September 2020 Terminable on 12 months’ notice.
A Duxbury 17 June 2024 Terminable on 12 months’ notice.
R Devlin 1 June 2018 Terminable on three months’ notice and subject to reappointment at the AGM each year.
N Mills 4 April 2016 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Durbin 1 July 2020 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Wyllie 4 January 2021 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Depledge 1 May 2023 Terminable on one month’s notice and subject to reappointment at the AGM each year.
C O’Shea 1 May 2023 Terminable on one month’s notice and subject to reappointment at the AGM each year.
P Bell 1 September 2024 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Aithal 1 January 2025 Terminable on one month’s notice and subject to reappointment at the AGM each year.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024130

Directors’ share option scheme interests (Audited)
Scheme
Total interests
outstanding at
31 December 2023
Granted
in year
Acquired
in year
Lapsed
in year
Exercise price/
market price at
date of award
Interests without
performance
conditions
Interests with
performance
conditions
Total interests
outstanding at
31 December
2024
Options vested
but unexercised
Latest
vesting
date
D Finch
PSP 2020 10,520 — — — 2 4 11 p 10,520 — 10,520
1
10,520
1
—
PSP 2021 49,103 — 7,021 42,082 2953p 7,021 — 7,021
2
7,021
2
—
PSP 2022 64,653 — — — 2310 p — 64,653 64,653 — Spring 2025
PSP 2023 105,341 — — — 1276 p — 105,341 105,341 — Spring 2026
PSP 2024 — 120,351 — — 1303p — 120,351 120,351 — Spring 2027
2021 Deferred Bonus 30,583 — — — 219 2 p 30,583 — 30,583 — Spring 2025
2022 Deferred Bonus 42,796 — — — 1270 p 42,796 — 42,796 — Spring 2026
2023 Deferred Bonus — 48,787 — — 1303.5p 48,787 — 48,787 — Spring 2027
A Duxbury
3
Annual Bonus Plan (DBP) — 12,353 12,353 — 1360.98p 12,353 — — — —
Annual Bonus Plan (DBP) — 13,909 — — 1360.98p 13,909 — 13,909 — Sep—25
Annual Bonus Plan (DBP) — 3,998 — — 1360.98p 3,998 — 3,998 — Sep—26
Long Term Incentive Plan FY 2022 — 55,295 48,770 6,525 1360.98p 48,770 — 48,770 48,770 —
Long Term Incentive Plan FY 2023 — 42,111 — — 1360.98p — 42,111 42,111 — Sep—25
Long Term Incentive Plan FY 2024 — 14,743 — — 1360.98p — 14,743 14,743 — Spring 2026
PSP 2024 — 73,376 — — 1444.6p — 73,376 73,376 — Spring 2027
1. Shares vested during the previous year and entered a two-year holding period. The shares will be released to the Executive Director at the end of the holding period.
2. Shares vested during the year and entered a two-year holding period. The shares will be released to the Executive Director at the end of the holding period.
3. Andrew Duxbury joined the Group on 17 June 2024.
All of the above represent share options and were granted for no financial consideration.
Persimmon Plc Annual Report 2024 131
Financial statementsGovernance Other informationStrategic report

Statement of Directors’ shareholding requirements and share
interests (Audited)
The share ownership requirements for the Executive Directors serving during the year and the share interests of the
Directors and of their connected persons in the ordinary share capital of the Group are as shown below. The shareholding
requirements set out below.
Director
Shareholding
requirement
No. of shares
and share awards
that count towards
shareholding
requirement at
31December 2024
Percentage of base
salary held at
31 December 2024
(including shares held
by connected persons
and shares net of
assumed tax for share
awards which are no
longer subject to
performance
conditions) ¹
31 December 2024
(or if earlier, date of
leaving the Board)
31 December 2023
(or if later, date of
joining the Board)
D Finch 4 times salary
2
98,121 145.55% 24,078 16,457
A Duxbury 4 times salary
2
45,495 102.84% 10,157 0
Chairman
R Devlin N/A N/A N/A 32,575 32,575
Non-Executives
N Mills N/A N/A N/A 716 716
A Durbin N/A N/A N/A 0 0
A Wyllie N/A N/A N/A 1, 012 1, 012
S Khoury-Haq
3
N/A N/A N/A 355 355
A Depledge N/A N/A N/A 0 0
C O’Shea N/A N/A N/A 0 0
P Bell N/A N/A N/A 0 0
Total 68,893 51 , 115
1. Calculated based on the closing price of £11.98 at 31 December 2024 and on base salary at 31 December 2024 (or if earlier date of
leaving the Board).
2. The Committee expects that a holding with a value of equal to 2x salary will be achieved within five years of appointment, with the balance
ofthe requirement acquired within a period agreed with the Chairman.
3. Shirine Khoury-Haq resigned from the Board on 30 September 2024.
The beneficial holdings at 31 December 2024 of the Directors in office at that point were 68,538 shares, representing
0.02% of the Group’s issued share capital as at that date. There have been no changes in these interests between
31December 2024 and 10 March 2025.
The Committee has an agreed Post-Employment Shareholding requirement, details of which are included in the
Directors’ Remuneration Policy on page 141. There are no share ownership requirements for the Chairman and
Non-Executive Directors.
Total Shareholder Return
We have chosen to compare the Group’s total shareholder return performance with that of the FTSE 350, being a
broad index of the UK’s largest companies and with the largest UK listed house builders, being the Group’s peer group.
The graph shows a hypothetical £100 holding in the Group’s shares over ten years, relative to the FTSE 350.
Persimmon Peer set FTSE 350
+55.3%
+80.1%
+53.4%
330
280
230
180
130
80
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Dec-24
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024132

Group Chief Executive remuneration 2015 to 2024
Year Chief Executive
Single total figure
of remuneration
£
Annual bonus paid
against maximum
opportunity
PSP/LTIP awards
vesting against
maximum opportunity
2024 D Finch 2,550,366 88.74% 20%
2023 D Finch 2,263,014 85.16% 14.3%
2022 D Finch 2,143,066 72.78% 58.72%
2021* D Finch 2,578,902 92% n/a
2020 D Finch/D Jenkinson** 658,212 n/a n/a
2019 D Jenkinson 672,998 n/a n/a
2018 J Fairburn 38,967,197 n/a 100%
2017 J Fairburn 45,739,514 95.7% 100%
2016 J Fairburn 2,123,692 97.3% n/a
2015 J Fairburn 1,995,213 97.3% n/a
* The increase in the CEO single total figure of remuneration between 2020 and 2021 reflects: (1) that Executive Directors’ bonuses for 2020
were forgone; and (2) the inclusion in the 2021 single total figure of remuneration of a buy-out award granted to Dean Finch.
** This is the total remuneration for Dave Jenkinson, who was Group Chief Executive until 20 September 2020, and remuneration for Dean Finch
from 28 September 2020, the date he became Group Chief Executive.
The Wider Workforce
When making decisions about reward for the Executive Directors and Senior Executive Group the Remuneration
Committee takes account of the reward principles which apply across the Group. Fundamental to this are our beliefs
that all employees should be treated fairly, as evidenced by our status as an accredited Living Wage Employer, and
that all employees should have the opportunity to share in the success of the business as shown through extensive
participation in bonus, commission and share plans.
In 2024 a base pay increase of 3% was agreed. There were also a significant number of internal promotions which
resulted in pay increases, demonstrating the opportunities for career development and progression with the Group.
We also continue to invest in our wider employee population through training and development opportunities and
through the work being carried out by our D&I Council and Working Group. We also continue to focus on supporting
our employees’ wellbeing through our Employee Assistance Programme, our mental health counsellors and other
initiatives such as our Persimmon communities. All of this together is aimed at improving the overall experience of
beinga Persimmon employee. Further information on this can be found on page 25.
An overview of our reward policy for salaried employees and how this cascades down the business is shown below.
Executive
Directors
Senior Executive
Group
Senior
management Management
Salaried
employees
Competitive base salary ✓ ✓ ✓ ✓ ✓
Annual bonus ✓ ✓ ✓ ✓ ✓
PSP ✓ ✓ ✓ ✓ ✓*
All employee share plan ✓ ✓ ✓ ✓ ✓
Pension ✓ ✓ ✓ ✓ ✓
Car/car allowance ✓ ✓ ✓ ✓ ✓*
Private health cover ✓ ✓ ✓ ✓ ✓*
* Dependent on role and/or job grade.
Employee Engagement
The Committee Chair met with the Employee Engagement Panel during 2024 to explain how executive remuneration
aligns with wider Group pay policy. The Employee Engagement Panel outcomes are reported to the Board and meetings
are attended by the Workforce Non-Executive Director. The members of the Employee Engagement Panel cascade
messages more broadly to the workforce ensuring two-way engagement. The Committee tracks and discusses a number
of workforce related statistics via an HR dashboard of Group-wide workforce statistics and trends. The Committee and
Board are informed of the outcomes of Employee Engagement Surveys which are undertaken annually. Further information
on our interaction with the workforce can be located on page 26.
The remuneration policy for the workforce is given due consideration when determining the remuneration of the
Executive Directors.
Persimmon Plc Annual Report 2024 133
Financial statementsGovernance Other informationStrategic report

Group Chief Executive remuneration 2015 to 2024 continued
Pay ratios
The table below compares the single total figure of remuneration for the Group Chief Executive with that of employees
who are paid at the 25th percentile, 50th percentile and 75th percentile of the Group’s employee population and also
shows the total pay and benefits at quartile points.
Year Method
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
2024 Option B 66.1 59.1 40.1
2023 Option B 82:1 52:1 32:1
2022 Option B 75:1 57:1 37:1
20 21 Option B 99:1 60:1 45:1
2020
1
Option B 28:1 17: 1 14:1
2019 Option B 23:1 20:1 15:1
1. The pay ratio for 2020 is based on the aggregate of the remuneration earned by Dave Jenkinson and Dean Finch for the period each was
CEO during 2020.
The median ratio for 2024 is 59. The Company considers that the median pay ratio for 2024 is consistent with the pay,
reward and progression policies for the Company’s UK employees taken as a whole (albeit that the total remuneration
pay ratio may increase going forward depending on the performance of the Company which will impact the levels of
bonus and PSP payable to Executive Directors).
The Company adopted ‘Option B’ from The Companies (Miscellaneous Reporting) Regulations 2018. The latest
available gender pay gap data (i.e. from April 2024) was used to identify the best equivalents in respect of each year
for three Group employees whose hourly rates of pay were at the 25th, 50th and 75th percentiles of all Group employees.
The Company adopted Option B because it was the most practical approach to total calculation of these ratios taking
into account the availability of data, and because it means that the data used to calculate the Company’s gender pay
gap and CEO ratios is applied on a consistent basis. The full time equivalent total pay and benefits figures for the three
employees at each percentile were determined with reference to the relevant year ended 31 December. A small
number of employees at either side of the quartile points identified from the gender pay gap data were also considered,
together with their corresponding full time equivalent total pay and benefits figures to ensure that the employees identified
at each of the three percentile points are reasonably representative of each quartile. Adjustments were made in line
with the regulations to ensure the data is reasonably representative.
No components of pay have been omitted. The Committee understands that the three employees represent the relevant
percentiles, and each was remunerated in line with the Group remuneration policies.
The CEO pay is the single total figure of remuneration for the relevant year, as stated in the Group Chief Executive
remuneration 2015 to 2024 table on page 133.
The total salary, and pay and benefits of employees who are paid at the 25th percentile, 50th percentile and 75th
percentile is shown below:
Year CEO
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
2024 total pay and benefits £2,550,366 £38,539 £43,325 £63,730
2024 salary £795,850 £33,495 £36,638 £52,705
2023 total pay and benefits £2,252,464 £27,326 £43,373 £69,381
2023 salary £746,750 £25,183 £40,173 £48,000
2022 total pay and benefits £2,143,066 £28,644 £37,314 £58,147
2022 salary £746,750 £25,779 £33,120 £44,075
2021 total pay and benefits £2,578,902 £26,005 £43,306 £57,485
2021 salary £725,000 £21,178 £33,551 £46,000
2020 total pay and benefits £658,212 £23,748 £39,645 £47,828
2020 salary £561,842 £21,608 £36,297 £38,300
2019 total pay and benefits £672,998 £29,500 £33,409 £44,728
2019 salary £511,625 £26,667 £19,425 £27,726
Gender Pay Gap
At the measurement date of April 2024 the median Gender Pay Gap for the Group was 21.3% (2023: 9.9%). This
increase was primarily driven by changes in the composition of our workforce and in particular the reduction in
headcount of our weekly-paid population, who are predominantly male, which drove an increase in median male pay.
Whilst there is a higher proportion of men working in the Group, the percentage of females has grown incrementally
each year over the last five years and we are focusing on attracting a more diverse workforce, especially women, who
are under-represented in the industry as a whole. The Group has set gender diversity targets, more information on our
work in this area can be found on page 25.
In April 2022 we started delivery against a new Equality, Diversity and Inclusion strategy. A key workstrand within
thisis data improvement, for both existing and new employees. We have continued to make advances in capturing
employee E,D&I data, and now have this for c.65% of employees, from a low starting point of 17% in 2021. Once our
data is sufficiently robust to allow meaningful analysis we will publish ethnicity pay ratios in the future. We introduced a
quarterly E,D&I data dashboard from April 2024 to help track progress and identify areas for improvement and focus.
Further information on our Equality, Diversity & Inclusion strategy can be found on page 25.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024134

Directors’ change in remuneration
Set out below is a comparison of the change in remuneration of each of the Company’s Directors from 2019 to 2024, with the change in remuneration of Persimmon Plc’s employees. As Persimmon Plc has a relatively small number of employees,
we have also chosen to compare the change in remuneration with the Group’s salaried employees (the same comparator group as we have used in previous years).
Salary/fees Bonus Benefits
2023/24 2022/23 2021/22 2020/21 2019/20 2023/24 2022/23 2021/22 2020/21
3
2019/20 2023/24 2022/23 2021/22 2020/21 2019/20
Average of Persimmon Plc’semployees 6% 3.7% 31.4% 5% 5% 47.8% -10.7% 96.3% 21 % -19% -10.3% 10.1% -8.2% 2% -18%
Average of Group salariedemployees 4.5% 6.1% 7.3% 5% 2% 24.9% 4.9% 18.7% 21 % -19% - 13 6.1% 1.9% 2% 0%
R Devlin 7% 0% 10% 5% — N/A N/A N/A N/A N/A N/A N/A — — —
D Finch
1
7% 0% 3% 0% N/A 11 % 17 % -19% N/A N/A -9% -3% 8% -7% —
N Mills 4% 0% 9% 5% — N/A N/A N/A N/A N/A N/A N/A — — —
A Durbin 4% 0% 9% 5% N/A N/A N/A N/A N/A N/A N/A N/A — — —
A Wyllie
2
5% 0% 8% — — N/A N/A N/A N/A N/A N/A N/A — — —
C O’Shea
4
12% — — — — N/A N/A N/A N/A N/A N/A N/A — — —
A Depledge
4
5% — — — — N/A N/A N/A N/A N/A N/A N/A — — —
1. The 2020 remuneration for D Finch has been annualised for the purposes of the above table to enable a valid comparison.
2. The 2021 remuneration for A Wyllie has been annualised for the purposes of the above table to enable a valid comparison.
3. Executive Directors’ bonuses for 2020 were forgone such that the percentage change between 2020 and 2021 is not considered a meaningful comparison. No bonuses were payable in 2019.
4. The 2023 remuneration for A Depledge and C O’Shea has been annualised for the purposes of the above table to enable a valid comparison.
5. Andrew Duxbury and Paula Bell joined the Board during 2024 and are excluded from this table as there is no prior year comparator. Shirine Khoury-Haq resigned from the Board on September 30 and has been excluded from this table.
As noted above a 3% salary increase was agreed for the wider workforce in July 2024. There were also a number of promotional increases during the year. Due to timing issues the bonus comparison for employees is based on the actual
amount paid in 2024 versus the actual amount paid in the 2023 financial year.
Relative importance of spend on pay
Set out below is the amount spent on remuneration for all employees of the Group (including for Executive Directors) and the total amounts paid in distributions to shareholders over the year.
2024
£m
2023
£m
Difference
in spend
£m
Difference
as a percentage
Remuneration for all employees
1
257.7 272.3 (14.6) (5.4)
Total dividend payments made 191.8 255.4 (63.6) (24.9)
1. Figures are taken from note 8 of the accounts relating to staff and employee costs except that employer social security costs and IFRS 2 Share-based payment charges have been removed.
Persimmon Plc Annual Report 2024 135
Financial statementsGovernance Other informationStrategic report

Statement of voting at general meeting
The Directors’ Remuneration Policy, effective from 26 April 2023 was put to shareholders for approval at the 2023
AGM. The 2023 Annual Report on Remuneration was put to shareholders for approval at the 2024 AGM. The voting
at each AGM was conducted on a poll. The table below summarises the result of the poll votes on the 2023 Directors’
Remuneration Policy and the 2023 Annual Report on Remuneration.
Votes for % for Votes against % against Total votes cast Votes withheld
Approval of the Directors’
Remuneration Policy
– 26 April 2023
202,837,628 98.7 2,691,456 1.3 205,529,084 3,199,709
(representing
1.00% of the
issued share
capital)
Approval of the Annual
Report on Remuneration
– 25 April 2024
201,313,537 97.24 5,719,285 2.76 207,032,822 241, 139
(representing
0.0754% of the
issued share
capital)
Statement of Remuneration Policy implementation 2025
A summary of the 2025 remuneration for each Executive Director is set out below:
Group Chief Executive pay Chief Financial Officer pay
●
base salary of £807,611 (review date 1 July);
●
pension salary supplement of 9% (in line with the
pension of salaried employees);
●
benefits including life assurance, car allowance and
phone costs;
●
maximum annual bonus opportunity of 200% of base
salary; and
●
maximum PSP award of 200% of base salary.
●
base salary £530,000 (review date 1 July);
●
pension/salary supplement of 9% (in line with the
pension of the salaried employees);
●
benefits including life assurance, car allowance
andphone costs;
●
maximum annual bonus opportunity of 150%
ofbasesalary; and
●
maximum PSP award of 200% of base salary.
Annual bonus
Each Executive Director will be eligible for consideration of a bonus in respect of 2025, with maximum opportunities
asreferred to above. The majority of the bonus will continue to be based on financial metrics, being profit before tax
(40%) and cash generation (20%). As these financial targets are commercially sensitive they will be disclosed in next
year’s Remuneration Report. As we continue to take action to improve our build quality and customer care, we have
applied an appropriate level of non-financial cultural and ESG metrics which are key to our future success. Delivery of
a stretching target level of performance will result in the Executive Director receiving 50% of the maximum award. 50%
of any bonus earned will be deferred into shares for three years.
In 2025 there will be three non-financial metrics; 15% of bonus will be based on customer care measures, 20% will be
based on quality and 5% will be based on health and safety. The customer care metric will be based on the strategy to
retain our scores at the level required for a five-star rating based on the new methodology for the HBF Customer Satisfaction
survey which incorporates a combined score based on four survey questions. The change to the HBF methodology
means that there are no longer separate measures for the eight-week and nine-month scores. The quality measure will
be based on the results of independent warranty provider inspections to drive continued improvement in build quality.
These scores reset to zero at the start of each year meaning that attainment of the targets remains stretching.
Health and safety will be based on performance assessed against a weighted health and safety index and will support
our strategic aim to move from compliance to excellence.
Performance Share Plan awards
A PSP award will be made in March to the Group Chief Executive and Chief Financial Officer equal to 200% of base
salary, with vesting subject to the performance conditions set out below.
The three-year performance period will run from 1 January 2025 to 31 December 2027. Awards will vest in 2028
subject to meeting the performance conditions, with a further two-year holding period before the shares can be
released to the Executive Director.
PSP performance metrics are aligned with the Company’s strategy to balance capital retained for investment in the
business with returns to shareholders and future growth, and with relative TSR performance to link Executive Directors’
reward to outperformance against the FTSE 51-100 (excluding financial services) together with the major housebuilders if
they do not fall within this group. As we continue to drive cultural change in the business, we have retained a measure
based on the HBF Customer Satisfaction Survey linked to the Company’s purpose to build high quality homes for our
customers, and an environmental metric linked to reducing our carbon emissions. Collectively, these are important
factors in ensuring overall business performance, sustainability and reputation.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024136

PSP performance metrics and targets – financial measures
Financial metrics are based on relative TSR (23% of the overall award), cash generation subject to a ROCE underpin
(24% of the overall award) and EPS (23%).
Our TSR metric remains unchanged from 2024. The small number of comparator housebuilders means that using the
FTSE 51-100 in addition to sector peers provides a robust and relevant comparator group.
As noted in the Chair’s statement EPS will be added as a metric for the 2025 awards. We believe that this will further
align the awards to our strategy for growth.
We will continue to use a pre-land measure for cash generation. This is directly linked to strategy, encourages
optimisation of sales volumes and prices of homes and encourages good cost control. It is also a measure which is
easily understood by our management teams and therefore has a strong line of sight for them as participants in the PSP.
Details of the targets are shown below:
Performance measure Weighting
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Relative TSR
1
23% Median — Upper quartile or above
EPS
2
23% 100.8p 112 p 123.2p
Average pre-land cash generation
3,4
over the
three year performance period 24% £619,903K £729,298K £838,693K
1. Compared to a peer group comprising those companies in the FTSE 51-100 (excluding financial services) together with the major
housebuilders that do not fall within this group at the date of grant. The housebuilders are Barratt Redrow, Taylor Wimpey, Vistry Group,
Bellway, The Berkeley Group and Crest Nicholson Holdings.
2. The EPS target is based on 2027 underlying EPS.
3. Net cash inflow before dividends, legacy building provision spend and net land payments.
4. A ROCE underpin has been maintained for the pre-land cash metric. This will be assessed by the Remuneration Committee at the time of
vesting based on average ROCE over the performance period. ROCE = annual underlying profit from operations/average capital, where:
●
Annual Underlying Profit from Operations = 12 month consolidated Group profit before tax, interest, goodwill impairment and
exceptionalitems;
●
Average Capital Employed = average of Capital Employed during the relevant calendar year; and
●
Capital Employed = Consolidated Shareholders Funds, plus consolidated borrowings, less consolidated cash holdings.
PSP performance metrics and targets – cultural and
environmentalmeasures
For the 2025 awards, we will assess the customer care measure by reference to the overall Group scores because this
aligns all participants with an improvement in Group performance. The target is aligned to achieving five-star status
under the HBF Customer Satisfaction Survey, based on the new methodology which is being rolled out in 2025. The
use of a combined score from four questions ensures that this captures a broad measure of customer satisfaction and
isa critical part of our strategy. The use of a combined score means that the underpin applied in previous years is no
longer needed and this has been removed. The Committee retains the discretion to amend the relevant target should
theHBF announce a change to the score required in order to be awarded five-star status in March 2028 (the relevant
measurement date). The carbon reduction targets align with our Scope 1 and 2 absolute carbon reduction
commitments and are based on the trajectory required to meet our 2030 commitment. Details are provided below:
Performance measure Weighting
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
100% vesting)
Customer care
HBF Five-Star score
20% Group HBF score is
4.15%
Group HBF
score is 4.20%
Group HBF score is
4.25% or above
Environmental – Scope 1 and 2
carbon reduction
10% 22,273 tonnes
CO
2
e from
operations
— 20,045 tonnes CO
2
e
or below from
operations
Discretion
The Remuneration Committee has discretion to override formulaic outcomes in relation to annual bonus awards and
PSP awards. In line with market practice this includes the ability to adjust for exceptional or unforeseen items in order
that performance is assessed on a fair and consistent basis. Any such exercise of discretion would be disclosed in the
subsequent Directors’ Remuneration Report.
Chairman and NED fees
The Board as a whole determines the fees of the Non-Executive Directors, with the Non-Executive Directors being
recused from that discussion and decision. The Remuneration Committee determines the Chair’s fees. In line with
Executive Directors and the wider workforce the Non-Executive Director and Chairman fees will typically be reviewed
with an effective increase date of 1 July. In July 2024 the Chair fee and the fee for other Non-Executive Directors
increased by 3%. Any increases to fees agreed in July 2025 are anticipated to be in line with or below those given
tothe wider workforce.
The fees applicable from 1 July 2024 are set out below, together with a comparison to the fee up to 1 July 2024.
Performance measure Fees from 1 July 2024 Fees to 1 July 2024
Chairman £356,895 £346,500
Non-Executive Director £68,958 £66,950
Senior Independent Director £17,000 £17,000
Audit & Risk Committee Chair £17,000 £17,000
Nomination Committee Chair £17,000 £17,000
Remuneration Committee Chair £17,000 £17,000
Workforce Engagement NED fee £10,000 £10,000
Annemarie Durbin
Chair of the Remuneration Committee
10 March 2025
Persimmon Plc Annual Report 2024 137
Financial statementsGovernance Other informationStrategic report

Summary of Directors’ Remuneration Policy
The Group’s Remuneration Policy for Executive Directors and Non-Executive Directors was approved by shareholders at the AGM on 26 April 2023, and took effect from that date for a period of three years. The Policy received 98.7% votes in
favour. A summary of the Policy for the Executive Directors, Chairman and Non-Executive Directors is set out below.
The entire Policy, as approved by shareholders, may be found on the Group’s website at www.persimmonhomes.com/corporate/investors/results-reports-and-presentations, in the 2022 Annual Report on pages 132 to 139. The Policy is
forward-looking and intended to last for three years from its approval by shareholders, with a new policy intended to be submitted to shareholders at the 2026 AGM.
During the year there were no deviations from the Policy.
Remuneration Policy for Executive Directors
Purpose How it operates Maximum payable Performance framework
Base salary
Core element of fixed
remuneration reflecting
individual’s role and experience.
Usually reviewed annually with any increases normally taking
effect from 1 July.
When reviewing salaries, consideration is given to any increases
awarded to the Group’s salaried employees, business and market
conditions, and any change in a Director’s role and experience.
Where an Executive Director is to be promoted or where their role
is to be expanded or changed, the Committee will review the
salary payable and decide whether an adjustment is appropriate.
The Committee does not consider it appropriate to set maximum
salary levels. Any increases will generally be in line with or
below increases applied to the Group’s salaried employees
(inpercentage terms).
Increases may be made above that level in appropriate
circumstances, which may include but are not limited to,
promotions, where the Committee has purposefully set a lower
starting salary for a newly appointed Director, or if a Director’s
salary is no longer market competitive or to reflect development
and performance in role or a change in the size or complexity
ofthe role.
Although performance conditions do not apply, the individual’s
performance is taken into account in determining the level of any
salary increase.
Pension/Salary
supplement
Provide a competitive means of
saving to deliver appropriate
income in retirement.
Base salary is the only component of remuneration which is
pensionable. The Company operates a defined contribution
(DC)scheme.
A Director may receive a salary supplement in lieu of some
orallof the pension benefits available under the schemes.
The maximum DC pension contribution or salary supplement (or
combination of those two elements) is 9% of base salary, subject
to any increase to take account of changes to the pension/salary
supplement provided to the Group’s salaried employees.
None.
Benefits
Provided on a market
competitive basis.
The benefits include: a fully financed car or cash car allowance,
group medical scheme membership, life assurance, provision of
a mobile phone (or reimbursement of mobile phone costs), and
income protection scheme membership.
The Committee does not currently expect to change the range of
benefits offered to Executive Directors but retains the discretion to
add to the benefits available in appropriate circumstances, which
may include providing relocation allowances where appropriate.
The Committee has not set a maximum value of benefits
forExecutive Directors, but the value will be set at a level
whichthe Committee considers to be appropriately positioned,
taking into account the nature and location of the role and
individual circumstances.
None.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024138

Purpose How it operates Maximum payable Performance framework
HMRC qualifying
all-employee scheme
HMRC qualifying all-employee
share schemes are to encourage
employees to take a stake in the
business, which aligns their
interest with that of shareholders.
Executive Directors are eligible to participate in all-employee
schemes on the same basis as other qualifying employees.
Maximum is subject to limits in the applicable tax legislation. None, in line with usual practice.
Annual bonus
The annual bonus rewards
Executive Directors for
performance in the relevant year
against targets and objectives
linked to the delivery of the
Company’s strategy.
50% of any annual bonus earned is paid in cash.
To further link the Executive Directors’ pay to the interests of
shareholders, 50% of any bonus earned (subject to a de minimis
limit of £5,000) is deferred into shares for three years.
The Committee has the discretion to override the formulaic
outturn of the bonus, including where it believes the outcome is
not reflective of underlying performance or is not appropriate in
the context of circumstances that were unexpected or unforeseen
at the start of the bonus year.
Vesting of deferred bonus awards is not subject to further
performance conditions.
Deferred bonus awards may incorporate the right to receive
additional shares calculated by reference to the value of dividends
which would have been paid on the shares up to the time of vesting.
Recovery provisions apply, as referred to below.
The maximum annual bonus potential is 200% of base salary for
the Group Chief Executive and up to 175% of base salary for
other Executive Directors. Maximum bonus is only payable if
stretching targets are met.
Annual bonus performance conditions are set annually by
theCommittee to ensure that they take into consideration the
Company’s strategy and the outlook for the Company over
themedium-term and are appropriate from a risk perspective.
Financial metrics such as profit, and cash generation will have
the majority weighting. Non-financial metrics such as customer
care and quality, where applied, will have a minority weighting.
Financial metrics:
Subject to the Committee’s discretion to override formulaic
outturns, payment at threshold performance is up to 20% of
themaximum, up to 50% of the maximum will be payable for
on-target performance and all of the bonus will be payable
formaximum performance.
Non-financial strategic or individual metrics:
Subject to the Committee’s discretion to override formulaic
outturns, payment of the non-financial strategic or individual
metrics will apply on a scale between 0% and 100% of that
element based on the Committee’s assessment of the extent to
which a non-financial performance metric has been met.
Persimmon Plc Annual Report 2024 139
Financial statementsGovernance Other informationStrategic report

Purpose How it operates Maximum payable Performance framework
The PSP
To provide a link between the
remuneration of Executive
Directors and the creation of
shareholder value by rewarding
Executive Directors for the
achievement of longer term
objectives aligned to
shareholder interests.
Under the PSP, the Committee may grant awards as conditional
shares, nil-cost options or in such other form as the Committee
determines has a substantially similar economic effect.
Awards vest subject to the satisfaction of performance conditions
assessed over a period of not less than three years.
The Committee has the discretion to reduce the formulaic vesting
outturn applying to any PSP award, including where it believes
the outcome is not reflective of underlying performance or is not
appropriate in the context of circumstances that were unexpected
or unforeseen at the date of grant. The Committee also has the
discretion to adjust awards due to windfall gains if itbelieves this
to be appropriate.
Awards are granted subject to a holding period of two years
following the end of the performance period, with the awards
usually only released to the Executive Director (so that the
Executive Director can acquire the shares subject to the award)
following the end of the holding period.
PSP awards may incorporate the right to receive additional
shares calculated by reference to the value of dividends which
would have been paid on the shares up to the time of release.
Recovery provisions apply, as referred to below.
The usual maximum award level in respect of any financial year
of the Company is 200% of base salary. However, in exceptional
circumstances (such as on recruitment of an Executive Director),
awards may be granted in respect of any financial year of the
Company at the level of up to 300% of base salary.
Performance conditions applying to awards under the PSP will
be based on financial and/or strategic measures aligned to the
Company’s long-term strategy, which may include, but are not
limited to, cash generation, relative TSR, cultural and
environmental metrics.
Awards will vest as to 25% for threshold performance,
increasingto 100% for maximum performance.
Remuneration continued
Annual report on Remuneration continued
Remuneration Policy for Executive Directors continued
Persimmon Plc Annual Report 2024140

Share ownership guidelines
In-service requirement
During employment, Executive Directors are required to acquire and retain
shares with a value equal to 400% of base salary. The Committee expects
that a holding with a value equal to 200% of salary will be achieved within
five years of appointment, with the balance of the guideline acquired within
aperiod agreed with the Chairman. Progress towards the guideline will be
reviewed regularly. Executive Directors will be required to retain all shares
acquired under the PSP and deferred bonus awards, on a net of tax basis,
until the shareholding guideline is met, unless in exceptional circumstances
theCommittee exercises discretion to vary this requirement.
Post-employment requirement
Following employment, Executive Directors are required to retain for a period
of two years such number of shares as they were required to acquire and
retain during employment (or, if fewer, the number of shares they held at the
date of cessation of employment). Shares which the Executive Director purchases
or acquires pursuant to the Company’s SAYE scheme will not be subject to any
post-employment holding requirement. The Committee retains discretion to
vary this requirement in exceptional circumstances.
Recovery Provisions (malus and clawback)
Recovery provisions may be applied in the event of the following:
●
a material misstatement of any Group member’s financial results;
●
gross misconduct on the part of the participant which affects substantially
the financial performance or reputation of a Group member;
●
an error in assessing a performance condition;
●
a material failure of risk management;
●
serious reputational damage to any Group member;
●
serious misconduct or material error on the part of the participant;
●
a material corporate failure;
●
a failure of acceptable health and safety standards, which may include
afatality; or
●
any other circumstances considered to be similar in their nature or effect
tothose set out above.
The recovery provisions may be applied in the case of the annual bonus for three years from the date on which the amount of the bonus is determined and, in the
case of PSP awards, until the fifth anniversary of the grant date.
Operation of share plans
The Committee may amend the terms of awards and options under its share plans in accordance with the plan rules in the event of a variation of the Company’s
share capital or a demerger, special dividend or other similar event or otherwise in accordance with the terms of the plans. The Committee will operate any such
plan in accordance with its rules. Share awards granted under any such plan may be settled (in whole or in part) in cash, although the Committee would only do
so where the particular circumstances made it appropriate to do so – for example, where there is a regulatory restriction on the delivery of shares.
Choice of performance conditions
Annual bonus conditions Rationale for selection and how performance targets are set
Profit before tax and
cashgeneration
Customer satisfaction, quality,
and/or other non-financial,
strategic, or personal measure
Aligned with the Company’s strategy to deliver high quality growth and return cash to shareholders. These are important
factors in ensuring overall business performance, sustainability and reputation. Cash generation is critical over both the
short and longer-term and therefore it is included in both the annual bonus and PSP.
Annual bonus performance measures and targets are reviewed annually by the Committee to ensure that they take into
consideration the Company’s strategy and the outlook for the Company over the medium-term and are appropriate from
arisk perspective.
PSP Rationale for selection and how performance targets are set
Cash generation
(subject to Return on Capital
Employed underpin)
Relative TSR
A cultural metric and/or
environmental metrics
Performance conditions for the PSP will be determined by the Committee and aligned with the Company’s strategy.
Therationale for the proposed performance conditions is as follows.
Cash generation: Ensures generation of cash to fund returns to shareholders is the result of long-term sustainable financial
performance which is a core element of the strategy. Return on Capital Employed underpin ensures that returns to shareholders
are the result of long-term sustainable financial performance.
Relative TSR: Provides a means of comparing the Company’s performance with that of peers. Aligns the rewards received
by Executives with the returns received by shareholders. Ensures rewards are linked to outperformance of sector peers.
Aligned with market practice in wider FTSE 100 and sector peers.
Cultural and environmental metrics support our future success and reflect the importance to the Group of
environmentalconsiderations.
The Committee retains the right to adjust or set different performance measures if events occur (such as, but not limited to, a change in strategy, a material
acquisition and/or a divestment of a Group business or a change in prevailing market conditions), which cause the Committee to determine that the measures
are no longer appropriate and that amendment is required so that they achieve their original purpose.
Differences between the Executive Directors’ and general employees’ remuneration policy
Performance related pay makes up a significantly higher proportion of remuneration for the Executive Directors and senior employees than for employees
generally, reflecting the role of these individuals in managing the business to achieve the Company’s strategic objectives. The Committee considers that the
emphasis on performance related pay for Executive Directors and senior employees closely aligns the Directors’ interests with those of shareholders and helps
todeliver excellent long-term Company performance. All employees are able to participate in share ownership either through the PSP or the SAYE which is
operated on an annual basis. Over 200 employees received a PSP award in 2023.
Persimmon Plc Annual Report 2024 141
Financial statementsGovernance Other informationStrategic report

Non-Executive Directors
Purpose How it operates Maximum payable Performance framework
Fees
Fees are the principal element
ofNon-Executive Directors’
remuneration and set at a level
appropriate to attract Non-
Executive Directors with a broad
range of skills and experience to
complement the Board.
Non-Executive Directors with
diverse skills and experience
will assist the Board when
setting the Company’s strategy
and overseeing its successful
implementation.
Benefits relevant to the role may
also be provided.
Fees for the Chairman are determined by the Committee
and fees for other Non-Executive Directors are
determined by the Board as a whole. They are set at
levels, commensurate with the individual’s duties and
responsibilities for a company of our size and
complexity.
Fees are reviewed annually with any increases normally
taking effect from 1 July.
When reviewing fees consideration is given to market
conditions, the size of the business and any increases
awarded to the Group’s salaried employees.
Non-Executive Directors do not receive bonus, pension
or salary supplement payments or share scheme awards.
Benefits may be provided in connection with the
undertaking by a Non-Executive Director of their duties.
Reimbursed expenses may include a gross-up to reflect any
tax or social security due in respect of the reimbursement.
Increases to Non-Executive Directors’ fees
will be determined having regard to
increases applied to the Group’s salaried
employees (in percentage terms), although
fee increases may be awarded above this
level in appropriate circumstances including
(but not limited to): where there has been a
change in market practice; where there has
been a change in the size or complexity of
the business; where there has been an
increase in the time commitment required
forthe role.
Additional fees are payable to Non-Executive
Directors for extra responsibilities, such as
chairing a Board committee, holding the
office of Senior Independent Director, or
theoffice of Workforce Engagement
Non-Executive Director, or any other
additional responsibilities.
N/A
Recruitment and promotion policy
Ongoing remuneration
The Committee’s approach to recruitment remuneration is to pay no more than is necessary to attract candidates with the appropriate skills for the housebuilding
industry. The Committee retains discretion to include other elements of remuneration which are not included in the provisions of the 2023 Policy set out above
should business needs require. However, this discretion is subject to the following principles and limitations, and the commercial rationale for taking such action
will be disclosed in the following Annual Report on Remuneration.
●
In general our policy is to set salaries based on the market rate. In certain circumstances the salary for a new Executive Director may be set below the normal
market rate, with increases over such period as the Committee determines as the Director gains experience in their new role.
●
Pension/salary supplement benefits will be provided in line with the provisions of the 2023 Policy set out above.
●
The variable remuneration that may be awarded will be subject to the applicable limit set out below.
●
Without prejudice to the ability to offer additional cash and/or share-based elements to take account of remuneration relinquished when leaving the former
employer as discussed below, the discretion will not be used to make non-performance related incentive payments.
Examples of the circumstances in which these other elements may be provided include:
●
an interim appointment being made to fill an Executive Director role on a short-term basis;
●
if exceptional circumstances require that the Chairman or a Non-Executive
Director takes on an executive function on a short-term basis; and
●
if an Executive Director is recruited at a time in the year when it would be
inappropriate to provide a bonus or a PSP award for that year as there
would not be sufficient time to assess performance, subject to the applicable
limit on variable remuneration set out below, the quantum in respect of the
months employed during the year may be transferred to the subsequent
year so that reward is provided on a fair and appropriate basis.
The Committee may alter the performance measures and vesting/deferral/
holding period of annual bonus and PSP awards to take account of the
circumstances of the recruitment.
The maximum level of variable remuneration which may be granted to a new
Executive Director on appointment (excluding any award to take account of
remuneration relinquished when leaving the former employer) will be 475%
ofsalary and, for a new Chief Executive, 500% of salary.
As described in the policy tables above, it may also be necessary to offer
relocation benefits for external and internal appointments.
‘Buy-out’ awards
The Committee may offer additional cash and/or share-based elements at
recruitment when it considers these to be in the best interests of the Company
(and therefore shareholders) to take account of remuneration relinquished
when leaving the former employer and would take account of the nature,
timehorizons and performance requirements attaching to that remuneration.
These awards will ordinarily be granted on the basis that they are subject to
forfeiture or ‘clawback’ in the event of departure within 12 months of joining
the Company, although the Committee will retain discretion to not apply
forfeiture or clawback in appropriate circumstances.
Internal appointments
For an internal Executive Director appointment, any variable pay element awarded
in respect of the prior role will be allowed to pay out according to its terms.
Non-Executive Director appointments
The remuneration package for a newly appointed Non-Executive
Directorwould be in line with the structure set out in the policy table for
Non-Executive Directors.
Remuneration continued
Annual report on Remuneration continued
Persimmon Plc Annual Report 2024142

Statement of Directors’ responsibilities
In respect of the Annual Report and the
financial statements
The current Directors are listed on pages 84 to 85 and are responsible for
preparing the Annual Report and the Group and Parent Company financial
statements in accordance with applicable law and regulations. Such law
requires the preparation of the Group financial statements in accordance
withUK adopted International Accounting Standards and the preparation
ofthe Parent Company financial statements in accordance with UK-adopted
International Accounting Standards in conformity with the requirements of
theCompanies Act 2006 as applied in accordance with section 408 of the
Companies Act 2006.
Company law requires that Directors prepare Group and Parent Company
financial statements for each financial year. However, the Directors must not
approve the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Group and Parent Company and of
their profit or loss for that period. In preparing each of the Group and Parent
Company financial statements, the Directors are required to:
●
select suitable accounting policies and then apply them consistently;
●
make judgements and estimates that are reasonable and prudent;
●
state whether for the Group financial statements they have been prepared
in accordance with UK adopted International Accounting Standards, and
for the Parent Company financial statements that they have been prepared
in accordance with UK-adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 as applied
inaccordance with section 408 of the Companies Act 2006; and
●
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Group and the Parent Company will
continue in business.
The Directors are responsible for keeping adequate accounting records that
are sufficient to show and explain the Parent Company’s transactions and
disclose with reasonable accuracy at any time the financial position of the
Parent Company and enable them to ensure that its financial statements
comply with the Companies Act 2006. They have general responsibility for
taking such steps as are reasonably open to them to safeguard the assets of
the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible
forpreparing a Strategic Report, Directors’ Report, Directors’ Remuneration
Report and Corporate Governance Statement that complies with that law
andthose regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company’s website.
Legislation in the UK governing the preparation and dissemination of
financialstatements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors
inrespect of the annual financial report
We confirm that to the best of our knowledge:
●
the financial statements, prepared in accordance with the applicable set
ofaccounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer and the undertakings
included in the consolidation taken as a whole; and
●
the Strategic Report includes a fair review of the development and
performance of the business and the position of the issuer and the
undertakings included in the consolidation taken as a whole, together
witha description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary
forshareholders to assess the Group’s position and performance, business
model and strategy.
On behalf of the Board,
Dean Finch Andrew Duxbury
Group Chief Executive Chief Financial Officer
10 March 2025 10 March 2025
Persimmon Plc Annual Report 2024 143
Financial statementsGovernance Other informationStrategic report

Persimmon Plc Annual Report 2024144
Opinion
In our opinion:
●
Persimmon plc’s group financial statements and parent company financial statements (the “financial statements”)
give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2024.
and of the group’s profit for the year then ended;
●
the group financial statements have been properly prepared in accordance with UK adopted international
accounting standards;
●
the parent company financial statements have been properly prepared in accordance with UK adopted
international accounting standards as applied in accordance with section 408 of the Companies Act 2006; and
●
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Persimmon plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the
year ended 31 December 2024 which comprise:
Group Parent company
Consolidated balance sheet as at 31 December 2024 Balance sheet as at 31 December 2024
Statement of changes in equity for the year then ended
Consolidated statement of comprehensive income for the
year then ended
Statement of changes in equity for the year then ended
Consolidated statement of changes in shareholders’ equity
for the year then ended
Statement of cash flows for the year then ended
Consolidated statement of cash flows for the year then ended Related notes 1 to 33 to the financial statements, including:
material accounting policy information
Related notes 1 to 33 to the financial statements, including:
material accounting policy information
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted
international accounting standards and as regards the parent company financial statements, as applied in accordance
with section 408 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the group and parent in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company
and we remain independent of the group and the parent company in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group
and parent company’s ability to continue to adopt the going concern basis of accounting included:
●
In conjunction with our walkthrough of the Group’s financial close process, confirming our understanding of
management’s going concern assessment process;
●
Obtaining management’s going concern assessment, including the cash forecasts and covenant calculations for the
going concern period which covers the period to 30 June 2026 and testing them for arithmetic accuracy. Management
prepared a base case scenario that assumes an increase in volumes and selling price from those achieved in 2024
and a critical but plausible downside scenario which, reflects the initial impact of the prior global financial crisis for
2025 with recovery in line with market expectations during the first half of 2026. Additionally, management has
prepared an extreme scenario reflecting the impact of the global financial crisis for 2026 but with no recovery,
anda reverse stress test;
●
Challenging the appropriateness of the key assumptions in management’s base case forecast and comparing them
to the Group’s historic performance and industry predictions;
●
Challenging management’s consideration of a reasonable worst-case scenario (the critical but plausible downside),
evaluating whether the impact of a prolonged downturn in trading had been appropriately included and whether
climate risk may materially impact the going concern assessment;
●
Considering management’s reverse stress test in order to identify and understand what factors and how severe a
downside scenario would have to be to result in the Group utilising all liquidity or breaching a financial covenant
during the going concern period;
●
Assessing the plausibility of management’s downside scenarios, including the reverse stress test, by comparing
tothird-party data, including industry predictions, for indicators of contradictory evidence;
●
Considering the amount and timing of mitigating factors under the Group’s control that could preserve cash if
required; and
●
Reviewing the Group’s going concern disclosures included in the annual report in order to assess whether they
wereappropriate and in conformity with the reporting standards.
Independent auditor’s report
To the members of Persimmon Plc

Persimmon Plc Annual Report 2024 145
Financial statementsGovernance Other informationStrategic report
Conclusions relating to going concern continued
In each of the plausible scenarios modelled, the Group maintains headroom throughout the Going Concern period to
30 June 2026 through use of cash at bank and the £700m Revolving Credit Facility (Expiring 5 July 2029). Based on
the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the group and parent company’s ability to continue as a
going concern fora period 30 June 2026.
In relation to the group and parent company’s reporting on how they have applied the UK Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the directors’ statement in the financial
statements about whether the directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report. However, because not all future events or conditions can be predicted, this statement is not a
guarantee as to the group’s ability to continue as a going concern.
Overview of our audit approach
Audit scope
●
We performed an audit of the complete financial information of one component and
audit procedures on specific balances for a further three components and central
procedures on intercompany, equity, tax and cash.
Key audit matters
●
Revenue recognition
●
Inventory valuation and profit recognition
●
Legacy Buildings Provision
Materiality
●
Overall group materiality of £19.7m which represents 5% of adjusted profit before tax.
An overview of the scope of the parent company and group audits
In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised).
Wehave followed a risk-based approach when developing our audit approach to obtain sufficient appropriate audit
evidence on which to base our audit opinion. We performed risk assessment procedures, with input from our component
auditors, to identify and assess risks of material misstatement of the Group financial statements and identified significant
accounts and disclosures. When identifying components at which audit work needed to be performed to respond to the
identified risks of material misstatement of the Group financial statements, we considered our understanding of the
Group and its business environment, the potential impact of climate change, the applicable financial framework, the
group’s system of internal control at the entity level, the existence of centralised processes, applications and any
relevant internal audit results.
We identified four components as individually relevant to the Group due to relevant events and conditions underlying the
identified risks of material misstatement of the group financial statements being associated with the reporting components.
For those individually relevant components, we identified the significant accounts where audit work needed to be performed
at these components by applying professional judgement, having considered the group significant accounts on which
centralised procedures will be performed, the reasons for identifying the financial reporting component as an individually
relevant component and the size of the component’s account balance relative to the group significant financial
statement account balance.
We then considered whether the remaining group significant account balances not yet subject to audit procedures,
inaggregate, could give rise to a risk of material misstatement of the group financial statements.
Having identified the components for which work will be performed, we determined the scope to assign to each component.
Of the four components selected, we designed and performed audit procedures on the entire financial information of
one component (“full scope components”). For three components, we designed and performed audit procedures on
specific significant financial statement account balances or disclosures of the financial information of the component
(“specific scope components”).
Across these four components, we performed centralised audit procedures on intercompany, equity, tax, and cash.
Our scoping to address the risk of material misstatement for each key audit matter covered 100% of each key
auditmatter.
Involvement with component teams
All audit work performed for the purposes of the audit was undertaken by the Group audit team.
Climate change
Stakeholders are increasingly interested in how climate change will impact companies. The Group has determined that
the most significant future impacts from climate change on its operations will be from the various factors explained on
pages 60 to 69 in the required Task Force On Climate Related Financial Disclosures and on page 72 in the principal
risks and uncertainties. They have also explained their climate commitments on pages 68 to 69. All of these disclosures
form part of the “Other information,” rather than the audited financial statements. Our procedures on these unaudited
disclosures therefore consisted solely of considering whether they are materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line
with our responsibilities on “Other information”. In planning and performing our audit we assessed the potential
impacts of climate change on the Group’s business andany consequential material impact on its financial statements.
The Group has explained in its basis of preparation accounting policy note (Note 2), its articulation of how climate
change has been reflected in the financial statements. There are no significant judgements or estimates relating to
climate change in the notes to the financial statements.
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating
whether management’s assessment of the impact of the physical climate risk of flooding has been appropriately reflected
in inventory asset values and whether the impact of costs associated with the Group’s planned transition to net zero
have been appropriately reflected in the projected financial information used for the assessment of the Group’s viability
and impairment. As part of this evaluation, we performed our own risk assessment to determine the risks of material
misstatement in the financial statements from climate change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and
viability and associated disclosures. Where considerations of climate change were relevant to our assessment of going
concern, these are described above.
Based on our work, whilst we have not identified the impact of climate change on the financial statements to be a
standalone key audit matter, we have considered the impact on the following key audit matter: inventory valuation.
Details of the impact, our procedures and findings are included in our explanation of the key audit matter below.

Persimmon Plc Annual Report 2024146
Independent auditor’s report continued
To the members of Persimmon Plc
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether
ornot due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were
addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk Key observations communicated to the Audit Committee
Inventory valuation and profit recognition
Inventory (Land): £2,265.6m (2023: £2,103.5m)
Inventory (WIP): £1,426.3m (2023: £1,431.3m)
Cost of Sales (before exceptionals): £2,620.3m (2023: £2,253.1m)
R efe r to the Audit Committee Report (page 111); Accounting policies (pages
156 to 160); and Note 18 of the Consolidated Financial Statements (page
168)
There is a risk that the margin used to recognise profit on each development is
incorrect and that the carrying value of WIP and land could be subject to
impairment write downs.
The carrying value of inventory is determined by reference to a number of
assumptions inherent in the site forecasts, such as costs to complete and
expected selling price, that are used to calculate the expected margin on
each development and the cost of sale therefore recorded when a plot is sold.
We performed the following procedures over this risk area:
●
We performed walkthroughs to understand the key processes and identify key controls;
●
We performed testing on the Group’s controls over the WIP and profit recognition process and
purchases. We considered management’s bi-monthly valuation process to be the key control. We
attended a sample of regional valuation meetings virtually to observe the level of management
challenge of the assumptions within the site valuations. For a sample of meetings for a sample of
months, we inspected valuation meeting packs to ensure that the appropriate individuals were in
attendance at the meeting, that all sites were considered and that aggregate site variances in excess
of £2,900 had been appropriately challenged. We also inspected action logs for a sample of
meetings to ensure that open matters were followed up and updated in the forecasts timely;
●
We performed a substantive analytical review for the total cost of sales balance based on an
overall group margin expectation;
●
We selected a sample of costs incurred in the year and agreed them to source documentation
(i.e.purchase invoice), ensuring that the costs had been appropriately allocated to sites;
●
For all sites completed in the year, we analysed the margins throughout the site’s life so as to
evidence management’s historic forecasting accuracy using our bespoke analytics tool. We used
insights from this tool to inform our testing;
●
For a sample of journal entries to cost of sales in the year, we have checked that the margin
recorded ties to the latest projected margin;
●
We performed sensitivity analysis on low margin sites held in WIP at the year end. We have
assessed and challenged management’s land impairment exercise; and
●
For assets located in a Zone 3 (higher flooding risk) area, we evaluate whether there is any
potential impairment risk due to potential flooding
Based on our audit procedures we have concluded
that the inventory balance and profit recognised in
the year are not materially misstated.

Persimmon Plc Annual Report 2024 147
Financial statementsGovernance Other informationStrategic report
Risk Our response to the risk Key observations communicated to the Audit Committee
Appropriateness of legacy buildings provision
Legacy buildings provision: £235.3m (2023: £283.2m)
Refer to the Audit Committee Report (page 111); Accounting policies (pages
156 to 160); and Note 22 of the Consolidated Financial Statements (page
170 )
There is estimation uncertainty and subjectivity in determining the most likely
costs which will be required to remediate affected properties based on the latest
legal interpretation and government guidance. There is a risk that the legacy
building provision is misstated either through management bias or error.
The key estimates we identified were in respect of the costs to settle the
obligation and the assumptions used by management in relation to
discounting and inflation.
We performed the following procedures over this risk area:
●
We performed walkthroughs to understand the key processes and identify key controls; We read
and understood the relevant laws and regulations including government guidance;
●
We performed a comparison of the estimated costs versus the actual costs incurred to determine
ifthe methodology applied by management is accurate;
●
We obtained management’s provision schedule, which showed the brought forward provision and
the current year increases relating to new sites identified and the various categories of additional
costs identified as a result of updated tenders or additional scope requirements or contract
variations and understood the basis for significant movements;
●
For a sample of spend in the year we agreed costs to third party support (e.g. supplier invoices);
●
On a sample basis, we tested the movements in individual development provisions. For those
tendered, we agreed the expected cost to supporting third party documentation (i.e. subcontractor
tenders). For those untendered, we assessed management’s estimate by reference to the cost per
square metre of those already tendered;
●
We performed sensitivity analysis on the interest rate, discount rate and estimate based on tendered
costs in the provision to establish whether these could give rise to material variances;
●
To assess completeness, we performed a media search of buildings in scope of the Building Safety
regulation that are linked to Persimmon building work to see if there was any contrary evidence.
Wealso searched the Ministry of Housing, Communities & Local Government (MHCLG)’s reports
sent via email to the client and reports on their website for detail of any claims or notifications
received by them relating to Persimmon or its subsidiaries; and
●
We assessed the appropriateness of the disclosures included within the Financial Statements
inrelation to provisions, including the disclosure of the assumptions and associated sensitivities
inrelation to the key sources of estimation uncertainty.
Based on our audit procedures we have concluded
that Legacy Buildings Provision is appropriately
recognised.
Revenue recognition
Revenue: £3,200.7m (2023: £2,773.2m)
Refer to the Audit Committee Report (page 110); Accounting policies (pages
156 to 160); and Note 5 of the Consolidated Financial Statements (page
161)
There is a potential risk of material misstatement within revenue, particularly in
relation to revenue being recorded in the wrong period, due to cut off errors
or management bias.
We performed the following procedures:
●
We performed walkthroughs to understand the key processes and identify key controls;
●
We tested whether revenue was recorded in the correct period by selecting a sample from the
housing sales recorded within two weeks either side of the year end and testing that the sales
selected had legally completed and settled in cash in the period in which they were accounted for;
●
We performed procedures using EY bespoke data analytics tools to test the appropriateness of
journal entries recorded in the general ledger by correlating sales postings with cash receipts
throughout the year;
●
We tested all material manual journals posted to revenue to assess for any evidence of management
override by checking to supporting documentation; and
●
In relation to the bulk sale arrangements with various investors, we considered the IFRS 15
principles to understand any implications on the revenue recognition.
Based on our audit procedures we have concluded
that revenue is appropriately recognised, and that
there was no evidence of management override.
Key audit matters continued

Persimmon Plc Annual Report 2024148
Independent auditor’s report continued
To the members of Persimmon Plc
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to
influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining
the nature and extent of our audit procedures .
We determined materiality for the Group to be £19.7m (2023: £17.6m), which is 5% (2023: 5%) of adjusted profit
before tax (2023: profit before tax). We believe that adjusted profit before tax provides us with us with an appropriate
basis for materiality and is the most relevant for stakeholders, as it is a focus of both management and investors.
We determined materiality for the Parent Company to be £17.3m (2023: £18.4m), which is 1% (2023: 1%) of equity.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds
materiality .
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our
judgement was that performance materiality was 75% (2023: 75%) of our planning materiality, namely £14.8m
(2023:£13.2m). We have set performance materiality at this percentage based on our assessment of the control
environment of the Group and expectation of errors.
Audit work was undertaken at component locations for the purpose of responding to the assessed risks of material
misstatement of the group financial statements. The performance materiality set for each component is based on the
relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that
component. In the current year, the range of performance materiality allocated to components was £2.9m to £8.8m
(2023: £3.9m to £9.8m).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £1.0m
(2023: £0.9m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above
andin light of other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages 1 to 143. The directors
are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material misstatement of the other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance
with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
●
the information given in the strategic report and the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
●
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
●
£359.1m
●
profit before tax
●
£34.4m
●
exceptional items
●
Totals £395.1m profit before tax
●
Materiality of £19.7m (5% of materiality basis)
Starting
basis
Adjustments
Materiality

Persimmon Plc Annual Report 2024 149
Financial statementsGovernance Other informationStrategic report
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in
the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us
to report to you if, in our opinion:
●
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
●
the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
●
certain disclosures of directors’ remuneration specified by law are not made; or
●
we have not received all the information and explanations we require for our audit
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the group and company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit:
●
Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 115;
●
Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why
the period is appropriate set out on page 76;
●
Directors’ statement on whether it has a reasonable expectation that the group will be able to continue in operation
and meets its liabilities set out on page 115;
●
Directors’ statement on fair, balanced and understandable set out on page 143;
●
Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages
70 to 75;
●
The section of the annual report that describes the review of effectiveness of risk management and internal control
systems set out on page 88; and
●
The section describing the work of the audit committee set out on page 107 to 114
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 143, the directors are responsible
forthe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the company and management.
●
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and
determined that the most significant frameworks which are directly relevant to specific assertions in the financial
statements are those that relate to the reporting framework (UK adopted international accounting standards, the
Companies Act 2006 and the UK Corporate Governance Code) tax compliance legislation, employment law
andbuilding safety legislation.
●
We understood how Persimmon plc is complying with those frameworks by making enquiries of management,
Internal Audit, those responsible for legal and compliance procedures and the Company Secretary. We corroborated
our enquiries through our review of board minutes and papers provided to the Audit Committee.

Persimmon Plc Annual Report 2024150
Independent auditor’s report continued
To the members of Persimmon Plc
Auditor’s responsibilities for the audit of the financial statements
continued
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud continued
●
We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might
occur through internal team conversations and inquiry of management and those charged with governance to
understand where it considered there was a susceptibility for fraud. We corroborated our enquiries through other
work performed and made inquiries of management to identify if there are matters where there is a risk of breach of
such frameworks that could have a material adverse impact on the company, as well as consideration of the results
of our audit procedures across the company. We considered the programmes and controls that the company has
established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management
monitors those programmes and controls. We also considered performance targets and their propensity to influence
efforts made by management to manage earnings. Where the risk was considered to be higher, we performed audit
procedures to address each identified fraud risk. These procedures included testing manual journals and were
designed to provide reasonable assurance that the financial statements were free from fraud and error. We also
utilised our analytics tools and paid particular attention to manual journals in order to address the risk of management
override. Where necessary we involved forensic specialists to support the audit team in evaluating and concluding
on our testing performed in relation to management override.
●
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and
regulations. Our procedures involved enquiries about any instances of non-compliance with the Group management
and Internal Audit and understanding of the impact of any such non-compliance upon our audit. We engaged
internal specialists as required when designing and executing audit procedures. We also performed journal entry
testing, with a focus on manual consolidation journals, and journals indicating large or unusual transactions based
on our understanding of the business; and focused testing, as referred to in the key audit matters section above. In
addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and
Accounts with the requirements of the relevant accounting standards, UK legislation and the UK Corporate
Governance Code.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
●
Following the recommendation from the audit committee, we were appointed by the company on 14 April 2016
toaudit the financial statements for the year ending 31 December 2016 and subsequent financial periods.
●
The period of total uninterrupted engagement including previous renewals and reappointments is 9 years, covering
the years ending 31 December 2016 to 31 December 2024.
●
The audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as
abody, for our audit work, for this report, or for the opinions we have formed.
Victoria Venning
(Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Manchester
10 March 2025

Consolidated statement of comprehensive income
For the year ended 31 December 2024
Persimmon Plc Annual Report 2024 151
Financial statementsGovernance Other informationStrategic report
Revenue
5
3,200.7
2,77 3.2
Cost of sales
(2,620.3)
(2,253.1)
Gross profit
580.4
5 20.1
Underlying gross profit
582.4
5 20.1
Exceptional - Legacy buildings provision (through Cost of Sales)
6
(2.0)
—
Other operating income
9.8
8.6
Operating expenses
(1 96.0)
(1 8 1.8)
Exceptional - Impairment of a financial asset
(25.0)
—
Profit from operations
10
369.2
3 46.9
Underlying operating profit
405.2
3 54.5
Exceptional - Legacy buildings provision (through Cost of Sales)
(2.0)
—
Exceptional - Impairment of a financial asset
6
(25.0)
—
Exceptional - Project fees
6
(7 .4)
—
Impairment of intangible assets
14
(1 .6)
(7 .6)
Finance income
9
11. 1
1 9.7
Finance costs
9
(2 1 .2)
(1 4.8)
Profit before tax
359.1
3 51 . 8
Underlying profit before tax
395.1
359.4
Exceptional items
(34.4)
—
Impairment of intangible assets
14
(1 .6)
(7 .6)
Tax
11 . 1
(92.0)
(96.4)
Profit after tax (all attributable to equity holders of the parent)
13
267 .1
255.4
Remeasurement loss on defined benefit pension schemes
28
(1 .5)
(3 5.1)
Tax
11 . 2
0.4
9.8
Other comprehensive expense for the year, net of tax
(1 .1)
(25.3)
Total recognised income for the year
266.0
2 30.1
Basic
13
83.6p
80.0p
Diluted
13
82.7p
7 9.5p
The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its
individual statement of comprehensive income.

Persimmon Plc Annual Report 2024152
Intangible assets
14
1 64.6
1 65.4
0.7
—
Property, plant and equipment
15
1 54.6
1 40.5
10.5
8.3
Investments accounted for using the
equity method
16.1
0.3
1. 0
—
—
Investments in subsidiaries
16.2
—
—
3,205.7
3,205.7
Shared equity loan receivables
17
25.7
27. 2
—
—
Trade and other receivables
19
—
6.9
2,045.6
2,040.4
Deferred tax assets
24
9.2
11 . 5
6.2
4.3
Retirement benefit assets
28
1 30.7
127 . 1
130.7
127. 1
485.1
4 7 9.6
5,399.4
5,385.8
Inventories
18
3,902.8
3,7 0 1 .2
—
—
Shared equity loan receivables
17
3.3
4.9
—
—
Trade and other receivables
19
16 7. 8
1 82.0
28.6
17. 3
Cash and cash equivalents
26
258.6
4 20.1
182.0
241.0
Current tax assets
1 5.8
—
—
—
4,348.3
4,308.2
210.6
258.3
Total assets
4,833.4
4,7 8 7 .8
5,610.0
5,644.1
Trade and other payables
21
(1 96.2)
(1 7 8.7)
(2.3)
(1.3)
Deferred tax liabilities
24
(7 3.1)
(64.9)
(38.7)
(37.1)
Partnership liability
29
(1 0.3)
(1 5.1)
—
—
Legacy buildings provision
22
(1 23.9)
(1 6 1 .7)
—
—
(403.5)
(4 20.4)
(41.0)
(38.4)
Trade and other payables
21
(806.3)
(82 1.7)
(3,796.7)
(3,655.1)
Partnership liability
29
(5.6)
(5.6)
—
—
Current tax liabilities
—
(0.1)
—
—
Legacy buildings provision
22
(1 1 1.4)
(1 2 1.5)
—
—
(923.3)
(948.9)
(3,796.7)
(3,655.1)
Total liabilities
(1 ,326.8)
(1 ,369.3)
(3,837.7)
(3,693.5)
Net assets
3,506.6
3,4 1 8.5
1,772.3
1,950.6
Ordinary share capital issued
25
32.0
31 . 9
32.0
31 . 9
Share premium
25.6
2 5.6
25.6
25.6
Capital redemption reserve
236.5
236.5
236.5
236.5
Other non-distributable reserve
2 7 6.8
2 7 6.8
—
—
Retained earnings
2,935.7
2,847 .7
1,478.2
1,656.6
Total equity
3,506.6
3,4 1 8.5
1,772.3
1,950.6
The profit for the year dealt with in the accounts of the Company is £0.5m (2023: £1 56.0m).
The financial statements of Persimmon Plc (company number: 1818486) on pages 151 to 194 were approved by the
Board of Directors on 10 March 2025 and were signed on its behalf by:
Dean Finch Andrew Duxbury
Group Chief Executive Chief Financial Officer
Balance sheets
As at 31 December 2024

Persimmon Plc Annual Report 2024 153
Financial statementsGovernance Other informationStrategic report
Balance at 1 January 2023
31 . 9
25.6
2 36.5
2 7 6.8
2,868.5
3,439.3
Profit for the year
—
—
—
—
255.4
2 55.4
Other comprehensive expense
—
—
—
—
(25.3)
(25.3)
Dividends on equity shares
12
—
—
—
—
(255.4)
(255.4)
Own shares purchased
—
—
—
—
(1.2)
(1 .2)
Share-based payments
—
—
—
—
5.7
5.7
Balance at 31 December 2023
31 . 9
25.6
2 36.5
2 7 6.8
2,847 .7
3,4 1 8.5
Profit for the year
—
—
—
—
2 6 7. 1
2 6 7. 1
Other comprehensive expense
—
—
—
—
(1.1)
(1 .1)
Dividends on equity shares
12
—
—
—
—
(1 9 1 .8)
(1 9 1 .8)
Issues of new shares
25
0.1
—
—
—
—
0.1
Own shares purchased
25
—
—
—
—
(0.2)
(0.2)
Share-based payments
—
—
—
—
1 4.0
1 4.0
Balance at 31 December 2024
32.0
25.6
236.5
27 6.8
2,935.7
3,50 6.6
The other non-distributable reserve arose prior to transition to IFRSs and relates to the issue of ordinary shares to acquire the shares of Beazer Group Plc in 2001.
Statement of changes in shareholders’ equity
For the year ended 31 December 2024

Persimmon Plc Annual Report 2024154
Note
Share capital
£m
Share premium
£m
Capital
redemption
reserve
£m
Retained
earnings
£m
Total
£m
Company
Balance at 1 January 2023 31. 9 25.6 236.5 1,777.8 2,071.8
Profit for the year — — — 156.0 156.0
Other comprehensive expense — — — (25.3) (25.3)
Transactions with owners:
Dividends on equity shares 12 — — — (255.4) (255.4)
Own shares purchased — — — (1.2) (1.2)
Share-based payments — — — 4.7 4.7
Balance at 31 December 2023 31. 9 25.6 236.5 1,656.6 1,950.6
Profit for the year — — — 0.5 0.5
Other comprehensive expense — — — (1.1) (1.1)
Transactions with owners:
Dividends on equity shares 12 — — — (191.8) (191.8)
Issues of new shares 25 0.1 — — — 0.1
Own shares purchased 25 — — — (0.2) (0.2)
Share-based payments — — — 14.2 14.2
Balance at 31 December 2024 32.0 25.6 236.5 1,478.2 1,772.3
During the year the Company received dividends from wholly owned subsidiary undertakings of £nil (2023: £155.0m).
Retained earnings include £0.7m of non-distributable items (2023: £0.7m).
Statement of changes in shareholders’ equity continued
For the year ended 31 December 2024

Persimmon Plc Annual Report 2024 155
Financial statementsGovernance Other informationStrategic report
Profit for the year
26 7 .1
2 55.4
0.5
156.0
Tax charge
11 . 1
92.0
96.4
0.1
0.7
Finance income
9
(1 1.1)
(1 9.7)
(7.6)
(15.5)
Finance costs
9
21 . 2
1 4.8
8.3
3.8
Depreciation charge
15
20.1
1 8.7
2.2
1.2
Amortisation of intangible assets
14
—
—
—
0.3
Impairment of intangible assets
14
1. 6
7. 6
—
—
Exceptional items (non-cash)
6
2 7. 0
—
—
—
Profit on disposal of fixed assets
(2.5)
—
—
—
Share-based payment charge
1 4.7
4.5
14.7
4.5
Net imputed interest expense
(1 0.0)
(8.7)
—
—
subsidiaries
—
—
—
(155.0)
Other non-cash items
(0.5)
(8.9)
0.6
1.3
Cash inflow/(outflow) from
operating activities
4 1 9.6
360.1
18.8
(2.7)
Increase in inventories
(200.4)
(2 3 5.3)
—
—
andotherreceivables
1 2.7
3 7. 5
(16.3)
(26.6)
andotherpayables
(49.6)
(23 3.6)
142.4
(227.4)
Decrease in shared equity loan receivables
4.6
5.7
—
—
Cash generated/(absorbed) from
operations
1 86.9
(65.6)
144.9
(256.7)
Interest paid
(9.3)
(4.3)
(7.7)
(1.6)
Interest received
5.1
11 . 7
2.1
6.9
subsidiaries
—
—
—
155.0
Tax (paid)/received
(9 7 .8)
(7 1 .6)
(0.5)
0.6
Net cash inflow/(outflow) from
operating activities
84.9
(1 2 9.8)
138.8
(95.8)
Investment in an associate
—
(0.7)
—
—
Acquisition of loan notes
(1 7 .5)
(6.8)
—
—
andequipment
15
(32.3)
(36.4)
(4.5)
(4.6)
Proceeds from sale of property,
plantand equipment
4.8
1. 0
—
—
Net cash outflow from
investingactivities
(45.0)
(42.9)
(4.5)
(4.6)
Lease capital payments
(4.0)
(3.0)
(0.5)
(0.4)
Payment of Partnership liability
(4.6)
(4.3)
—
—
Bank fees paid
(0.9)
(4.9)
(0.9)
(4.9)
Own shares purchased
(0.2)
(1 .2)
(0.2)
(1.2)
Share options consideration
0.1
—
0.1
—
Dividends paid
12
(1 9 1 .8)
(2 55.4)
(191.8)
(255.4)
Net cash outflow from
financingactivities
(20 1 .4)
(268.8)
(193.3)
(261.9)
equivalents
26
(1 6 1 .5)
(44 1 .5)
(59.0)
(362.3)
Cash and cash equivalents at the
beginning of the year
420.1
86 1 .6
241.0
603.3
Cash and cash equivalents at the
end of the year
26
258.6
4 20.1
182.0
241.0
Cash flow statements
For the year ended 31 December 2024

Persimmon Plc Annual Report 2024156
Notes to the financial statements
For the year ended 31 December 2024
1 Adoption of new and revised International Financial Reporting
Standards (IFRSs) and Interpretations (IFRICs)
The following relevant UK endorsed new amendments to standards are mandatory for the first time for the financial
year beginning 1 January 2024:
●
Amendments to IAS 1 Presentation of Financial Statements
●
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
●
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
The effects of the implementation of these amendments have been limited to disclosure amendments where applicable.
The Group has not applied the following new standards, amendments and improvements to standards which are not yet
effective:
●
IFRS 18 Presentation and Disclosure in Financial Statements
●
Amendments to IAS 21 Lack of exchangeability
●
Annual improvements to IFRS Accounting Standards - Volume 11
The Group is currently considering the implication of these standards, amendments and improvements with the
expected impact upon the Group being limited to disclosures if applicable.
2 Accounting policies
Statement of compliance
The consolidated Group financial statements are prepared in accordance with UK adopted International Accounting
Standards (‘IAS’). Parent Company financial statements are prepared in accordance with UK adopted IAS in
conformity with the requirements of the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the historical cost basis except for the revaluation of certain financial
instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
In preparing the Group financial statements management has considered the impact of climate change, taking into
account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations
of the Task Force on Climate Related Disclosures. This included an assessment of inventories and goodwill and intangible
assets and how they could be impacted by measures taken to address global warming.
Recognising that the environmental impact on the Group’s operations is relatively low, no issues were identified that
would impact the carrying values of such assets or have any other impact on the financial statements.
Going concern
The Group operates with a very strong balance sheet position and delivered an improved financial performance,
and growth in volume of new homes delivered, as a result of our disciplined and strategic financial investment into the
business. Persimmon’s long-term strategy, which recognises the risks associated with the housing cycle by maintaining
operational flexibility, investing in high quality land, minimising financial risk and deploying capital at the right time in
the cycle, has equipped the business with strong liquidity and a robust balance sheet.
The Group completed the sale of 10,664 new homes (2023: 9,922), generating a profit before tax of £359.1m
(2023: £351.8m). At 31 December 2024, the Group’s strong financial position included £258.6m of cash
(2023: £420.1m), high quality land holdings, and land creditors of £423.2m (2023: £372.0m). During the year
the Group extended by one year to July 2029 its £700m Revolving Credit Facility. There remains the possibility to
extend the facility for a further year. The facility was undrawn at the year end.
The Group’s forward order book at 1 January 2025 includes 2,360 new homes sold forward into the private owner
occupier market (1 January 2024: 1,877 new homes forward sold) with an average selling price of c.£276,860.
In addition, the cumulative average private sales reservation rate for the first nine weeks of 2025 is c.14% stronger
than for the same period last year.
The Directors have carried out a robust assessment of the principal risks facing the Group, as described on page 72
of this report. The Group has considered the impact of these risks on the going concern of the business by performing a
range of sensitivity analyses to the latest base case forecast, covering the period to 30 June 2026, including severe but
plausible scenarios materialising together with the likely effectiveness of mitigating actions that would be executed by
the Directors. For further detail regarding the approach and process the Directors follow in assessing the long-term
viability of the business, please see the Viability Statement on page 76.
The scenarios emphasise the potential impact of severe market disruption, including for example the effect of economic
disruption from a cost of living crisis or a war, on short to medium-term demand for new homes. The scenarios’ emphasis
on the impact on the cash inflows of the Group through reduced new home sales is designed to allow the examination
of the extreme cash flow consequences of such circumstances occurring. The Group’s cash flows are less sensitive to
supply side disruption given the Group’s sustainable business model, flexible operations, agile management team and
off-site manufacturing facilities.
The first scenario modelled is a severe but plausible downside scenario that models a fall in housing revenue, when
compared to full year 2024, of c.54% for full year 2025 followed by gradual recovery. The housing revenue modelled
factors in changes in both volumes and average selling prices. The assumption used in this scenario reflects the experience
management gained during the Global Financial Crisis from 2007 to 2010, it being the worst recession seen in the
housing market since World War Two.
A second, even more extreme, scenario assumes the same significant downturn in 2025 followed by a period of enduring
depression of the UK economy and housing market during 2026, assuming that neither volumes nor revenue recover.
In each of these scenarios, cash flows were assumed to be managed consistently, ensuring all relevant land, work in
progress and operational investments were made in the business at the appropriate time to deliver the projected new
home legal completions. Each scenario fully reflects the current estimate of cash outflows, value and timing, associated
with the legacy buildings provision. In each of these scenarios, the Group is able to operate within its facilities.
The Directors have also considered a ‘Reverse Stress Test’ to demonstrate the point at which the Group runs out of
liquid funds or breaches covenants but note the likelihood of this is less than remote.
In addition, the Group has been increasingly assessing climate-related risks and opportunities that may present to the
Group. During the period assessed for going concern no significant risk has been identified that would materially impact
the Group’s ability to generate sufficient cash and continue as a going concern.

Persimmon Plc Annual Report 2024 157
Financial statementsGovernance Other informationStrategic report
2 Accounting policies continued
Going concern continued
Having considered the inherent strength of the UK housing market, the resilience of the Group’s average selling prices
and the Group’s scenario analysis as detailed above, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt
the going concern basis in preparing these financial statements.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries up to
31 December each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns
through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The
financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases. Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions,
balances, income and expenses are eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary’s identifiable assets,
liabilities and contingent liabilities are recognised at their fair value at the acquisition date.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair
value of the identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition.
Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently
measured at cost less any accumulated impairment losses.
Brand intangibles
Internally generated brands are not held on the balance sheet. The Group carries assets on the balance sheet only for
brands that have been acquired. Acquired brand values are calculated based on discounted cash flows. No amortisation
is charged on brand intangibles as the Group believes that the value of the brands is maintained indefinitely. The factors
that result in the durability of the brands capitalised are that there are no material legal, regulatory, contractual, competitive,
economic or other factors that limit the useful life of these intangibles. The acquired brands are tested annually for
impairment by performing a value in use calculation, using a discount factor based on the Group’s pre-tax weighted
average cost of capital, on the branded income stream.
Where a brand’s life is not deemed to be indefinite it is written off over its expected useful life on a straight line basis.
Other Intangible Assets
Other intangible assets include know-how acquired on acquisition of subsidiary companies and computer software
developed by the Group. Other intangible assets are reviewed for impairment when there is a triggering event. Cost
is determined at the time of acquisition/development as being directly attributable costs. Other intangible assets are
amortised on a straight line basis over a period of 5 years from the point where fully operational, or less where appropriate.
Revenue recognition
Revenue on private new housing is recognised as the consideration received on legal completion of new built private
residential property sale.
Revenue on housing sold to housing associations is recognised either on the consideration received on legal
completion of a newly built residential property or amounts contractually due under development agreement.
The Group recognises revenue in the income statement over time for contracts where the control of land is irrevocably
transferred to the customer before or during construction. Revenue is recognised from the point that control is irrevocably
transferred to the customer. Where revenue is recognised over time and the outcome of the contract can be estimated
reliably, it is recognised based on the stage of completion of the agreement as verified by surveys performed by the
relevant customer. Revenue also includes the fair value of the consideration received or receivable on the sale of part
exchange properties. Revenue relating to the provision of internet services is recognised as the service is provided.
Revenue also includes the fair value of the consideration received or receivable on the sale of part exchange properties.
Revenue relating to the provision of internet services is recognised as the service is provided.
Government grants
Grants are included within work in progress in the balance sheet and are credited to the Consolidated Statement of
Comprehensive Income over the life of the developments to which they relate. Grants related to legal completions have
been recognised in revenue.
Other operating income
Other operating income comprises profits from the sale of land holdings, freehold reversions, rent receivable and other
incidental sundry income.
Operating expenses
Operating expenses represent the administration costs of the business, which are written off to the statement of
comprehensive income as incurred.
Borrowing costs
Interest bearing bank loans and partnership liabilities are initially measured at fair value (being proceeds received, net
of direct issue costs) and are subsequently measured at amortised cost, using the effective interest rate method. Finance
charges, including direct issue costs, are accounted for and taken to the statement of comprehensive income using the
effective interest rate method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale.
Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to
settle the net outstanding position, the offset arrangements are applied to record the net position in the balance sheet.

Persimmon Plc Annual Report 2024158
Notes to the financial statements continued
For the year ended 31 December 2024
2 Accounting policies continued
Exceptional items
Exceptional items are items of income and expenditure that, in the judgement of management, should be disclosed
separately on the basis that they are material, either by their nature or their size, to an understanding of the financial
performance and significantly distort the comparability of financial performance between accounting periods. Items
of income or expense that are considered by management for designation as exceptional include such items as major
restructuring and significant impairment of assets.
During the year, the Group recognised an exceptional charge of £25.0m in relation to its investments and long-term loan
notes in TopHat Enterprises Limited which writes down the value of the investment to £nil. The write down being due to a
re-assessment of risks within the modular build sector. In addition, there is a charge of £7.4m of professional fees associated
with one-off projects.
The Group has recognised a net exceptional charge of £2.0m in relation to the anticipated costs of the Group’s
commitments to the costs of removal of combustible claddings and other fire related remediation works. Further
details on this provision can be found in notes 3 and 22.
In total there was a net exceptional charge of £34.4m (2023: £nil) in the year.
All items have been disclosed as exceptional due to the non-recurring nature and scale of the charge to aid understanding
of the financial performance of the Group and to assist in the comparability of financial performance between
accounting periods.
Share-based payments
Charges for employee services received in exchange for share-based payment have been made for all options/awards in
accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over the anticipated vesting period.
The fair value of such options has been calculated using generally accepted option pricing models, based upon
publicly available market data at the point of grant. Share options include both market and non-market conditions.
Market conditions are considered in the establishment of the initial valuation of the options. In the event of failure to
meet market conditions share-based payment charges are not reversed. In the event of failure to meet non-market
conditions share-based payment charges are reversed.
Where options are net settled in respect of withholding tax obligations, these are accounted for as equity settled
transactions. Payments to HMRC are accounted for as a deduction from equity for the shares withheld, except to the
extent (if any) that the payment exceeds the fair value of shares withheld, in which case the excess will be charged to
the statement of comprehensive income.
Share-based payments are charged wholly in the ultimate Parent Company.
Retirement benefit costs
The Group operates two defined benefit pension schemes which are now closed to further accrual. It also operates
three defined contribution schemes for current employees. The asset/liability in respect of the defined benefit schemes
is the present value of the defined benefit obligation at the balance sheet date, less the fair value of the schemes’ assets,
together with adjustments for remeasurement gains and losses. Where a net asset results it is limited to the present value
of economic benefits available in the form of future refunds from the scheme or reductions in future contributions, subject to
any minimum funding requirements. Further details of the schemes and the valuation methods applied may be found in
note 28.
Interest cost on the scheme liabilities and finance returns on scheme assets are recognised at the applicable discount
rate as net finance income/costs in the statement of comprehensive income and remeasurement gains and losses via
the statement of other comprehensive income.
Subsidiary entities bear a charge for current employees based upon their current pensionable salaries. Differences
between this charge and the current service cost are borne by the Company as the legal sponsor, as are all experience
gains and losses. There is no contractual arrangement or stated policy for recharging the other Group entities involved
in the schemes.
Payments to the defined contribution schemes are accounted for on an accruals basis. Once the payments have been
made, the Group has no further payment obligations.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the statement
of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially enacted
tax rates, and adjusted for any tax payable in respect of previous years. The Group assesses its exposure to Pillar Two
income taxes based on the most recent information available from tax filings and financial statements, and takes into
account known changes in the Group and its operations.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: goodwill, the initial recognition of assets or liabilities that
affect neither accounting or taxable profit, and differences relating to investment in subsidiaries to the extent that they
will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the carrying amount of assets and liabilities, using the tax rates applicable,
or expected to be applicable at the date of settlement, based on enacted rates at the balance sheet date. Where the
deferred tax asset recognised in respect of share-based payments would give rise to a credit in excess of the related
accounting charge at the prevailing tax rate the excess is recognised directly in equity. A deferred tax asset is recognised
only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each balance sheet date. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to set off current tax assets against current tax liabilities when the Group intends to settle its
current tax assets and liabilities on a net basis. The Group has applied the mandatory exception from accounting for
deferred taxes arising under the Pillar Two Model Rules (Amendments to IAS 12) as issued by the IASB.
The Group accounts for current and deferred tax in accordance with IFRIC 23 – Uncertainty over Income Tax
Treatments. Where uncertainty exists, the Group assesses whether it is probable that the tax authority will accept
the treatment. If not, the effect of the uncertainty is reflected using the most likely amount or expected value method.

Persimmon Plc Annual Report 2024 159
Financial statementsGovernance Other informationStrategic report
2 Accounting policies continued
Property, plant and equipment
It is the Group’s policy to hold property, plant and equipment at cost less accumulated depreciation, subject to the
requirement to test assets for impairment.
Depreciation on property, plant and equipment is provided using the straight line method to write off the cost less any
estimated residual value, over the estimated useful lives on the following bases:
Plant and equipment – 3 to 5 years.
Fixtures and fittings – 3 to 5 years.
Owned utility infrastructure – 15 to 40 years.
Freehold buildings – 50 years.
No depreciation is provided on freehold land.
The assets’ useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial year end.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
Investments
Interests in subsidiary undertakings are valued at cost less impairment. Other investments are stated at fair value.
Joint ventures and associates
A joint venture is an entity in which the Group holds an interest with one or more other parties where a contractual
arrangement has established joint control over the entity, and where the arrangements entitle the Group to a share
of the net assets of the entity.
An associate is an entity in which the Group holds an interest with one or more other parties where it exerts significant
influence, but not overall control, over the entity.
Investments in joint ventures and associates are accounted for under the equity method of accounting.
Joint operations
A joint operation is an arrangement or entity in which the Group holds an interest with one or more other parties where
a contractual arrangement has established joint control over the operation and where the arrangements entitle the
Group to rights over specific assets or obligations of the operation. The Group recognises its share of revenue, costs,
assets and liabilities for its joint operations.
Shared equity loan receivables
Receivables on extended terms granted as part of a sales transaction are secured by way of a second legal charge
on the respective property. The loans are classified as financial assets held at fair value through profit or loss and are
carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive
income as described in note 17.
Inventories
Inventories are stated at the lower of cost and net realisable value. Land with planning includes undeveloped land and
land under development and is initially recorded at discounted cost. Where, through deferred purchase credit terms,
the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged
as a finance cost in the statement of comprehensive income over the period of settlement. Work in progress comprises
direct materials, labour costs, site overheads, associated professional charges and other attributable overheads.
Net realisable value represents the estimated selling prices less all estimated costs of completion and overheads.
Investments in land without the benefit of a planning consent are initially included at cost. Regular reviews are carried
out to identify any impairment in the value of the land considering the existing use value of the land and the likelihood
of achieving a planning consent and the value thereof. Provision is made to reflect any irrecoverable amounts.
Expenditure relating to forward land, including options and fees, is held at cost. If the option expires or the Directors
no longer consider it likely that the option will be exercised prior to the securing of planning permission, the amount is
subject to an annual impairment review.
Impairment of financial assets
The Group recognises an allowance for expected credit losses for all debt instruments not held at fair value through
profit and loss. Expected credit losses are based on the difference between the contracted cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation
of the original effective interest rate.
For trade receivables and, in the Parent Company, intercompany receivables, the Group applies a simplified approach
in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime expected credit losses at each balance sheet date.
Inter-Group guarantees
The Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the
Group. These have been of insignificant value in the year.
Trade and other payables
Trade payables on normal terms are not interest bearing and are stated at amortised cost. Trade payables on extended
terms, particularly in respect of land purchases, are initially recorded at their fair value and subsequently measured at
amortised cost using the effective interest method.

Persimmon Plc Annual Report 2024160
Notes to the financial statements continued
For the year ended 31 December 2024
2 Accounting policies continued
Provisions
Provisions are recognised when the Group has a present commitment as a result of a past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle that commitment. Provisions are measured
at the Directors’ best estimate of the expenditure required to settle the commitment at the balance sheet date and are
discounted to present value where the effect is material.
Deposits
New property deposits and on account contract receipts are held within current trade and other payables until the
legal completion of the related property or cancellation of the sale.
Cash and cash equivalents
Cash and cash equivalents include cash and balances in the bank accounts with no notice or less than three months’
notice from inception, and are subject to insignificant risk of changes in value.
Interest bearing borrowings
Interest bearing borrowings and partnership liabilities are carried at amortised cost.
Dividends
Dividends receivable by the Parent Company from subsidiaries are accounted for on a cash basis, or once formally
approved by the shareholders of the subsidiary companies. These cash flows are treated as operating cash flows on
the basis that the Parent Company’s underlying activities includes receiving dividends from its subsidiaries.
Dividends payable are recorded in the period in which they are approved or paid, whichever is earliest.
Own shares held
The Group may acquire holdings in its own shares either directly or via employee benefit trusts. The acquisition cost of
such shares (including associated purchase costs) is treated as a deduction from retained earnings. Such shares may
be used in satisfaction of employee options or rights, in which case the cost of such shares is reversed from the retained
earnings on a ‘first in first out’ basis.
Transactions of the Company sponsored EBT are treated as being those of the Company and are therefore reflected in
the Company financial statements. In particular, the trust’s purchases and sales of shares in the Company are debited
and credited directly to equity.
3 Critical accounting judgements and key sources
of estimation uncertainty
In applying the Group’s accounting policies which are described in note 2, the Directors have made no individual
judgements that have a significant impact upon the financial statements, excepting those involving estimation which
are dealt with below. The key sources of estimation uncertainty at the balance sheet date are:
Pensions
The Directors have employed the services of a qualified, independent actuary in assessing pension assets/liabilities.
However, they recognise that final liabilities and asset returns may differ from actuarial estimates and therefore the
ultimate pension asset/liability may differ from that included in the financial statements. For further information on the
estimates used, please refer to note 28.
Provisions
The Group holds a provision of £235.3m (2023: £283.2m) based on management’s best estimates of the costs of
completing works to ensure fire safety on affected buildings under direct ownership, and to work with and support
owners and other relevant stakeholders on buildings it has developed. The prior year provision represented
management’s best estimate of the liability based on the information available at that point. During 2022 we signed the
Building Safety Pledge (England) and worked constructively with the Government to agree the ‘Long–Form Contract’ that
turned the pledge into a legal agreement. The Self Remediation Contract was signed on 13 March 2023. As we have
worked through this process we have identified further eligible multi-storey developments requiring remediation for
which we will be liable, and developed a more detailed understanding of remediation costs.
The number of developments we are responsible for has increased and now stands at 83 (2023: 82) (of which 40 have
now either secured EWS1 certificates or concluded any necessary works).
These estimates may change over time as further information is assessed, remedial works progress, the interpretation
of fire safety regulations further evolves and further developments requiring remediation works are potentially identified.
The assessment of the provision remains a highly complex area with judgements and estimates in respect of the costs
of remedial works to be incurred. Whilst we have exercised our best judgement in these matters, there remains the
potential for variations to this estimate from multiple factors such as material, energy and labour cost inflation, limited
qualified contractor availability and abnormal works identified on intrusive surveys. Should a 20% variation in the costs
of untendered projects occur then the overall provision would vary by +/- £9.6m.
The following areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125 of
IAS 1, Presentation of Financial Statements as it is not expected there is a significant risk of a material adjustment to the
carrying amount of assets within the next financial year. They are presented as an additional disclosure of estimate
used in these accounts.
Land and work in progress
Given the high quality of the Group’s inventory asset base, the sensitivity of the assumptions used in assessing the
net realisable value (‘NRV’) of the Group’s inventories is relatively low. As such no reasonably possible change in
assumptions is likely to result in a material impact to the carrying value of the Group’s land and work in progress
balance within the next 12 months. The disclosure below provides additional insight into the carrying value of the
Group’s land and work in progress.
Valuations of the Group’s developments, which include an estimation of costs to complete and anticipated revenues,
are carried out at regular intervals throughout the year. The valuations allocate total expected site development costs
between units built in the current year and those to be built in future years. These valuations therefore include a degree
of uncertainty when estimating the profitability of a site and in assessing any impairment provision which may be required.
During the year ended 31 December 2024, the Group conducted reviews of the NRV of its development land and
work in progress carrying values. The reviews were conducted on a site-by-site basis, using assumptions surrounding
anticipated selling prices and the level of future development costs, based on local management and the Board’s
assessment of market conditions existing at the balance sheet date.

Persimmon Plc Annual Report 2024 161
Financial statementsGovernance Other informationStrategic report
3 Critical accounting judgements and key sources
ofestimationuncertainty continued
Land and work in progress continued
As noted above, the sensitivity of these assumptions to inventory carrying value is relatively low. However, the most
sensitive assumption relates to the consideration of the Group’s average selling price prognosis – for example, the
Directors have modelled a scenario involving an immediate and enduring reduction in Group average selling price of
10% across each plot in the Group’s owned land holdings (it is important to note that the enduring nature of this
assumption would present unusually unique circumstances when considered in the context of the UK housing market). Such
a scenario would not result in a material adjustment to the carrying value of the Group’s inventory. Given these factors,
the Board does not believe that a reasonably possible change in the assumptions could result in a material impairment
of land and work in progress carrying values in the next 12 months. Cost of materials and labour have been included in
the assessment of sensitivity and are considered to be immaterial in the valuation of the Group’s inventory.
If there are significant movements in UK house prices or development costs, beyond management’s reasonably
possible expectations, then further impairments of land and work in progress may be necessary.
Shared equity loan receivables
Shared equity loan receivables comprise loans granted as part of sales transactions that are secured by way of a second
legal charge on the respective property. The fair value of these receivables is determined by taking into account factors
such as the length of time that the loan has been outstanding, market conditions, including those in respect of house
price inflation, forced sale discount and probability of borrower default. The variables used are kept under regular
review to ensure that as far as possible they reflect current economic circumstances; however, changes in house prices,
redemption dates, interest rates, unemployment levels and bankruptcy trends in the UK could result in actual returns
differing from reported valuations. At 31 December 2024 the loan recognised on the balance sheet was £29.0m
(2023: £32.1m).
4 Principal activities
The Group has only one reportable operating segment, being housebuilding within the UK, under the control of the
Executive Board. The Executive Board has been identified as the Chief Operating Decision Maker as defined under
IFRS 8 Operating Segments.
5 Revenue
An analysis of the Group’s revenue is as follows:
Revenue from the sale of new housing - private
2,606.0
2,195.1
Revenue from the sale of new housing - housing association
257.3
342.5
Revenue from the sale of new housing - total
2,863.3
2,537.6
Revenue from the sale of part exchange properties
322.6
223.7
Revenue from the provision of internet services
14.8
11 . 9
Revenue from the sale of goods and services as reported in the statement of
comprehensive income
3,200.7
2,773.2
Other operating income
9.8
8.6
Finance income
11 . 1
19.7
3,221.6
2,801.5
Revenue from the sale of new housing includes £361.5m (2023: £282.5m) in respect of the value of properties accepted
in part exchange by the Group. Of this £154.4m (2023: £114.6m) is reported within inventories at 31 December.
6 Exceptional items
During the year, the Group recognised an exceptional charge of £25.0m in relation to its investment and long-term
loan notes in TopHat Enterprises Limited which writes down the value of the investment and long-term loan notes to £nil.
The write down being due to a re-assessment of risks within the modular build sector. In addition, there is a charge of
£7.4m that relates to costs incurred on professional fees for one-off projects, including for prospective M&A opportunities
and the ongoing CMA investigation (disclosed in note 27), which have been classified as exceptional given they are
non-recurring in nature.
The Group has also recognised a net exceptional charge of £2.0m in relation to the anticipated costs of the Group’s
commitments to the costs of removal of combustible claddings and other fire related remediation works. Further details
on this provision can be found in notes 3 and 22.
In total there was a net exceptional charge of £34.4m (2023: £nil) in the year, of which £27.0m is non-cash related.
All items have been disclosed as exceptional due to the non-recurring nature and scale of the charge to aid understanding
of the financial performance of the Group and to assist in the comparability of financial performance between
accounting periods.

Persimmon Plc Annual Report 2024162
Notes to the financial statements continued
For the year ended 31 December 2024
7 Key management remuneration
Key management personnel, as disclosed under IAS 24 Related Party Disclosures, have been identified as the Board of
Directors. Detailed disclosures of individual remuneration, including the highest paid director for both years, pension
entitlements and share options for those Directors who served during the year, are given in the Annual Report on
Remuneration on pages 118 to 142. The aggregate key management remuneration is as follows:
Short-term benefits
3.0
2.8
Termination benefits
—
—
Share-based payments
2.3
0.8
5.3
3.6
Total gains on exercise of options by key management in the year amount to £0.2m (2023: £0.2m).
8 Employees
Group
The average monthly number of persons (including Executive Directors) employed by the Group during the year was
4,537 (2023: 5,186).
Wages and salaries
246.3
265.5
Social security costs
29.9
29.1
Pensions charge
11 . 4
6.8
Share-based payments
7.1
1.2
294.7
302.6
The Group also uses the services of a substantial number of self-employed labour-only site operatives.
Company
The average monthly number of persons (including Executive Directors) employed by the Company during the year was
525 (2023: 545).
Wages and salaries
50.2
47.5
Social security costs
6.6
5.9
Pensions charge
4.0
1.4
Share-based payments
3.6
0.5
64.4
55.3
9 Net finance income
Interest receivable on bank deposits
2.6
9.1
Gains on shared equity loan receivables
1.5
1.6
Net interest on pension asset
5.7
7. 4
Other interest receivable
1.3
1.6
Finance income
11 . 1
19.7
Interest expense on bank overdrafts and loans
8.2
2.5
Imputed interest on deferred land payables
3.8
6.0
Imputed interest on legacy building provision
7.4
4.3
Interest on partnership liability
0.9
1.1
Other interest payable
0.9
0.9
Finance costs
21.2
14.8
Net finance (expense)/income
(10.1)
4.9

Persimmon Plc Annual Report 2024 163
Financial statementsGovernance Other informationStrategic report
10 Profit from operations
Staff costs (note 8)
294.7
302.6
Profit on sale of land holdings
(5.7)
(4.2)
Government grants
(2.4)
(0.6)
Rent receivable
(3.2)
(3.4)
Profit on sale of property, plant and equipment
(2.5)
(0.9)
Depreciation of owned assets
20.1
18.7
Impairment of intangible assets
1.6
7.6
The Group received Government grants totalling £1.8m (2023: £nil) in the year.
Amounts payable to the auditor, Ernst & Young LLP, and their associates in respect of:
Audit of the Parent Company and consolidated financial statements
802
787
Audit of the Company’s subsidiaries pursuant to legislation
35
30
Total fees for the audit of the Company and its subsidiaries
837
817
Audit related assurance services
96
75
Non-audit related fees
78
77
Total non-audit fees
174
152
1 , 011
969
The extent of non-audit fees and non-audit related service fees payable to Ernst & Young LLP and its affiliated entities
is reviewed by the Audit & Risk Committee in the context of fees paid by the Group to its other advisors during the year.
The Committee also reviews the nature and extent of non-audit services to ensure that independence is maintained.
Fees to major firms of accountants other than Ernst & Young LLP and its affiliated entities for non-audit services
amounted to £911,764 (2023: £1,063,154).
11 Ta x
11.1 Analysis of tax charge for the year
UK corporation tax in respect of the current year
78.8
81. 2
Residential Property Developer Tax (‘RPDT’) in respect of the current year
12.3
13.0
Adjustments in respect of prior years
(9.1)
(0.2)
82.0
94.0
Deferred tax relating to origination and reversal of temporary differences
13.7
2.8
Adjustments recognised in the current year in respect of prior year’s deferred tax
(3.7)
(0.4)
10.0
2.4
Tax charge for the year recognised in statement of comprehensive income
92.0
96.4
The tax charge for the of £92.0m includes a tax charge of £10.0m relating to the exceptional items detailed in note 6.
The tax charge for the year can be reconciled to the accounting profit as follows:
Profit from continuing operations
359.1
351. 8
(2023: 27.5%)
104.1
96.7
Goodwill impairment losses that are not deductible
0.5
1.8
Expenditure not allowable for tax purposes
2.1
0.9
Items not deductible for RPDT
(0.3)
(0.6)
Enhanced tax reliefs
(1.6)
(1.8)
Adjustments in respect of prior years
(12.8)
(0.6)
Tax charge for the year recognised in statement of comprehensive income
92.0
96.4
The tax charge for the year includes both current and deferred tax. The tax charge is based upon the expected tax rate for
the full year, which is applied to taxable profits for the year, together with any charge or credit in respect of prior years
and the tax impact of one-off/non-recurring items arising in the same year. Current tax includes both UK corporation tax
and the Residential Property Developer Tax (RPDT).
Deferred Tax is calculated as the tax payable or recoverable in future accounting periods in respect of temporary
differences which may be taxable or allowed as deductible. Temporary differences represent the difference between the
carrying amount of an asset or liability in the financial statements and the relevant tax base.

Persimmon Plc Annual Report 2024164
Notes to the financial statements continued
For the year ended 31 December 2024
11 Tax continued
11.1 Analysis of tax charge for the year continued
The effective rate of tax for the period was 25.6% which was lower than in the prior year (2023: 27.4%) as a result of
deductions arising from the finalisation of prior year tax returns, including one-off items in respect to the treatment of
building safety remediation provisions.
11.2 Deferred tax recognised in other comprehensive income (note 24)
Recognised on remeasurement loss on pension schemes
0.4
9.8
11.3 Tax recognised directly in equity
Current tax related to equity settled transactions
(0.1)
(0.6)
Deferred tax related to equity settled transactions (note 24)
0.9
(0.7)
0.8
(1.3)
UK adoption of OECD Pillar 2: There is no impact from the implementation of the UK’s domestic top-up tax, as the Group
does not have any profits arising in any entities which are located in a non-UK jurisdiction, and which are taxed below the
minimum rate of tax of 15%.
12 Dividends/return of capital
2022 final dividend to all shareholders of 60p per share paid 2023
—
191. 5
2023 interim dividend to all shareholders of 20p per share paid 2023
—
63.9
2023 final dividend to all shareholders of 40p per share paid 2024
127.9
—
2024 interim dividend to all shareholders of 20p per share paid 2024
63.9
—
Total capital return
191.8
255.4
The Directors propose a 40p final dividend in respect of the financial year 31 December 2024 to shareholders
for each ordinary share held on the register on 20 June 2025 with payment made on 11 July 2025. The total
anticipated distributions to shareholders is 60p per share (2023: 60p per share) in respect of the financial year
ended 31 December 2024.
The Parent Company received £nil dividends from wholly owned subsidiary undertakings during 2024 (2023: £155.0m).
13 Earnings per share
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue during the year, excluding those held in the employee benefit
trusts (see note 25) and any treasury shares, all of which are treated as cancelled, which were 319.6m (2023: 319.2m).
Diluted earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue adjusted to assume conversion of all potentially dilutive ordinary
shares from the start of the year, giving a figure of 323.1m (2023: 321.0m).
Underlying earnings per share excludes the net exceptional charge and goodwill impairment. The earnings per share
from continuing operations were as follows:
2024
2023
Basic earnings per share
83.6p
80.0p
Underlying basic earnings per share
92.1p
82.4p
Diluted earnings per share
82.7p
79.5p
Underlying diluted earnings per share
91.1p
81.9p
The calculation of the basic and diluted earnings per share is based upon the following data:
Underlying earnings attributable to shareholders
294.2
263.0
Net exceptional charge (net of tax)
(25.5)
—
Goodwill impairment
(1.6)
(7.6)
Earnings attributable to shareholders
267.1
255.4

Persimmon Plc Annual Report 2024 165
Financial statementsGovernance Other informationStrategic report
14 Intangible assets
At 1 January 2023 and 1 January 2024
412.8
60.0
—
1.9
474.7
Additions in the year
—
—
0.8
—
0.8
At 31 December 2024
412.8
60.0
0.8
1.9
475.5
At 1 January 2023
299.8
—
—
1.9
301.7
acquisition
4.0
—
—
—
4.0
Impairment losses for the year – utilisation of
strategic land holdings
3.6
—
—
—
3.6
At 1 January 2024
307.4
—
—
1.9
309.3
Impairment losses for the year – utilisation of
strategic land holdings
1.6
—
—
—
1.6
At 31 December 2024
309.0
—
—
1.9
310.9
At 31 December 2024
103.8
60.0
0.8
—
164.6
At 31 December 2023
105.4
60.0
—
—
165.4
Goodwill brought forward at the start of the year of £105.4m includes £87.0m (2023: £90.2m) which arose on acquisitions
before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject to being tested for impairment.
£37.0m (2023: £37.0m) of this amount represented the brand value of Charles Church, acquired with Beazer Group Plc
in 2001.
Acquired brand values, including the brand value of Charles Church which is classified as goodwill as this was acquired
before the date of transition to IFRSs, are calculated based on discounted cash flows and are tested annually for impairment.
The remainder of goodwill is allocated to acquired strategic land holdings and is tested annually for impairment.
The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is allocated for
impairment testing purposes down to a lower level than the Group’s single operating segment, being to Charles Church
and to the portfolios of strategic land holdings throughout the UK acquired with Beazer and Westbury. The key assumptions
for value in use calculations are those regarding discount and growth rates. Growth rates incorporate volume, selling
price and direct cost changes.
The Group prepares cash flow forecasts derived from the most recent financial forecasts approved by management
to form the basis of the Group’s five-year business plan.
When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary
between 3% and 10% (2023: 5% and 9%), reflecting the economic uncertainties associated with the ongoing war
in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry.
The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary
between -2% and 6% (2023: -5% and 2%).
After this period the growth rates applied to calculate the cash flow forecasts is 1% (2023: between 1% and 2%)
reflecting management’s estimate of the forecast recovery in the UK housing market, which do not exceed the long-term
average growth rates for the industry.
Management used pre-tax discount factors between 5% and 10% (2023: 6% and 10%) over the forecast periods.
The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally
completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission
in the remaining strategic land holdings, taking account of historical experience and market conditions. This review
resulted in an underlying impairment of £1.6m (2023: £3.6m). This charge reflects ongoing consumption of the acquired
strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill will be
completely impaired once the final plot for which management expects to receive a satisfactory planning permission
is sold. The timescale for full impairment to occur is difficult to calculate; however, based on current estimates, it is
believed this will take over 20 years.
On concluding the annual impairment testing, there remains £48.7m (2023: £50.0m) and £18.1m (2023: £18.4m)
of Beazer and Westbury goodwill allocated to strategic land holdings and £37.0m (2023: £37.0m) allocated to the
Charles Church brand. In addition, there is £60.0m (2023: £60.0m) of carrying value in relation to the Westbury brand.
No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being
required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing,
or appropriate discount rates increasing, the possibility of impairment losses in the future remains.
Software has been developed for the purpose of site productivity improvement by the Group during the year.
Other intangible assets include know-how and acquired on acquisition of subsidiary companies, and computer
software developed by the Group.
Other intangible assets and software are recorded at directly attributable costs determined at the time of acquisition/
development. Other intangible assets and software are amortised on a straight line basis over a period of 5 years from
the point where fully operational. Other intangible assets and software are reviewed for impairment when there is a
triggering event.

Persimmon Plc Annual Report 2024166
Notes to the financial statements continued
For the year ended 31 December 2024
At 1 January 2023 and 1 January 2024
5.0
—
5.0
Additions in the year
—
0.7
0.7
At 31 December 2024
5.0
0.7
5.7
At 1 January 2023
4.7
—
4.7
Charge for the year
0.3
—
0.3
At 1 January 2024
5.0
—
5.0
Charge for the year
—
—
—
At 31 December 2024
5.0
—
5.0
At 31 December 2024
—
0.7
0.7
At 31 December 2023
—
—
—
15 Property, plant and equipment
At 1 January 2023
54.6
148.6
31. 9
235.1
Additions
5.6
17. 5
17. 6
40.7
Disposals
—
(9.3)
(1.8)
(11.1)
At 1 January 2024
60.2
156.8
47.7
264.7
Additions
4.2
15.9
16.5
36.6
Disposals
(5.4)
(17.0)
(1.1)
(23.5)
At 31 December 2024
59.0
155.7
63.1
277.8
At 1 January 2023
10.8
86.1
19.6
116.5
Charge for the year
2.4
11 . 6
4.7
18.7
Disposals
—
(9.2)
(1.8)
(11.0)
At 1 January 2024
13.2
88.5
22.5
124.2
Charge for the year
2.4
12.3
5.4
20.1
Disposals
(3.2)
(16.8)
(1.1)
(21.1)
At 31 December 2024
12.4
84.0
26.8
123.2
At 31 December 2024
46.6
71.7
36.3
154.6
At 31 December 2023
47.0
68.3
25.2
140.5
At 31 December 2024, the Group had £1.8m of contractual commitments for the acquisition of property, plant and
equipment (2023: £13.9m).
Within additions for the year are £5.1m of right-of-use assets (2023: £4.5m). At 31 December 2024 a right-of-use
asset of £13.5m is reported within property, plant and equipment (2023: £12.3m).
14 Intangible assets continued

Persimmon Plc Annual Report 2024 167
Financial statementsGovernance Other informationStrategic report
15 Property, plant and equipment continued
At 1 January 2023
2.8
1.5
7. 1
11 . 4
Additions
—
0.6
4.6
5.2
Disposals
—
(0.1)
(0.8)
(0.9)
At 1 January 2024
2.8
2.0
10.9
15.7
Additions
—
0.7
3.8
4.5
Disposals
—
(0.1)
(0.1)
(0.2)
At 31 December 2024
2.8
2.6
14.6
20.0
At 1 January 2023
0.8
1.0
5.3
7. 1
Charge for the year
0.1
0.4
0.7
1.2
Disposals
—
(0.1)
(0.8)
(0.9)
At 1 January 2024
0.9
1.3
5.2
7. 4
Charge for the year
0.2
0.4
1.6
2.2
Disposals
—
—
(0.1)
(0.1)
At 31 December 2024
1.1
1.7
6.7
9.5
At 31 December 2024
1.7
0.9
7.9
10.5
At 31 December 2023
1.9
0.7
5.7
8.3
16 Investments
16.1 Investments accounted for using the equity method
At 1 January 2023
—
0.3
New investments in the year
0.7
—
At 1 January 2024
0.7
0.3
Written off in the year
(0.7)
—
At 31 December 2024
—
0.3
Investments in associates and joint ventures are accounted for under the equity method of accounting. All principal joint
ventures have a single external partner holding a 50% interest giving an equal interest in the trade and net assets of the
joint ventures. There are no significant restrictions on these entities.
During 2024, a charge of £0.7m writing down of the value of the investment in TopHat Enterprises Limited to £nil was
recognised as an exceptional item - impairment of a financial asset in the Consolidated Statement of Comprehensive
Income. The write down being due a re-assessment of risks within the modular build sector.
The Group’s share of assets and liabilities of joint ventures is shown below:
Non-current assets
0.1
0.8
Current assets
0.2
0.2
Net assets of joint ventures
0.3
1.0
16.2 Investments in subsidiaries
At 1 January 2023, 31 December 2023 and 31 December 2024
3,540.7
3,540.7
At 1 January 2023, 31 December 2023 and 31 December 2024
335.0
335.0
At 1 January 2023, 31 December 2023 and 31 December 2024
3,205.7
3,205.7

Persimmon Plc Annual Report 2024168
Notes to the financial statements continued
For the year ended 31 December 2024
16 Investments continued
16.2 Investments in subsidiaries continued
The annual review of the carrying value of the investment in subsidiaries saw the Group undertake an impairment
review to ensure the carrying value of the investment was supportable. This resulted in £nil impairment issues (2023:
£nil impairment). Details of Group undertakings are set out in notes 32 and 33.
17 Shared equity loan receivables
At 1 January
32.1
36.0
Settlements
(4.6)
(5.7)
Gains
1.5
1.8
At 31 December
29.0
32.1
All gains/losses have been recognised in the Consolidated Statement of Comprehensive Income. Of the gains
recognised in finance income for the period £nil (2023: £0.2m) was unrealised.
Shared equity loan receivables comprise loans, largely with a ten-year term and variable repayment amounts,
provided as part of sales transactions that are secured by way of a second legal charge on the related property.
Loans are repayable at the borrower’s option, on sale or transfer of the related property or other redemption of the
first legal charge or at the end of the fixed term. The loans are recorded at fair value, being the estimated future amount
receivable by the Group, discounted to present day values.
The fair value of future anticipated cash receipts takes into account the Directors’ view of future house price movements,
the expected timing of receipts and the likelihood that a purchaser defaults on a repayment.
The Directors revisit the future anticipated cash receipts from the loans at the end of each financial reporting period.
The difference between the anticipated future receipt and the initial fair value is credited over the estimated deferred
term to finance income, with the loan increasing to its full expected cash settlement value on the anticipated receipt
date. Credit risk, which the Directors currently consider to be largely mitigated through holding a second legal charge
over the assets, is accounted for in determining fair values and appropriate discount factors are applied. The Directors
expect an average maturity profile of between five and ten years from the balance sheet date.
Further disclosures relating to loans are set out in note 23.
18 Inventories
Land
2,265.6
2,103.5
Work in progress
1,426.3
1,431.3
Part exchange properties
154.4
114.6
Showhouses
56.5
51. 8
3,902.8
3,701.2
The Directors consider all inventories to be essentially current in nature although the Group’s operational cycle is such
that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when
specific inventory will be realised as this is subject to a number of issues, including consumer demand and planning
permission delays.
The Group conducted a further review of the net realisable value of its land and work in progress portfolio at
31 December 2024. Our approach to this review has been consistent with that conducted at 31 December 2023.
This review gave rise to a reversal of £nil (2023: £nil) of provision on inventories that were written down in a previous
accounting period and an impairment of land and work in progress of £nil (2023: £13.7m). Net realisable provisions
held against inventories at 31 December 2024 were £16.8m (2023: £18.9m).
The key judgements in estimating the future net realisable value of a site were the estimation of likely sales prices, house
types and costs to complete the developments. Sales prices and costs to complete were estimated on a site-by-site
basis based upon existing market conditions. If the UK housing market were to improve or deteriorate in the future then
further adjustments to the carrying value of land and work in progress may be required. Following the 2024 review,
£26.4m (2023: £27.4m) of inventories are valued at net realisable value rather than at historical cost. No reasonable
change in assumptions would lead to further impairment at the balance sheet date.
Land with a carrying value of £1,043.2m (2023: £796.4m) was used as security for land payables (note 21).
The value of inventories expensed in 2024 and included in cost of sales was £2,442.6m (2023: £1,845.8m).
19 Trade and other receivables
Other receivables
—
6.9
—
—
Amounts owed by Group undertakings
—
—
2,045.6
2,040.4
—
6.9
2,045.6
2,040.4
Trade receivables
116.5
143.2
0.4
0.5
Other receivables
15.2
10.9
18.8
10.0
Prepayments and accrued income
36.1
27.9
9.4
6.8
167.8
182.0
28.6
17.3
Trade and other receivables are non-interest bearing, and the Group applies a simplified approach in calculating
expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime expected credit losses at each reporting date. The Directors consider that the carrying value of trade
receivables approximates to their fair value.

Persimmon Plc Annual Report 2024 169
Financial statementsGovernance Other informationStrategic report
19 Trade and other receivables continued
No allowance for expected credit losses is deemed necessary in respect of amounts owed by Group undertakings.
Less than 3 months
13.4
16.9
Over 3 months
4.3
7. 5
17. 7
24.4
The carrying value of trade and other receivables is stated after the following allowance for expected credit losses:
At 1 January
2.2
2.0
Allowance for expected credit losses charged
0.4
0.4
Amounts written off during the year as uncollectable
(0.3)
(0.2)
At 31 December
2.3
2.2
20 Borrowings
Detailed disclosure of the Group’s usage of financial instruments is included in note 23. There are £nil borrowings
at 31 December 2024 (2023: £nil).
The contractual repayment terms of facilities are as noted below:
Revolving Credit Facility
GBP
2029
700.0
700.0
Total Available facilities
751.0
731. 0
The interest rate applicable to the syndicated loan may increase dependent upon the Group’s gearing level.
The discount rate applies to current and forecast gearing levels.
21 Trade and other payables
Land payables
183.3
167.7
—
—
Other payables
12.9
11 . 0
2.3
1.3
196.2
178.7
2.3
1.3
Trade payables
277.7
312 . 8
4.1
5.6
Land payables
239.9
204.3
—
—
Other payables
65.9
66.5
21. 2
17.6
Accrued expenses
222.8
238.1
10.5
8.8
Amounts owed to Group undertakings
—
—
3,760.9
3,623.1
806.3
8 21. 7
3,796.7
3,655.1
Trade payables subject to payment terms were 27 days (2023: 35 days), based on the ratio of year end trade payables
(excluding retentions and unagreed claims) to amounts invoiced during the year by trade creditors. The Group has
financial risk management policies in place to ensure that all payables are paid within the pre-agreed terms. The
Directors consider that the carrying amount of trade payables approximates to their fair value.
Land payables are reduced for imputed interest, which is charged to the statement of comprehensive income over
the credit period of the purchase contract.
Included in other payables are £14.5m (2023: £12.9m) associated with right to use assets.

Persimmon Plc Annual Report 2024170
Notes to the financial statements continued
For the year ended 31 December 2024
22 Legacy buildings provision
At 1 January
283.2
333.3
Additions to provision in the year
25.0
—
Imputed interest on provision in the year
7.4
4.3
Provision released in the year
(23.0)
(6.6)
Provision utilised in the year
(57.3)
(47.8)
At 31 December
235.3
283.2
In 2020 the Group made an initial commitment that no leaseholder living in a building we had developed should have
to cover the cost of removal of combustible cladding. During 2022 we signed the Building Safety Pledge (England)
and worked constructively with the Government to agree the ‘Long-Form Contract’ that turned the pledge into a legal
agreement. The Self Remediation Contract was signed on 13 March 2023.
In the year we have been informed by a management company of a potential liability for fire remediation costs, and
we have added one development to the total number of developments. The number of developments we are now
responsible for stands at 83, of which 40 have now either secured EWS1 certificates or concluded any necessary
works. It is assumed the majority of the work will be completed over the next two years and the amount provided for
has been discounted accordingly.
During the year £57.3m of the provision has been utilised for works undertaken whilst £7.4m of imputed interest has
been charged to the statement of comprehensive income through finance costs. During the year £23.0m of the provision
has been released and £25.0m has been charged, following a review of the projected costs to complete rectification
work. This includes the recoverability of VAT applicable to such costs resulting in the £23.0m release, offset by complications
and additional rectification works identified once site works commenced and facades were stripped, being the basis
for the £25.0m charge. Due to the non-recurring nature of these charges they have been disclosed as exceptional items
to support the understanding of the financial performance and improve the comparability between reporting periods.
Based on current cashflow forecasts management forecast that £111.4m of the provision will be utilised within the next
12 months and as a result has been reported as a current liability in the 31 December 2024 balance sheet.
The assessment of the provision remains a highly complex area with judgements and estimates in respect of the cost
of the remedial works, with investigative surveys ongoing to determine the full extent of those required works. Where
remediation works have not yet been fully tendered we have estimated the likely scope and costs of such works based
on experience of other similar sites. Whilst we have exercised our best judgement of these matters, there remains the
potential for variations to this estimate from multiple factors such as material, energy and labour cost inflation, limited
qualified contractor availability and abnormal works identified on intrusive surveys. Should a 20% variation in the costs
of untendered projects occur then the overall provision would vary by +/- £9.6m.
The financial statements have been prepared on the latest available information; however, there remains the possibility
that, despite management’s endeavours to identify all such properties, including those constructed by acquired entities
well before acquisition, further developments requiring remediation may emerge.
The Company has no provisions.
23 Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
●
market risk;
●
liquidity risk;
●
capital risk; and
●
credit risk.
This note presents basic information regarding the Group’s exposure to these risks and the Group’s objectives, strategy
and processes for measuring and managing exposure to them. Unless otherwise stated references to the Group should
be considered to apply to the Company as well.
The Board has overall responsibility for the assessment and effective management of the Group’s risks. Comprehensive
processes are in place to identify, monitor, mitigate and control risks, through the work of the Audit & Risk Committee,
Group Internal Audit department and operational management teams. This includes a wide-ranging annual survey of
the Board and senior management in order to assess key risk issues and emerging risks. Collectively, these processes
provide the Board with visibility of the Group’s full risk landscape, while remaining focused on the most significant
threats and trends, and allow for the effective deployment of supporting controls.
Market risk
Market risk represents the potential for changes in foreign exchange prices and interest rates to affect the Group’s profit
and the value of its financial instruments. It also incorporates the effect of the overall UK housing market on the Group.
The Group’s objective in market risk management is to minimise its exposures to fluctuations within such variables whilst
optimising returns.
The Group has no significant direct currency exposures.
Interest rate risk
The Group currently holds no fixed interest borrowings. This reflects the low borrowing requirements of the Group.
The Group has no formal target for a ratio of fixed to floating funding. The responsibility for setting the level of fixed
rate debt lies with the Board and is regularly reviewed in light of economic data provided by a variety of sources.
Sensitivity analysis
If in the year ended 31 December 2024 UK interest rates had been 1.0% higher/lower than the Group’s pre-tax profit
would have increased/decreased by £nil (2023: increased/decreased by £2.8m). The Group’s post-tax profit would
have increased/decreased by £nil (2023: increased/decreased by £2.0m). The Group’s cash balance in 2024 would
have increased/decreased by £0.8m (2023: £2.8m) if interest rates had been 1.0% higher/lower. This is offset by the
interest charge on the Revolving Credit Facility used in the year which would have increased/decreased by £0.8m
(2023: £nil) if interest rates had been 1.0% higher/lower.
These sensitivities have been prepared in respect of the direct impact of such an interest rate change on the financing
expense of financial instruments only, and do not attempt to estimate the indirect effect such a change may have on the
wider economic environment such as house pricing, mortgage availability and exchange rates.

Persimmon Plc Annual Report 2024 171
Financial statementsGovernance Other informationStrategic report
23 Financial risk management continued
Housing market risk
The Group is fundamentally affected by the level of UK house prices. These in turn are affected by factors such as
credit availability, employment levels, interest rates, consumer confidence and supply of land with planning.
Whilst it is not possible for the Group to fully mitigate such risks on a national macroeconomic basis the Group does
continually monitor its geographical spread within the UK, seeking to balance its investment in areas offering the best
immediate returns with a long-term spread of its operations throughout the UK to minimise the risk of local microeconomic
fluctuations. The Group has taken steps to control its speculative build and land acquisition activities and work in
progress levels so as to manage the exposure of the Group to any further market disruption.
Sensitivity analysis
At 31 December 2024, if UK house prices had been 10% higher/lower, and all other variables were held constant,
the Group’s house price linked financial instruments, which are solely shared equity loan receivables, would increase/
decrease in value, excluding any effects of current or deferred tax, by £2.9m (2023: £3.2m).
Liquidity risk
Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial obligations as they fall
due. The Group’s strategy in relation to managing liquidity risk is to ensure that the Group has sufficient liquid funds to
meet all its potential liabilities as they fall due.
This is true not only of normal market conditions but also of negative projections against expected outcomes, so as to
avoid any risk of incurring contractual penalties or damaging the Group’s reputation, which would in turn reduce the
Group’s ability to borrow at optimal rates. Therefore the Group remains confident of its continued compliance with
financial covenants under the Revolving Credit Facility even in the event of deterioration in market conditions. Further
information on the Group’s liquidity forecast process is included in the Viability Statement on pages 76 to 78.
The Group has entered into a number of deferred payment guarantees and performance bonds in the normal course
of operations. The liabilities to which these guarantees relate are recognised and accounted for in accordance with
our standard accounting policies.
Liquidity forecasts are produced on (i) a daily basis to ensure that utilisation of current facilities is optimised; (ii) a monthly
basis to ensure that covenant compliance targets and medium-term liquidity are maintained; and (iii) a long-term
projection basis for the purpose of identifying long-term strategic funding requirements.
The Directors also continually assess the balance of capital and debt funding of the Group. They consider the security
of capital funding against the potentially higher rates of return offered by debt financing in order to set an efficient but
stable balance appropriate to the size of the Group.
The Group operates short-term uncommitted overdraft facilities to meet day-to-day liquidity requirements. These facilities
are cancellable on request from the bank; however, the Group generally maintains low levels of borrowing on these in
favour of secured facilities. These overdraft facilities are provided by five leading clearing banks to minimise exposure
to any one lender.
On 5 July 2023 the Group signed a new undrawn Revolving Credit Facility (‘RCF’) of £700m which had a five-year
term to 5 July 2028. On 6 July 2024 the term of the RCF was extended to 6 July 2029. We continue to receive good
support from banking partners, with a consortium of five participating banks. The RCF is a ‘Sustainability Linked’ facility
within the banks’ finance frameworks, with ESG targets covering the facility’s term. The targets are consistent with the
Group’s science-based operational carbon reduction targets, our commitment to deliver net zero homes in use by 2030
and our long-standing ambition to deliver excellent development opportunities for our colleagues. This committed facility
is sufficient to meet projected liquidity requirements for the duration of the facility. Undrawn committed facilities at the
reporting date amount to £700m (2023: £700m).
Cash deposits
The Group has a policy of ensuring cash deposits are made with the primary objective of security of principal.
Accordingly deposits are made only with approved, respected, high credit rating financial institutions. Deposits are
spread across such institutions to minimise exposure to any single entity and are made on a short-term basis only to
preserve liquidity.
Capital risk
The capital structure of the Group consists of net cash/debt (borrowings as detailed in note 20 offset by cash and
bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in the
Statement of Changes in Shareholders’ Equity). The Group’s objective in managing capital is primarily to ensure the
continued ability of the Group to meet its liabilities as they fall due whilst also maintaining an appropriate balance of
equity and borrowings and minimising costs of capital. Close control of deployment of capital is maintained by detailed
management review procedures for authorisation of significant capital commitments, such as land acquisition, capital
targets for local management and a system of internal interest recharges, ensuring capital cost impact is understood
and considered by all management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing facilities are
reserved for the Board. The Group is currently pursuing a strategy of capital return to shareholders, whilst at the
same time building a stronger, larger business. Full details are available in the Strategic Report on pages 1 to 78.

Persimmon Plc Annual Report 2024172
Notes to the financial statements continued
For the year ended 31 December 2024
23 Financial risk management continued
Capital risk continued
The following are the contractual maturities of financial liabilities, including interest payments (not discounted):
Trade and other payables
579.5
583.6
567.3
6.2
4.8
5.3
Land payables
423.2
448.8
265.5
100.1
76.6
6.6
Partnership liability
15.9
17.0
5.6
5.7
5.7
—
Financial liabilities
1,018.6
1,049.4
838.6
112.0
87.1
11 . 9
Trade and other payables
685.1
6 11 . 8
597.4
4.4
5.4
4.6
Land payables
372.0
377.0
206.5
98.7
57.6
14.2
Partnership liability
20.6
22.6
5.6
5.6
11 . 4
—
Financial liabilities
1,077.7
1,011.4
809.5
108.7
74.4
18.8
balances)
3,799.3
3,799.3
3,797.9
0.6
0.8
—
Financial liabilities
3,799.3
3,799.3
3,797.9
0.6
0.8
—
It is noted that £3,760.9m (2023: £3,623.1m) of other payables refer to amounts owed to subsidiary undertakings.
Whilst generally repayable upon demand, in practice it is unlikely there will be any required repayment in the short-term.
balances)
3,659.0
3,659.0
3,658.1
0.4
0.5
—
Financial liabilities
3,659.0
3,659.0
3,658.1
0.4
0.5
—
Credit risk
The nature of the UK housing industry and the legal framework surrounding it results in the Group having a low
exposure to credit risk.
In all but a minority of cases the full cash receipt for each sale occurs on legal completion, which is also the point
of revenue recognition under the Group’s accounting policies.
In certain specific circumstances the Group has entered into shared equity arrangements (not applicable to the
Company). The pressures of market conditions during recessionary periods necessitated an increase in this form of
sales structure from 2008. In such cases the long-term debt is secured upon the property concerned. The Group does
not recognise collateral rights as a separate asset, nor does it have rights to trade such collateral. Reductions in property
values leads to an increase in the credit risk of the Group in respect of such sales. There was a £0.2m requirement for a
charge in relation to credit impairment in the year (2023: £nil).
The maximum total credit risk is as follows:
Trade and other receivables
131. 7
161.0
Shared equity loan receivables
29.0
32.1
Cash and cash equivalents
258.6
420.1
419.3
613.2
Loans and receivables (including intercompany balances)
2,064.8
2,050.9
Cash and cash equivalents
182.0
241.0
2,246.8
2,291.9

Persimmon Plc Annual Report 2024 173
Financial statementsGovernance Other informationStrategic report
23 Financial risk management continued
Credit risk continued
The maximum credit exposure of the Group to overseas parties is £nil (2023: £nil) (Company: £nil (2023: £nil)).
The Group’s credit risk is widely distributed. The maximum credit risk should any single party (excepting financial
institutions) fail to perform is £35.1m (2023: £39.5m) and is not yet due (Company: £1,439.5m (2023: £1,439.5m)
being a subsidiary debtor). The Directors consider these financial assets to be of high quality and the credit risk is
assessed as low. The maximum credit risk associated with a financial institution in respect of short-term cash deposits
is £69.6m (2023: £128.5m).
Fair value
The fair value of financial assets and liabilities is as follows:
2024
2023
Trade and other receivables
131.7
131. 7
161. 0
161.0
Shared equity loan receivables
29.0
29.0
32.1
32.1
Cash and cash equivalents
258.6
258.6
420.1
420.1
Trade and other payables
(579.3)
(579.3)
(620.9)
(620.9)
Land payables
(423.2)
(423.2)
(372.0)
(372.0)
Partnership liability
(17.0)
(15.9)
(22.6)
(20.7)
(600.2)
(599.1)
(402.3)
(400.4)
In aggregate, the fair value of financial assets and liabilities are not materially different from their carrying value.
2024
2023
(includingintercompany balances)
2,064.8
2,064.8
2,050.9
2,050.9
Cash and cash equivalents
182.0
182.0
241.0
241.0
(includingintercompany balances)
(3,796.7)
(3,796.7)
(3,655.1)
(3,655.1)
(1,549.9)
(1,549.9)
(1,363.2)
(1,363.2)
Income and expense in relation to financial instruments are disclosed in note 9.
Financial assets and liabilities by category:
Group
Company
Financial assets designated fair value
through statement of comprehensive income
29.0
32.1
—
—
Trade and other receivables
131.7
161.0
2,064.8
2,050.9
Cash and cash equivalents
258.6
420.1
182.0
241.0
Financial liabilities at amortised cost
(1,018.4)
(1,013.6)
(3,796.7)
(3,655.1)
(599.1)
(400.4)
(1,549.9)
(1,363.2)
Financial assets and liabilities carried at fair value are categorised within the hierarchical classification of IFRS 13
Revised (as defined within the standard) as follows:
Shared equity loan receivables
29.0
32.1
Shared equity loan receivables
Shared equity loan receivables represent loans advanced to customers and secured by way of a second charge on
their new home. They are carried at fair value. The fair value is determined by reference to the rates at which they could
be exchanged by knowledgeable and willing parties. Fair value is determined by discounting forecast cash flows for
the residual period of the contract by a risk adjusted rate.
There exists an element of uncertainty over the precise final valuation and timing of cash flows arising from these loans.
As a result the Group has applied inputs based on current market conditions and the Group’s historical experience of
actual cash flows resulting from such arrangements. These inputs are by nature estimates and as such the fair value has
been classified as level 3 under the fair value hierarchy laid out in IFRS 13 Fair Value Measurement.
Significant unobservable inputs into the fair value measurement calculation include regional house price movements
based on the Group’s actual experience of regional house pricing and management forecasts of future movements,
weighted average duration of the loans from inception to settlement of ten years (2023: ten years) and discount rate
8.8% (2023: 8.8%) based on current observed market interest rates offered to private individuals on secured
second loans.
The discounted forecast cash flow calculation is dependent upon the estimated future value of the properties on which
the shared equity loans are secured. Adjustments to this input, which might result from a change in the wider property
market, would have a proportional impact upon the fair value of the loan. Furthermore, whilst not easily assessable in
advance, the resulting change in security value may affect the credit risk associated with the counterparty, influencing
fair value further.
Detail of the movements in shared equity loan receivables in the period are disclosed in note 17.

Persimmon Plc Annual Report 2024174
Notes to the financial statements continued
For the year ended 31 December 2024
24 Deferred tax
The following are the deferred tax assets and liabilities recognised by the Group and the movements thereon during the
current and prior year:
At 1 January 2023
(6.9)
(45.3)
4.9
(17.4)
3.1
(61.6)
statement
11 . 1
(1.3)
(1.4)
0.8
—
(0.4)
(2.3)
Credit to other
comprehensive income
11 . 2
—
9.8
—
—
—
9.8
Amounts taken directly to equity
11 . 3
—
—
0.7
—
—
0.7
At 1 January 2024
(8.2)
(36.9)
6.4
(17.4)
2.7
(53.4)
(Charge)/credit to
income statement
11 . 1
(7.4)
(1.4)
2.6
—
(3.8)
(10.0)
Credit to other comprehensive
income
11 . 2
—
0.4
—
—
—
0.4
Amounts taken directly to equity
11 . 3
—
—
(0.9)
—
—
(0.9)
At 31 December 2024
(15.6)
(37.9)
8.1
(17.4)
(1.1)
(63.9)
As permitted by IAS 12 Income Taxes, certain deferred tax assets and liabilities have been offset. The following is an
analysis of the deferred tax balances (after offset) for financial reporting purposes:
Share-based payments
8.1
6.4
Other items, including accelerated capital allowances
1.1
5.1
Deferred tax assets
9.2
11 . 5
Brands
(17.4)
(17.4)
Other items, including accelerated capital allowances
(55.7)
(47.5)
Deferred tax liabilities
(73.1)
(64.9)
Net deferred tax liability
(63.9)
(53.4)
The Group has recognised deferred tax liabilities of £37.9m (2023: liabilities of £36.9m) on retirement benefit assets
of £130.7m (2023: assets of £127.1m).
The following are the deferred tax assets and liabilities recognised by the Company and the movements thereon during
the current and prior year:
At 1 January 2023
—
(45.3)
2.7
1.2
(41.4)
statement
(0.2)
(1.4)
0.8
(0.6)
(1.4)
Credit to other comprehensive
income
—
9.8
—
—
9.8
Amounts taken directly to equity
—
—
0.2
—
0.2
At 1 January 2024
(0.2)
(36.9)
3.7
0.6
(32.8)
(Charge)/credit to
income statement
(0.6)
(1.4)
2.6
(0.2)
0.4
Credit to other comprehensive
income
—
0.4
—
—
0.4
Amounts taken directly to equity
—
—
(0.5)
—
(0.5)
At 31 December 2024
(0.8)
(37.9)
5.8
0.4
(32.5)
No deferred tax assets and liabilities have been offset (2023: £nil).
25 Share capital
319,914,868
(2023: 319,421,416) ordinary shares of 10p each
32.0
31. 9
The Company has one class of ordinary shares which carry no right to fixed income. All issued shares are fully paid.
During the year 493,452 ordinary shares (2023: 97,984) were issued in satisfaction of share option exercises.
The Company has established an Employee Benefit Trust to hold shares for participants of the Company’s various
share schemes. The Trustee is Persimmon (Share Scheme Trustees) Limited, a subsidiary company. During 2024, the
Trustee transferred 33,743 shares (2023: 17,227) to employees. At 31 December 2024 the trust held 162,241 shares
(2023: 180,984) on which dividends have been waived. The market value of these shares at 31 December 2024 was
£1,943,647 (2023: £2,513,868).

Persimmon Plc Annual Report 2024 175
Financial statementsGovernance Other informationStrategic report
25 Share capital continued
Own shares
Own shares held at cost are reconciled as follows:
Balance at 31 December 2023
1.2
Own shares purchased
0.2
Disposed of on exercise/vesting to employees
(0.4)
Balance at 31 December 2024
1.0
26 Reconciliation of net cash flow to net cash and analysis of net cash
Cash and cash equivalents at 1 January
420.1
861.6
Decrease in net cash and cash equivalents in cash flow
(161.5)
(441.5)
Cash and cash equivalents at 31 December
258.6
420.1
IFRS 16 lease liability
(14.5)
(12.9)
Net cash at 31 December
244.1
407.2
Net cash is defined as cash and cash equivalents, finance lease obligations and interest bearing borrowings.
27 Contingent liabilities
As disclosed in note 22 the Group has undertaken a review of all of its legacy buildings that used cladding on their facades.
The financial statements have been prepared on the latest available information; however, there remains the possibility
that, despite management’s endeavours to identify all such properties, including those constructed by acquired entities
well before acquisition, further developments requiring remediation may emerge. There is also the possibility that estimates
based on preliminary assessments regarding the scale of remediation works relating to buildings yet to be fully surveyed
may prove incorrect. The cost of remedial works will remain under review and be updated as works progress.
On 26 February 2024, the CMA launched an investigation under Chapter I of the Competition Act 1998 into suspected
breaches of competition law by eight housebuilders, including Persimmon, relating to concerns that they may have
exchanged competitively sensitive information. On 10 January 2025, the CMA extended the timeline for the initial
investigation by five months to May 2025. The Group continues to cooperate with the CMA in relation to their ongoing
market investigation into alleged anti-competitive conduct by housebuilders.
The potential impact, if any, and timing is not yet known.
28 Retirement benefit assets
As at 31 December 2024 the Group operated five employee pension schemes, being three Group personal pension
schemes and two defined benefit pension schemes. Remeasurement gains and losses in the defined benefit schemes
are recognised in full as other comprehensive income within the Consolidated Statement of Comprehensive Income.
All other pension scheme costs are reported in profit or loss.
Group personal pension schemes
The Group makes contributions to the Group personal pension schemes. Dependent upon an employee’s role and
length of service the Group may make contributions to the schemes of up to a maximum of 9% of basic salary. The
Group has no liability beyond these contributions. Group contributions to these schemes of £9.8m (2023: £5.5m) are
expensed through the statement of comprehensive income as incurred.
Persimmon Plc Pension & Life Assurance Scheme
The Persimmon Plc Pension & Life Assurance Scheme (the ‘Persimmon Scheme’) is a defined benefit scheme which
was closed to new members in 2001, and closed to all employees during 2024. Benefits accrue on a career average
revalued earnings basis. The assets of the Persimmon Scheme are held separately from those of the Group.
On 12 December 2012 Persimmon Plc made a one-off cash contribution of £57.8m to the Persimmon Scheme.
The Persimmon Scheme used these funds to invest in Persimmon Scottish Limited Partnership, which has undertaken
to provide fixed cash payments to the Persimmon Scheme to meet its liabilities over a 15-year period. See note 29
for further details.
Prowting Pension Scheme
The Group also operates the Prowting Pension Scheme (the ‘Prowting Scheme’), a defined benefit scheme. Benefits
accrue on a career average revalued earnings basis. The assets of the Prowting Scheme are held separately from those
of the Group.
Role of Trustees
Both the Persimmon Scheme and the Prowting Scheme (jointly the ‘Pension Schemes’) are managed by Trustees who
are legally separate from the Company. The Trustees are composed of representatives appointed by both the employer
and employees. The Trustees are required by law to act in the interest of all relevant beneficiaries and are responsible
in particular for the asset investment policy plus the day-to-day administration of the benefits. They are also responsible
for jointly agreeing with the employer the level of contributions due to the Pension Schemes (see below).
Funding requirements
UK legislation requires that pension schemes are funded prudently, i.e. to a level in excess of the current expected cost
of providing benefits. The last funding valuation of the Persimmon Scheme was carried out by a qualified actuary as at
1 January 2023 and as at 31 March 2021 for the Prowting Scheme. The next funding valuation will be as at 1 January 2026
for the Persimmon Scheme and as at 31 March 2024 for the Prowting Scheme (which is in progress). Subsequent valuations
will be at intervals of no more than three years thereafter.
Following each valuation, the Trustees and the Company must agree the contributions required (if any) to ensure the
Pension Schemes are fully funded over time on a suitable prudent measure. Contributions agreed in this manner
constitute a minimum funding requirement.

Persimmon Plc Annual Report 2024176
Notes to the financial statements continued
For the year ended 31 December 2024
28 Retirement benefit assets continued
Funding requirements continued
Given the current strength of the Persimmon and Prowting Scheme’s funding no deficit contributions are required for
either scheme. Salary related contributions for active members are payable for the Persimmon Scheme.
Under the governing documentation of the Pension Schemes, any future surplus in either scheme would be returnable to
the Group by refund, assuming gradual settlement of the liabilities over the lifetime of the Pension Schemes. As a result
the Group does not consider there to be an asset ceiling in respect of the Pension Schemes.
Both Pension Schemes are in a strong funding position. The Group remains committed to the continuity of this position
and will review future contribution levels in the event of any significant deficit arising.
The Pension Schemes’ investment strategy is to maintain a portfolio of suitable assets of appropriate liquidity which will
generate investment returns to meet, together with future contributions, the benefits of the members as they fall due.*
The Pension Schemes do not invest directly in complex financial instruments, though there may be limited indirect
investment through investment funds.
* Given the current financial strength of the Pension Schemes’ net asset position a low risk investment strategy is applied.
Regulation
The UK pensions market is regulated by The Pensions Regulator, whose key statutory objectives in relation to UK
defined benefit plans are:
●
to protect the benefits of members;
●
to promote, and to improve understanding of good administration; and
●
to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection
Fund (‘PPF’).
The Pensions Regulator has sweeping powers including the powers:
●
to wind up a scheme where winding up is necessary to protect members’ interests;
●
to appoint or remove a trustee;
●
to impose a schedule of company contributions or the calculation of the technical provisions where a trustee
and company fail to agree on appropriate contributions; and
●
to impose a contribution where there has been a detrimental action against a scheme.
Risks associated with the Pension Schemes
The Pension Schemes expose the Group to a number of risks, the most significant of which are:
Risk
Description
Volatile asset returns
The defined benefit obligation (‘DBO’) is calculated using a discount rate set with reference
Inflation risk
A significant proportion of the DBO is indexed in line with price inflation and higher inflation
Life expectancy
The majority of the Pension Schemes’ obligations are to provide benefits for the life of the
There are a number of other risks of running the Pension Schemes including operational risks (such as paying out the
wrong benefits), legislative risks (such as the Government increasing the burden on pension through new legislation)
and other demographic risks, such as a higher proportion of members having a dependant eligible to receive a
survivor’s pension.
Net pension asset
The amounts included in the balance sheet arising from the Group’s obligations in respect of the Pension Schemes are
as follows:
Fair value of Pension Scheme assets
504.3
552.7
Present value of funded obligations
(373.6)
(425.6)
Net pension asset
130.7
127. 1
A deferred tax liability totalling £37.9m (2023: £36.9m) has been recognised on the balance sheet in relation to the
net pension asset.

Persimmon Plc Annual Report 2024 177
Financial statementsGovernance Other informationStrategic report
28 Retirement benefit assets continued
Net pension asset continued
Movements in the net pension asset on the balance sheet were as follows:
As at 1 January
127.1
155.9
Total gain/(loss) recognised in the period
3.5
(29.2)
Company contributions paid in the period
0.1
0.4
As at 31 December
130.7
127. 1
The Group has recognised a net pension asset on the basis that under the rules of the schemes any future surplus would
be returnable to the Group by refund, assuming gradual settlement over the lifetime of the schemes.
The Company does not present valuations of its own separate assets and liabilities under the Pension Schemes as the
entire net assets of the Pension Schemes are included in the Company balance sheet, as ultimate scheme sponsor.
The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows:
Current service cost
0.2
0.9
Administrative expense
0.4
0.6
Curtailment cost
0.1
—
Pension cost recognised as operating expense
0.7
1.5
Interest cost
18.6
18.8
Return on assets recorded as interest
(24.3)
(26.2)
Pension cost recognised as net finance credit
(5.7)
(7.4)
Total defined benefit pension credit recognised in profit or loss
(5.0)
(5.9)
Remeasurement loss recognised in other comprehensive income
1.5
35.1
Total defined benefit scheme (gain)/loss recognised
(3.5)
29.2
The net remeasurement loss in the year of £1.5m (2023: loss of £35.1m) reflects the net effect of a loss in asset values
of £47.6m, and a decrease in liability obligations of £46.1m, largely arising from a decrease in discount rates.
Assets
The assets of the Pension Schemes have been calculated at fair value and are invested in the following asset classes:
– UK
2.4
2.4
– US
11 . 8
10.8
– Eurozone
9.0
8.7
– Other
Bonds
5.6
4.9
– Government
280.3
321.2
– Sub-investment grade
114.6
115.5
Asset backed funding
15.5
20.0
Diversified growth fund
53.8
50.4
Cash
11. 3
18.8
Total
504.3
552.7
All assets have a quoted market value in an active market, with the exception of asset backed funding of £15.5m
(2023: £20.0m), which related to secured cash flows.
The Persimmon Scheme holds 94% (2023: 94%) of the gross assets of the Pension Schemes and 94% (2023: 94%) of
the gross liabilities. The remainder relates to the Prowting Scheme. The Pension Schemes do not engage in investments
in complex financial assets such as insurance contracts or longevity derivatives.
Changes in the fair value of scheme assets were as follows:
As at 1 January
552.7
555.6
Return on assets recorded as interest
24.3
26.2
Remeasurement losses on assets
(47.6)
(10.1)
Contributions
0.1
0.4
Benefits and expenses paid
(25.2)
(19.4)
As at 31 December
504.3
552.7

Persimmon Plc Annual Report 2024178
Notes to the financial statements continued
For the year ended 31 December 2024
28 Retirement benefit assets continued
Defined benefit obligation
The liabilities of the Pension Schemes, at each balance sheet date, have been calculated on the following
financial assumptions:
Discount rate
5.5
4.5
RPI inflation assumption
3.1
3.0
CPI inflation assumption
2.7
2.6
Post-retirement life expectancy for retirement aged members is as follows:
Male current pensioner
22.1
22.1
Male future pensioner
22.9
22.9
The defined benefit obligation includes benefits for current employees, former employees and current pensioners.
The following table provides an analysis of the defined benefit obligation by membership category:
Total value of current employees’ benefits
—
23.2
Deferred members’ benefits
155.1
161. 3
Pensioner members’ benefits
218.5
241.1
Total defined benefit obligation
373.6
425.6
The Pension Schemes’ duration is an indicator of the weighted average time until benefit payments are made. For the
Pension Schemes as a whole, the duration is around 12 years.
Changes in the defined benefit obligation were as follows:
As at 1 January
(425.6)
(399.7)
Current service cost
(0.2)
(0.9)
Curtailment cost
(0.1)
—
Interest cost
(18.6)
(18.8)
Remeasurement gain/(losses) on liabilities
46.1
(25.0)
Benefits paid
24.8
18.8
As at 31 December
(373.6)
(425.6)
Sensitivities
The key assumptions used for IAS 19 are: discount rate, inflation and mortality. If different assumptions were used, this
could have a material effect on the results disclosed. The sensitivity of the results to these assumptions is as follows:
Present value of defined benefit obligation (‘DBO’)
373.6
425.6
– DBO following a 0.25% decrease in the discount rate
384.3
438.5
– DBO following a 0.25% increase in the discount rate
363.2
413.2
– DBO following a 0.25% decrease in the inflation assumption
368.2
418.6
– DBO following a 0.25% increase in the inflation assumption
378.6
431.7
– DBO following a 1-year decrease to life expectancy
359.8
409.1
– DBO following a 1-year increase to life expectancy
386.9
441.9
The sensitivity information shown above has been prepared using the same methodology as the calculation for the
current DBO.

Persimmon Plc Annual Report 2024 179
Financial statementsGovernance Other informationStrategic report
29 Partnership liability to the Persimmon Plc Pension & Life
Assurance Scheme
Persimmon Scottish Pension Trustees Limited, a wholly owned Group subsidiary, is general partner in Persimmon
Scottish Limited Partnership (the ‘Partnership’). Persimmon Pension Trustees Limited, the Trustee of the Persimmon Plc
Pension & Life Assurance Scheme (the ‘Persimmon Scheme’) is a limited partner. The Partnership is included in the
consolidated results of the Group. The Partnership has taken advantage of the exemptions in the Partnerships (Accounts)
Regulations 2008 not to file separate accounts on this basis.
The terms of the Persimmon Scheme’s interest in the Partnership give the pension scheme obligatory rights to cash
returns but insignificant operational control over the Partnership. The interest has been classified as a financial liability
and is accounted for on an amortised cost basis. During the year the Group has made payments in relation to the
Partnership liability (including interest) totalling £5.6m (2023: £5.6m).
Under IAS 19 the Partnership interest of the Persimmon Scheme is included within the UK pension scheme assets.
For further details see note 28.
The Partnership is the beneficial owner of a bond secured on a proportion of the Group’s shared equity loan receivables
and guaranteed by Persimmon Plc, which will support the Partnership investment return to the Persimmon Scheme.
30 Share-based payments
The Group operates a number of share option schemes, the details of which are provided below. All schemes were
equity settled.
The Savings-Related Share Option Scheme is an HMRC approved scheme open to all permanent employees.
Options can normally be exercised three years after the date of grant.
Options have been issued to senior management (including the Executive Directors) under the Group’s various executive
share option schemes, which include awards under the Group’s Long Term Incentive Plans. Future vesting of options is
dependent upon customer care, cash generation and TSR performance for options granted between 2019 and 2022
under the Persimmon Plc 2017 Performance Share Plan and on customer care, cash generation, TSR performance and
carbon reduction for options granted in 2023 under the Persimmon Plc 2017 Performance Share Plan.
Reconciliations of share options outstanding during each period, under each type of share scheme, are as follows:
Outstanding at the beginning of the year
2,233,801
954.9
1,714,778
1,290.4
Granted during the year
292,575
1,336.0
1,620,573
818.4
Forfeited during the year
(448,992)
1,133.8
(1,100,963)
1,276.4
Exercised during the year
(5,402)
969.4
(587)
1,080.0
Outstanding at the end of the year
2,071,982
970.0
2,233,801
954.9
Exercisable at the end of the year
43,936
2,197.0
94,041
1,854.0
Outstanding at the beginning of the year
141,405
68,383
Granted during the year
92,340
109,937
Forfeited during the year
(7,572)
(36,915)
Exercised during the year
(21,093)
—
Outstanding at the end of the year
205,080
141,405
Exercisable at the end of the year
—
—
Outstanding at the beginning of the year
78,092
172,327
Granted during the year
142,706
10,385
Forfeited during the year
(6,525)
(87,393)
Exercised during the year
(12,650)
(17,227)
Outstanding at the end of the year
201,623
78,092
Exercisable at the end of the year
67, 707
—
2017
Performance
2017
Performance
Outstanding at the beginning of the year
3,679,304
2,481,222
Granted during the year
2,319,931
1,932,295
Forfeited during the year
(659,042)
(630,667)
Exercised during the year
(488,053)
(103,546)
Outstanding at the end of the year
4,852,140
3,679,304
Exercisable at the end of the year
424,151
1,127,391

Persimmon Plc Annual Report 2024180
Notes to the financial statements continued
For the year ended 31 December 2024
30 Share-based payments continued
The weighted average share price at the date of exercise for share options exercised during the period was 1,394.0p
(2023: 1,252.9p). The options outstanding at 31 December 2024 had a range of exercise prices from nil to 1,080.0p
and a weighted average remaining contractual life of 1.8 years (2023: 1.7 years).
The inputs into the Black Scholes option pricing model for options that were granted in the year were as follows:
Grant date
25 March 2024
18 June 2024
19 September 2024
14 October 2024
Risk free interest rate
4.16%
4.24%
3.81%
3.97%
Exercise price
—
—
—
£13.36
Share price at date of grant
£13.02
£14.05
£16.94
£16.01
Expected dividend yield*
0%
0%
0%
5%
Expected life
2.9 years
2.7 years
2.4 years
3.3 years
Holding period
Nil**
Nil**
Nil**
n/a
Date of vesting
28 February 2027
28 February 2027
28 February 2027
1 December 2027
Expected volatility
35.6%
36.6%
35.7%
35.2%
Fair value of option
£9.66
£10.42
£15.33
£1.69
* At the discretion of the Remuneration Committee a cash bonus may be transferred to holders of 2024 PSP grants equivalent to the value of any
dividend which would have been paid on the shares held under option had those instead been issued. For purposes of this valuation it has
been assumed that such a transfer will be made and the forgone dividend yield assumption set to nil.
** A subset of PSP 2024 granted to senior management, including the Executive Board Directors, were restricted by an additional 2-year
holding period, with a reduced fair value resulting.
The expected life used in the model has been adjusted, based on best estimates, to reflect exercise restrictions and
behavioural considerations.
In 2024, the Group recognised total expenses before tax of £14.7m (2023: £4.5m) in relation to equity settled
share-based payment transactions in the Consolidated Statement of Comprehensive Income. These option charges
have been credited against the retained earnings reserve. As at 31 December 2024 the total credit recognised in
relation to equity settled share-based payments was £32.3m (2023: £26.3m) of which £8.2m (2023: £9.4m) related
to options currently vested awaiting exercise. All share-based payments are expensed by the Company.
31 Related party transactions
The Board and certain members of senior management are related parties within the definition of IAS 24 Related Party
Disclosures. Summary information of the transactions with key management personnel is provided in note 7. Detailed
disclosure of the individual remuneration of Board members is included in the Remuneration Report on pages 118 to
142. There is no difference between transactions with key management personnel of the Company and the Group.
The Company has entered into transactions with its subsidiary undertakings in respect of the following: internal funding
loans and provision of Group services (including senior management, IT, accounting, marketing, purchasing, legal and
conveyancing services). Recharges are made to subsidiary undertakings for Group loans, based on funding provided,
at an interest rate linked to average Group borrowing costs. No recharges are made in respect of balances due to or
from otherwise dormant subsidiaries. Recharges are made for Group services based on utilisation of those services.
During the year these recharges amounted to:
Interest charges on intra-Group funding
(17.8)
(96.3)
Group services recharges
129.0
167.4
111 . 2
71. 1
In addition to these services the Company acts as a buying agent for certain Group purchases, such as insurance.
These are recharged at cost based on utilisation by the subsidiary undertaking.
The amount outstanding from subsidiary undertakings to the Company at 31 December 2024 totalled £2,045.6m
(2023: £2,040.4m). Amounts owed to subsidiary undertakings by the Company at 31 December 2024 totalled
£3,760.9m (2023: £3,623.1m).

Persimmon Plc Annual Report 2024 181
Financial statementsGovernance Other informationStrategic report
31 Related party transactions continued
The Company provides the Group’s defined benefit pension schemes. Current employer contributions are charged to
the operating businesses at cost. There is no contractual arrangement or stated policy relating to the net defined benefit
cost. Experience and remeasurement gains and losses are recognised in the Company.
The Company guarantees a bond issued from Persimmon Shared Equity Limited to Persimmon Scottish Limited
Partnership (both subsidiary undertakings). The fair value of the bond at 31 December 2024 is £15.5m (2023: £20.0m).
Certain subsidiary undertakings have entered into guarantees of external bank loans and overdrafts of the Company.
The total value of such borrowings at 31 December 2024 was £nil (2023: £nil). The Company has entered into
guarantees over bank loans and borrowings of the subsidiary undertakings. The total value of such borrowings at
31 December 2024 was £nil (2023: £nil). The value of these guarantees in the year is assessed as insignificant.
The Company has suffered a £nil expense in respect of bad or doubtful debts of subsidiary undertakings in the
year (2023: £nil).
32 Details of major Group undertakings
The Directors set out below information relating to the major subsidiary undertakings (those that principally affect the
profits and assets of the Group) of Persimmon Plc at 31 December 2024. All of these companies are registered in
England. All voting rights are held by companies within the Group. A full list of subsidiary undertakings and jointly
controlled entities can be found in note 33.
Persimmon Homes Limited°
Charles Church Developments Limited
∆
Persimmon Holdings Limited*
Persimmon Shared Equity Limited**
° The shares of this company are held by Persimmon Holdings Limited and Persimmon Plc.
∆ The shares of this company are held by Persimmon Holdings Limited.
* The shares of this company are held by Persimmon Finance Limited and Persimmon Plc.
** The shares of this company are held by Persimmon Plc.
*** This entity is controlled by Persimmon Scottish Pension Trustees Limited (see note 28).
33 Details of all subsidiary undertakings
Persimmon Group subsidiary companies
The following companies, included in these consolidated accounts, are wholly owned by the Persimmon Group and are
incorporated in the UK unless otherwise stated. Persimmon Plc or its subsidiary companies also hold all of the voting
rights unless otherwise stated. The Registered Office for each company is Persimmon House, Fulford, York, YO19 4FE
unless otherwise stated.
Name of undertaking
Description of shares held
@Home Limited
Ordinary* and 3.5% Preference*
A.E.A Prowting Limited
Ordinary*
A Monk & Company Developments (S.W.) Limited
Ordinary* and Deferred*
Name of undertaking
Description of shares held
Alford Brothers Limited
Ordinary*
Anjok 157 Limited
Ordinary*
Anjok 171 Limited
1
Anjok 172 Limited
Ordinary*
Anjok 173 Limited
Ordinary*
Anjok 269 Limited
1
Anjok 28 Limited
Ordinary* and 8% Preference*
Anjok 31 Limited
Ordinary*
Anjok Five (1996) Limited
Ordinary*
Anjok Holdings Limited
Ordinary* and Deferred*
Anjok Investments Limited
Ordinary*
Anjok Twenty Limited
1
Anjok Two Limited
Ordinary*
Aria Homes Limited
A Ordinary* and B Ordinary*
Arthur S Nixon and Company
1% Non-Cumulative Preference* and Ordinary*
Aspect Homes Limited
Ordinary*
Atlantis One Limited
Ordinary* and Preference*
Beazer Group Limited
Ordinary*
Beazer Homes (Anglia) Limited
Deferred* and A Ordinary*
Beazer Homes (Barry) Limited
Ordinary*
Beazer Homes (FLE) Limited
A Ordinary* and B Ordinary*
Beazer Homes (FNLHS) Limited
Ordinary*
Beazer Homes (South Wales) Limited
Ordinary*
Beazer Homes (Wessex) Limited
Ordinary*
Beazer Homes and Property Limited
Ordinary*
Beazer Homes Bedford Limited
Deferred* and A Ordinary*
Beazer Homes Birmingham Central Limited
Deferred* and A Ordinary*
Beazer Homes Bridgwater Limited
Deferred* and A Ordinary*
Beazer Homes Bristol Limited
Deferred* and A Ordinary*
Beazer Homes Cardiff Limited
Deferred* and A Ordinary*
Beazer Homes Doncaster Limited
Deferred* and A Ordinary*
Beazer Homes Edinburgh Limited
1

Persimmon Plc Annual Report 2024182
Notes to the financial statements continued
For the year ended 31 December 2024
Name of undertaking
Description of shares held
Beazer Homes Glasgow Limited
1
Beazer Homes Limited
Ordinary*, Deferred* and A Ordinary*
Beazer Homes Nottingham Limited
Ordinary*
Beazer Homes Reigate Limited
Ordinary*
Beazer Homes Stockport Limited
Deferred* and A Ordinary*
Beazer Homes Yateley Limited
Deferred* and A Ordinary*
Beazer London Limited
Ordinary*
Beazer Partnership Homes (Scotland) Limited
1
Beazer Partnership Homes Midlands Limited
Ordinary*
Beazer Swaffham Limited
Ordinary*
Beazer Urban Developments (Anglia) Limited
Deferred* and A Ordinary*
Beazer Urban Developments (Bedford) Limited
Ordinary*
Beazer Urban Developments (East Midlands) Limited
Ordinary*
Beazer Urban Developments (South West) Limited
Ordinary*
Beazer Western Engineering Services Limited
Ordinary*
Belsco 1020 Limited
1
Breakblock Limited
Ordinary*
Broomco (3385) Limited
Ordinary*
Bruce Fletcher (Leicester) Limited
Ordinary*
Charles Church Civil Engineering Limited
Ordinary*
Charles Church Developments Limited
Ordinary*
Charles Church Essex Limited
Ordinary*
Charles Church Estates Limited
Ordinary*
Charles Church Holdings plc
A Convertible Ordinary*, B Ordinary*, B Redeemable
Charles Church Housing Limited
Ordinary*
Charles Church Investment Properties Limited
Ordinary*
Charles Church Kent Limited
Ordinary*
Charles Church Limited
Ordinary*
Charles Church London Limited
Ordinary*
Charles Church Management Limited
Ordinary*
33 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Name of undertaking
Description of shares held
Charles Church Partnership Homes Limited
Ordinary*
Charles Church Residential Developments Limited
Ordinary*
Charles Church South East Limited
Ordinary*
Charles Church Southern Limited
Ordinary*
Charles Church Thames Valley Limited
Ordinary*
Charles Church Trading Limited
Ordinary*
Charles Church Village Heritage plc
Ordinary*
Coatglade Limited
Ordinary*
Comben Group Limited
A Deferred Ordinary, B Deferred Ordinary and Ordinary
Cresswellshawe Properties Limited
Ordinary* and 3.5% Preference*
Crowther Homes (Darlington) Limited
Ordinary*
Crowther Homes (Midland) Limited
Ordinary*
Crowther Homes (Nat W) Limited
Ordinary*
Crowther Homes (Yarm) Limited
Ordinary*
Crowther Homes Limited
Ordinary*
D Dunk (Builders) Limited
Ordinary*
D R Dunthorn & Son Limited
Deferred*, Deferred* and Ordinary*
Datblygwyr Dorothea Limited (94% of nominal value owned)
Ordinary*
Delany Brothers (Housebuilders) Limited
Ordinary* and Preference*
Domus Group Limited
Deferred*, Deferred* and A Ordinary*
E.E. Reed & Co. (Builders) Limited
Ordinary*
E F G H Limited
Ordinary*
E F G H Nominees Limited
Ordinary*
Emerson Park Limited
Ordinary*
F C Spear Limited
Ordinary*
Ferry Quay Developments Limited
A Ordinary*, B Ordinary* and C Ordinary*
Flex Fibre Limited
Ordinary*
FibreNest Limited
Ordinary*
FibreScale Limited
Ordinary*
Frays Property Management (No.1) Limited
Ordinary*
Frays Property Management (No.2) Limited
Ordinary*
Frays Property Management (No.6) Limited
Ordinary*
Friary Homes Limited
Ordinary*

Persimmon Plc Annual Report 2024 183
Financial statementsGovernance Other informationStrategic report
Name of undertaking
Description of shares held
Galliford Developments Limited
Ordinary*
Galliford Homes (London) Limited
A Ordinary* and B Ordinary*
Galliford Homes Holdings Limited
A Ordinary*, B Ordinary* and Preference*
Galliford Homes Limited
Ordinary*
Galliford Properties Southern Limited
Ordinary*
Galliford Southern Limited
Ordinary*
Geo. Wright & Co. (Contractors Wolverhampton) Limited
Deferred*, A Deferred* and A Ordinary*
Glamford Building Company Limited
Ordinary*
Gomersal Mills Limited
Deferred* and Ordinary*
Gosforth Business Park Management Company (No.2) Limited
Ordinary*
Haven Retirement Homes Limited
Ordinary*
Hazels Development Company Limited
A Ordinary* and B Ordinary*
Hillreed Developments Limited
Ordinary*
Hillreed Holdings Limited
Ordinary*, Management Shares* and Cumulative Preference*
Hillreed Homes Limited
Ordinary*
Hillreed Properties Limited
Ordinary*
Horsebridge Network Systems Limited
A Ordinary*
Ideal Developments Limited
Ordinary*
Ideal Homes (UK) Limited
Ordinary*
Ideal Homes Anglia Limited
Ordinary*
Ideal Homes Central Limited
A Non-Voting Ordinary* and B Ordinary*
Ideal Homes Holdings Limited
Deferred and Ordinary
Ideal Homes Limited
Ordinary*
Ideal Homes Midlands Limited
Ordinary*
Ideal Homes North West Limited
Ordinary*
Ideal Homes Northern Limited
Ordinary*
Ideal Homes Scotland Limited
Ordinary*
Ideal Homes Services Limited
Ordinary*
Ideal Homes Southern Limited
Ordinary*
J.W. Liptrot & Company Limited
Ordinary*
Jaboulet Limited
Ordinary*
33 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Name of undertaking
Description of shares held
John Maunders Group Limited
Ordinary*
Kenton Contracting (Yorkshire) Limited
Ordinary*
Kenton Contractors (Yorkshire) Limited
Ordinary*
Kenton Homes (Builders) Limited
Ordinary*
Kenton Homes (Developments) Limited
Ordinary*
Kenton Homes (Estates) Limited
Ordinary*
Knightsmoor Homes Limited
Ordinary*
Lady’s Lane Property Co. Limited
Ordinary*
Lansdown Homes Limited
Ordinary*
Lazy Acre Investments Limited
Ordinary*
Leech Homes (Showhouses) Limited
Ordinary*, 0.1% Non-Cumulative Preference A* and 1%
Leech Homes (Wales) Limited
Ordinary*
Leech Homes (Yorkshire) Limited
Ordinary*
Leech Homes Limited
Deferred* and A Ordinary*
Leech Northumbria Limited
Ordinary*
Leech Partnership Homes Limited
Ordinary*
Leisurama Homes Limited
Ordinary*
Linkway Properties Limited
Ordinary*
Locking Castle Limited
A Ordinary*, B Ordinary* and C Ordinary*
Magnus Design Build Limited
Ordinary*
Magnus Holdings Limited
A Ordinary*, B Ordinary*, C Ordinary*, Enduring
Mapleleigh Limited
Ordinary*
Marriott Homes Limited
Ordinary*
Maunders Homes (East Anglia) Limited
Ordinary*
Maunders Homes (Midlands) Limited
Ordinary*
Maunders Homes (North West) Limited
Ordinary*
Maunders Homes (South) Limited
Ordinary*
Maunders Inner City Limited
Ordinary*
Maunders Urban Renewal Limited
Ordinary*
Mayclose Research Limited
Ordinary*
Melville Homes Limited
A Ordinary*, B Ordinary*, C Ordinary*, Deferred*

Persimmon Plc Annual Report 2024184
Notes to the financial statements continued
For the year ended 31 December 2024
Name of undertaking
Description of shares held
Merewood (Kendal) Limited
Ordinary*
Merewood Group Limited
Ordinary*
Merewood Homes Limited
Ordinary*
Merewood Investments Limited
Ordinary*
Mightover Limited
Ordinary
Milton Keynes Housing Group Limited
Ordinary*
Mitrebuild Limited
Ordinary* and Deferred Ordinary*
Monk Homes Limited
Ordinary*
Monsell Youell Construction Limited
Ordinary*
Monsell Youell Limited
Deferred* and A Ordinary*
Montague Developments Limited
Ordinary*
Mount Row Finance Limited
Ordinary*
Mount Row Securities Limited
Ordinary*
NGP Management Company Residential (Cell C) Limited
2
Pacemaker Developments Limited
Ordinary*
Park House Developments (Petersfield) Limited
Ordinary*
Partnership Homes Limited
Ordinary*
Pennant Developments Limited
Ordinary* and 5% Non-Cumulative Preference*
Pentra Limited
Ordinary*
Perlease Limited
Ordinary*
Persimmon (City Developments) Limited
Ordinary*
Persimmon (Eccleshall) Limited
Ordinary*
Persimmon (Share Scheme Trustees) Limited
Ordinary
Persimmon (SHL) Limited
Ordinary*
Persimmon (Strensall) Limited
Ordinary*
Persimmon Brickworks Limited
Ordinary*
Persimmon Developments (No 1) Limited
Ordinary*
Persimmon Developments (No 2) Limited
Ordinary*
Persimmon Developments (Didcot) Limited
Ordinary*
Persimmon Developments (No 5) Limited
Ordinary*
Persimmon Developments (No 6) Limited
Ordinary*
33 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Name of undertaking
Description of shares held
Persimmon Developments (No 7) Limited
Ordinary*
Persimmon DN Limited (incorporated in Ireland)
3
Persimmon Finance (Jersey) Limited (incorporated in Jersey)
4
Ordinary
Persimmon Finance (No 2) Limited
Ordinary
Persimmon Finance Limited
Ordinary
Persimmon Harts Limited
Ordinary
Persimmon GR (No 4) Limited
Ordinary*
Persimmon GR (No 11) Limited
Ordinary*
Persimmon GR (No 12) Limited
Ordinary*
Persimmon GR (No 13) Limited
Ordinary*
Persimmon GR (No 14) Limited
Ordinary*
Persimmon GR (No 15) Limited
Ordinary*
Persimmon GR (No 16) Limited
Ordinary*
Persimmon GR (No 17) Limited
Ordinary*
Persimmon Holdings Limited
Ordinary and A Ordinary*
Persimmon Homes (Anglia) Limited
Ordinary*
Persimmon Homes (Doncaster) Limited
Ordinary*
Persimmon Homes (East Midlands) Limited
Ordinary*
Persimmon Homes (East Scotland) Limited
Ordinary*
Persimmon Homes (East Yorkshire) Limited
Ordinary*
Persimmon Homes (Edmonstone) Limited
Ordinary
Persimmon Homes (Essex) Limited
Deferred* and A Ordinary*
Persimmon Homes (Lancashire) Limited
Ordinary*
Persimmon Homes (Mercia) Limited
Ordinary*
Persimmon Homes (Midlands) Limited
Ordinary*
Persimmon Homes (North East) Limited
Ordinary*
Persimmon Homes (North Midlands) Limited
Ordinary*
Persimmon Homes (North West) Limited
Ordinary*
Persimmon Homes (Partnerships) Limited
Ordinary
Persimmon Homes (South Coast) Limited
Ordinary*
Persimmon Homes (South East) Limited
Ordinary*
Persimmon Homes (South Midlands) Limited
Deferred* and A Ordinary*
Persimmon Homes (South West) Limited
Ordinary*

Persimmon Plc Annual Report 2024 185
Financial statementsGovernance Other informationStrategic report
Name of undertaking
Description of shares held
Persimmon Homes (South Yorkshire) Limited
Ordinary*
Persimmon Homes (Teesside) Limited
Ordinary*
Persimmon Homes (Thames Valley) Limited
Ordinary*
Persimmon Homes (Wales) Limited
Ordinary*
Persimmon Homes (Wessex) Limited
Ordinary*
Persimmon Homes (West Midlands) Limited
Deferred* and A Ordinary*
Persimmon Homes (West Scotland) Limited
Ordinary*
Persimmon Homes (West Yorkshire) Limited
Ordinary*
Persimmon Homes (Woodley) Limited
Ordinary
Persimmon Homes (York) Limited
Ordinary
Persimmon Homes (Yorkshire) Limited
Deferred* and Ordinary*
Persimmon Homes Developments Limited
Ordinary
Persimmon Homes Limited
Ordinary*
Persimmon Partnerships (Scotland) Limited
Ordinary*
Persimmon Pension Trustees Limited
Ordinary
Persimmon Residential Limited
Ordinary*
Persimmon SC (No 1) Limited
Ordinary*
Persimmon SC (No 2) Limited
Ordinary*
Persimmon SC (No 3) Limited
Ordinary*
Persimmon SC (No 4) Limited
Ordinary*
Persimmon SC (No 5) Limited
Ordinary*
Persimmon SC (No 6) Limited
Ordinary*
Persimmon Scottish Limited Partnership**
1
Persimmon Scottish Pension Trustees Limited
1
Persimmon Shared Equity Limited
Ordinary
Persimmon Tileworks Limited
Ordinary*
Persimmon Trustees Limited
Ordinary
Pinnacle Developments (Scotland) Limited
1
Practical Finance Co. Limited
Ordinary*
Prowting Homes Anglia Limited
B Ordinary*, C Ordinary* and D Ordinary*
Prowting Homes Central Limited
Ordinary*
33 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Name of undertaking
Description of shares held
Prowting Homes Chatsworth Limited
Ordinary*
Prowting Homes Limited
Ordinary*
Prowting Homes Ludlow Limited
Ordinary*
Prowting Homes Midlands Limited
Ordinary*
Prowting Homes South East Limited
Ordinary*
Prowting Homes South West Limited
Ordinary*
Prowting Homes West Limited
Ordinary*
Prowting Homes Wolds Limited
Ordinary*
Prowting Limited
Ordinary*
Prowting Projects Limited
Ordinary*
Prowting Properties Limited
Ordinary*
Repac Homes Limited
Ordinary*
SLB Construction Management Limited
Ordinary*
Second City Homes Limited
Deferred* and A Ordinary*
Senator Homes Limited
Ordinary*
Sequoia Developments Limited
Ordinary*
Severnbrook Homes Limited
Ordinary*
Sherbourne Properties (Warwick) Limited
Ordinary*
Space4 Limited
Ordinary*
Springfir Estates Limited
Ordinary*
Springfir Holdings Limited
Ordinary*
Steelhaven (7) Limited
Ordinary* and 1% Non-Cumulative Redeemable
Tamborough Developments Limited
Ordinary*
Tela Properties Limited
Ordinary*
The Charles Church Group Limited
A Ordinary*
The Charles Church Group Share Trustees Limited
Ordinary*
Townedge (Holdings) Limited
Ordinary*
Townedge Estates Limited
Ordinary*
Trent Park Regeneration Limited
A Ordinary* and B Ordinary*
Tryall Developments Limited
Ordinary*
Tudor Jenkins & Company Limited
Ordinary*
Walker Homes (Scotland) Limited
1

Persimmon Plc Annual Report 2024186
Notes to the financial statements continued
For the year ended 31 December 2024
Name of undertaking
Description of shares held
Wardour Limited (Incorporated in Gibraltar)
5
Wenshaw Limited
Ordinary*
Wescott Holdings Limited
Ordinary*
Wescott Homes Limited
Ordinary*
Wescott Land Limited
Ordinary*
Westbury Direct Limited
Ordinary*
Westbury Homes (Holdings) Limited
Irredeemable Preference*, Ordinary*, Deferred*
Westbury Homes (Midlands) Limited
Ordinary*
Westbury Homes (Oval) Limited
Ordinary*
Westbury Homes (Severnside) Limited
Ordinary*
Westbury Homes (Somerset) Limited
Ordinary*
Westbury Homes (South West) Limited
Ordinary*
Westbury Homes (Stadium) Limited
Ordinary*
Westbury Homes (Venymore) Limited
A Ordinary* and B Ordinary*
Westbury Homes (Wales) Limited
Ordinary*
Westbury Homes (West Midlands) Limited
Ordinary*
Westbury Homes Limited
Ordinary*
Westbury Housing Investments Limited
Ordinary*
Westbury Limited
Ordinary
William Leech Builders (North West) Limited
Ordinary*
William Leech Limited
Ordinary* and 6.5% Cumulative Preference*
Joint arrangements
Beechpath Limited
Ordinary
50%
50%
Bentwaters Housing Limited
Ordinary
50%
50%
Bentwaters Nominees Limited
Ordinary
50%
50%
Coton Park Consortium Limited
6
WD
50%
25%
Cramlington Developments Limited
A Ordinary
100%
50%
Genesis Estates (Manchester) Limited
7
Ordinary
50%
50%
33 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Gosforth Business Park Management Company Limited
A Ordinary
100%
33.3%
Haydon Development Company Limited
8
Ordinary
20.5%
20.5%
Leebell Developments Limited
A Ordinary
100%
50%
Newcastle Great Park (Estates) Limited
2
A Ordinary
100%
50%
North Haven Developments (Sunderland) Limited
B Ordinary
100%
50%
North Swindon Development Company Limited
8
Ordinary
15 %
15 %
Oxfordshire Land Limited
Ordinary
33.3%
33.3%
Quedgeley Urban Village Limited
9
C Ordinary
100%
25%
Rothley Temple Estates Limited
10
Ordinary
28.5%
28.5%
(incorporated in Portugal)
11
Ordinary
50%
50%
Trafalgar Metropolitan Homes Limited
A Ordinary
100%
50%
Triumphdeal Limited
12
Ordinary
50%
50%
Wick 3 Nominees Limited
B Ordinary
100%
33.3%
During 2024 the Group wrote down the value of its investment in TopHat Enterprises Limited to £nil.
* Share class held by another Group company, but ultimately held by Persimmon Plc.
** A Scottish Limited Partnership.
1. 180 Findochty Street, Garthamlock, Glasgow, G33 5EP
2. 3rd Floor Citygate, St. James’ Boulevard, Newcastle upon Tyne, Tyne & Wear, NE1 4JE
3. 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland
4. 44 Esplanade, St Helier, JE4 9WG, Jersey
5. 3 Bell Lane, Gibraltar
6. The Office, 12 Westfield Close, Gravesend, Kent, DA12 5EH
7. 6 Europa Court, Sheffield Business Park, Sheffield, S9 1XE
8. 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire, SN3 3LL
9. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
10. 137 Scalby Road, Scarborough, North Yorkshire, YO12 6TB
11. Av. Duque de Loulé 47-2, 1050-086, Lisbon, Portugal
12. Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR

Persimmon Plc Annual Report 2024 187
Financial statementsGovernance Other informationStrategic report
33 Details of all subsidiary undertakings
continued
Audit exemption
The subsidiaries listed in the table below have adopted the exemption from
audit available under section 479A of the Companies Act 2006 for the year
ended 31 December 2024; the subsidiaries are 100% owned, either directly
or indirectly, by Persimmon Plc. In accordance with section 479C of the
Companies Act 2006, Persimmon Plc will guarantee the outstanding liabilities
of the subsidiaries listed in the table below.
Subsidiary
Company number
Anjok Investments Limited
094 9 7717
Hillreed Developments Limited
0
2951327
Merewood Group Limited
01967047
Pentra Limited
02782107
Persimmon Developments (Didcot) Limited
06252681
Persimmon Homes Developments Limited
02572895
Persimmon Scottish Pension Trustees Limited
SC435631
Wescott Homes Limited
04995310
Westbury Housing Investments Limited
06252707
Resident Management Companies
The companies listed below are Resident Management Companies (‘RMCs’)
currently controlled by the Group. Control is exercised by the Group’s power
to appoint Directors and the Group’s voting rights in these companies. All
RMCs are companies limited by guarantee without share capital (unless
otherwise stated) and incorporated in the UK.
The capital, reserves and profit or loss for the year have not been stated for
these RMCs as beneficial interest in any assets or liabilities of these
companies is held by the residents. These companies have not been included
in the consolidated accounts, are temporary members of the Group and will
be handed over to residents in due course.
The Registered Office of each RMC is Persimmon House, Fulford, York,
YO19 4FE (unless otherwise stated).
Company name
Abbey Green (Amesbury) Management Company Limited
Abbeyvale Taunton Management Company Limited
1
Abbot Walk (Chatteris) Residents Management Company Limited
Abbotsham Park (Bideford) Management Company Limited
Ackton Pastures (Castleford) Management Company Limited
Agusta Park Flats Yeovil Management Company Limited
Agusta Park Yeovil Management Company Limited
Alderman Park (Hasland) Management Company Limited
Allt Y Celyn (Rhos) Management Company Limited
Amberwood (Carlisle) Management Company Limited
Amblehurst Green (Billingshurst) Management Company Limited
2
Appledore Grove Management Company Limited
Arisdale (Phase 2) Residents Management Company Limited
Arnold Way (Grove) Management Company Limited
Arnold Way No. 2 (Grove) Management Company Limited
Arnold Way No. 3 (Grove) Management Company Limited
Ashworth Place (Phase 2) Management Limited
Augusta Park (Dinnington) Management Company Limited
Avalon (Mansfield) Management Company Limited
3
Avon Fields (Durrington) Management Company Limited
Awel Afan (Port Talbot) Management Company Limited
Awel Y Mynydd (Pembrey) Management Company Ltd
Aykley Woods (Durham) Management Company Limited
4
Aylesham Village Phase 1B (Aylesham) Residents Management Company Limited
Aylesham Village Phase 2 (Aylesham) Residents Management Co Ltd
Aylesham Village Phase 2B And 2C (Aylesham) Residents Management
Company Limited
Backbridge (Malmesbury) Management Company Limited
Badbury Park (Swindon) Management Company Limited
Badbury Park (Swindon) No 2 Management Company Limited
Badbury Park (Swindon) No 3 Management Company Limited
Bannerbrook Management Company Limited
5
Bannerbrook Park Phase II (Coventry) Management Company Limited
Barber Court (Birmingham) Management Company Limited
Barrington Park Management Company Limited
6
Barry Waterfront Residents Management Company Limited
7
Beamhill Heights Management Company Limited
8
Beauchamp Grange (Caister) Residents Management Company Limited
Beckets Grove Management Company Limited
Beckets Grove Phase 2 (Wymondham) Residents Management Company Limited
Beckford Road (Alderton) Management Company Limited
Belgrave Court (Cheltenham) Management Company Limited
7
Bell Lane (Little Chalfont) Management Company Limited
Bells Hill Management Company Limited
9
Berrow Court Management Company Limited
7
Birchwood Manor (Wardley) Residents Management Company Limited
Bishops Green (Coundon) Management Company Limited
Bishops Mead (Lydney) Management Company Limited
Bishops Meade (Downton) Management Company Limited
Bluebell Grange Residents Management Company Limited
Bluebell Meadow (Bradwell) Management Company Limited
Bluebell Wood (Willenhall) Management Company Limited
1
Bootham Crescent (York) Residents Management Company Limited
Boulton Moor (Derby) Properties Limited
Boyton Place (Haverhill) Residents Management Company Limited
Brackenleigh (Carlisle) Management Company Limited
Bradley Barton View Management Company Limited
Bramble Rise (Hetton) Management Company Limited
Bramblewood (Old Basing) Residents Management Company Limited
7
Brampton Vale (Rotherham) Management Company Limited
Branshaw Park (Keighley) Management Company Ltd
Bridgefield (Ashford) Management Company Limited

Persimmon Plc Annual Report 2024188
Notes to the financial statements continued
For the year ended 31 December 2024
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Bridgefield Nine Management Company Limited
Brindle Park (Bamber Bridge) Management Company Limited
9
Broadway (Rainham) Residents Management Company Limited
Brockeridge Road (Twyning) Resident Management Company Limited
1
Brookfield (Golborne) Management Company Limited
6
Broomhill View (Togston) Residents Management Company Limited
Buckton Place (Leiston) Residents Management Company Limited
Bugbrooke Road (Kislingbury) Management Company Limited
10
Burfield Valley Estate Management Limited
11
Buttercup Leys (Boulton Moor) Residential Management Company Limited
Buzzard Meadows (Leighton Buzzard) Residents Management
Company Limited
12
Canalside (Burton Upon Trent) Residential Management Company Limited
Canonbury Rise (Berkeley) Management Company Limited
Carleton Meadows Management Company Limited
Carn Y Cefn RMC Ltd
13
Carpenters Field (Denmead) Management Company Limited
Castellum Grange (Colchester) Residents Management Company Limited
Castle Hill (Cottingham) Management Company Limited
Castle Park (West Durrington) Management Company Limited
Castle View (Netherton) Management Company Limited
Castlemead (953) Trowbridge Management Company Limited
Castlemead (Persimmon 950) Town Trowbridge Limited
Castlemead (Persimmon 964) Town Trowbridge Limited
Castleton Court (Haverfordwest) Management Company Limited
7
Castleton Grange (Eye) Residents Management Company Limited
Cathedral Court (Salisbury) Management Company Limited
Cathedral Gate (Salisbury) No.2 Management Company Limited
7
Cathedral View (Durham) Management Company Limited
Cayton Meadows (Scarborough) Management Company Limited
Central Square (Stroud) Management Company Limited
7
Century Rise (Emersons Green) Management Company Limited
Chancery Park (Exning) Residents Management Company Limited
Charlton Place (Keynsham) Management Company Limited
Chaucers Meadow (North Petherton) Management Company Limited
Chilmark Glade Management Company Limited
Chorley G 1 Management Company Limited
9
Chosen View (No. 2) Management Company Limited
7
Church Lane (Deal) Residents Management Company Limited
Clarence Place (Bracknell) Residents Management Company Limited
Cloatley Cresent Management Company Limited
Clos Ty Gwyn (Hendy) Management Company Limited
Clover Chase (Lingwood) Residents Management Company Limited
Coastal Dunes (Lytham St Annes) Management Company Limited
Coatham Vale And Berrymead Gardens Residents Management
Company Limited
14
Coed Darcy (Llandarcy) Management Company Limited
College Park (Thurston) Residents Management Company Limited
Colliers Walk (Nottingham) Management Company Limited
9
Colonial Wharf (Chatham) Residents Management Company Limited
Constable Vale (Hadleigh) Residents Management Company Limited
Coopers Grange (Bishops Stortford) Resident Management Company Ltd
9
Copperfield Place (Chelmsford) Residents Management Company Limited
Copperfield Truro Management Company Limited
Coquet Grange (Amble) Management Company Limited
14
Corelli Sherborne Management Company Limited
Cote Farm (Thackley) Management Company Limited
Coton Park (Rugby) Management Company Limited
Cotswold Vale (Long Marston) Management Company Limited
1
Coverdale Paignton Management Company Limited
1
Cricketers Green (Forton) Residents Management Company Limited
Crofton Walk (Fair Oak) Management Company Limited
Cromwell Gardens (Huntingdon) Residents Management Company Limited
Cromwell Place (Little Dunmow) Residents Management Company Limited
Crosland Road (Lindley) Management Limited
15
Cross Quays (Westwood) Management Company Limited
Cross Quays Phase 2 (Thanet) Residents Management Company Limited
Cumnor Hill Management Company Limited
Cwrt Y Llwyfen (Johnstown) Management Company Limited
Cygnet Grange (Swanmore) Residents Management Company Limited
Daisy Hill (Morley) Management Company Limited
Daisy’s View (Burbage) Management Company Limited
Dan Y Bryn Management Company Limited
Dartford Bow Arrow (Management Company) Limited
16
De Vere Grove (Colchester) Residents Management Company Limited
Deerwood Park (Colne) Management Company Limited
Dol Yr Ysgol (Bridgend) Management Company Limited
Douglas Gardens (Hesketh) Management Company Ltd
9
Downs View (Swanley) Residents Management Company Limited
Dukes Meadow (Tangmere) Management Company Limited
7
D’urton Heights (Preston) Management Company Limited
Earlesmead (Framingham Earl) Residents Management Company Limited
East Benton Rise (Benton) Management Company Limited
Eclipse House (Andover) Management Company Limited

Persimmon Plc Annual Report 2024 189
Financial statementsGovernance Other informationStrategic report
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Edinburgh Park (Liverpool) Management Company Limited
9
Elkas Rise (Ilkeston) Management Company Limited
Ellesmere Park (The Oaks) Management Company Limited
6
Ellis Mews (Micheldever) Management Company Limited
11
Elm Farm (Wymondham) Residents Management Company Limited
Elm Rise (Birtley) Residents Management Company Limited
Emily Fields (Swansea) Management Company Limited
Eton Place (Bracknell) Management Company Limited
Eve Parc (Falmouth) Management Company Limited
Everingham Place (Cantley) Residents Management Company Limited
Fair Mile Rise (Blandford St Mary) Management Company Limited
Fairfax Mews Crediton Management Company Limited
1
Fairmoor (Morpeth) Management Company Limited
Fairways (Retford) Management Company Limited
Fallow (Benton) Residents Management Company Limited
Farley Fields South Petherton Management Company Limited
1
Fatherford View (Okehampton) Management Company Limited
Festival Park (Easton) Residents Management Company Limited
Fiddington Fields (Tewkesbury) Management Company Limited
Field Place (Faversham) Management Company Limited
16
Fishpool Hill Bristol Management Company Limited
Fleckney Road Management Company Limited
Flint Grange (Clacton) Residents Management Company Limited
Foley Gardens (Newent) Residential Management Company Limited
1
Folly Grove (Hockley) Residents Management Company Limited
Forest View (Calverton) Management Company Limited
Forge Wood (Crawley) Management Company Limited
17
Foundry Meadows (Bexhill) Residents Management Company Limited
Foxes Chase (Anlaby) Residents Management Company Limited
Foxfields (Stoke-on-Trent) Management Company Limited
7
Foxley Park (Dereham) Residents Management Company Limited
Garden Valley (Aylesham) Residents Management Company Limited
11
Garendon Park Residents Management Company Ltd
George Ward Gardens (Melksham) Management Company Limited
Germany Beck (Fulford) Management Company Limited
Gilden Park (Old Harlow) Resident Management Company Limited
9
Gipping Mill (Great Blakenham) Residents Management Company Limited
Glan Yr Afon (Swansea) Management Company Limited
Golwg Y Glyn (Fforest) Management Company Limited
7
Gotherington Grange Resident Management Company Limited
Grange Paddocks (Stanway) Residents Management Company Limited
Grangewood Park (Burnham on Crouch) Residents Management
Company Limited
Grayling Gate (Ringmer) Management Company Limited
Grays Court (Orpington) Residents Management Company Limited
11
Great Western Park (Didcot) No 1 Management Company Limited
Great Western Park (Didcot) No 2 Management Company Limited
Great Western Park (Didcot) No 3 Management Company Limited
Great Woodcote Park Exeter Management Company Limited
Greenacres (Easington) Management Company Limited
Greenfields (Narberth) Management Company Limited
Greenwood Place (Chinnor) Management Company Limited
2
Greetwell Fields (Lincoln) Residents Management Company Limited
Griffin Wharf (Ipswich) Residents Management Company Limited
Grove Street (Raunds) Residents Management Company Limited
Hailes Wood (Elsenham) Residents Management Company Limited
Hamilton Gate (Frinton) Residents Management Company Limited
Hampton Gardens Phase 3 (Peterborough) Residents Management
Company Ltd
Hampton Park (Littlehampton) Residents Management Company Limited
Hansons Reach (Stewartby) Residents Management Company Limited
Hanwell Chase (Banbury) Residents Management Company Limited
Harbourside View (Portchester) Management Company Limited
Harbury Lane (Warwick) Management Company Limited
Hardings Wood (Kidsgrove) Residents Management Company Limited
6
Harebell Meadows and Hartburn Grange Residents Management
Company Limited
6
Harford Mews Ivybridge Management Company Limited
1
Harlands Park (Uckfield) Residents Management Company Limited
Harlow Fields (Mackworth) Residential Management Company Limited
Harlow Hill Grange (Harrogate) Management Company Limited
Harpur Hill (Buxton) Residents Management Company Limited
6
Harrow View West (Harrow) Residents Management Company Limited
Hartley Grange (Whittlesey) Residents Management Company Limited
Hartnells Farm Management Company Limited
Hastings Place (Bentley) Management Company Limited
Hatchwood Mill (Winnersh) Management Company Limited
Hathern Road (Shepshed) Management Company Limited
1
Hauxley Grange (Amble) Residents Management Company Limited
Hawthorn Chase (Aston Clinton) Residents Management Company Limited
Hawthorn Park (Leominster) Management Company Limited
Hawthorne Farm (Clitheroe) Management Company Limited
6
Haybridge (Wells) Management Company Limited
7
Haywards Gardens (Kegworth) Man Co. Limited
18
Haywood Heights (Writhlington) Management Company Limited

Persimmon Plc Annual Report 2024190
Notes to the financial statements continued
For the year ended 31 December 2024
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Hazel Brook Management Company Limited
19
Hazelmere (Flockton) Management Company Limited
Heathfield Gardens (Phase 7) Management Company Limited
Heathpark Wood (Windlesham) Management Company Limited
Hellingly 415 Residents Management Company Limited
Hellingly 416 Management Company Limited
Hellingly 418 Management Company Limited
Hepburn Chase Management Company Limited
1
Heritage Gate (Llantwit Major) Residents Management Company Limited
Heritage Green (Newbottle) Management Company Limited
20
Heritage Park (Shinfield) Residents Management Company Limited
Heritage Park (Sutton Courtenay) Residents Management Company Limited
Herne Vale Ilminster Management Company Limited
Herons Park (Angmering) Management Co Ltd
Herrington Grange (Philadelphia) Management Company Limited
Hethersett Residents Management Company Limited
9
Heugh Hall (Coxhoe) Residents Management Company Limited
Higham Lane Management Company Limited
Highfield Farm (West Melton) Residents Management Company Limited
Highland Park Estate Management Company Limited*
21
Hill Barton Vale Exeter Management Company Limited
Hill Barton Vale Flats Exeter Management Company Limited
Hillfield Meadows (Sunderland) Management Company Limited
Hillies View (Wombwell) Management Company Limited
Holdingham Grange (Sleaford) Residents Management Company Limited
Holly Fields (Birmingham) Management Company Limited
Homington Avenue (Swindon) Local Centre Management Company Limited
Honours Meadow (Rendlesham) Residents Management Company Limited
Horseshoe Meadows (Westbury) Management Company Limited
HRC (Ware) Residents Management Company Limited
Hunters Edge (Eaglescliffe) Residents Management Company Limited
Hurdle Court (Andover) Management Company Limited
Hydro (St Neots) Number One Management Company Limited
Imperial Park (Bristol) Management Company Limited
1
Ingleby (Barwick) Management Company Limited
Inglewood (Paignton) Management Company Limited
Iwade Meadows (Iwade) Management Company Limited
Iwade Meadows (Yalding Apartments Plots 74-79) Management
Company Limited
James Avenue (Calne) Management Company Ltd
22
Jasmine Gardens Management Company Limited
Jubilee Gardens (Warminster) Management Company Ltd
Jubilee Rise (Shepshed) Management Company Limited
Kenilworth Gate Management Company Limited
Kennedy Place (Ulverston) Management Company Limited
Kings Grove Cranbrook Management Company Limited
Kingsbridge Court (Gorseinon) Management Company Limited
Kingsbridge Fields Management Company Limited
7
Kingsbury Gardens (St Albans) Residents Management Company Limited
Kingsbury Meadows (Wakefield) Management Company Limited
Kingsgate (Northallerton) Residents Management Company Limited
Kingsley Mews Management Company Limited
Kingsmead (Gloucester) Management Company Limited
Knights Court (Old Sarum) Management Company Limited
Knightswood Place (Rainham) Residents Management Company Limited
Ladgate Woods (Middlesbrough) Management Company Limited
Lakedale Whiteley Meadows (North Whiteley) Management Company Limited
Lakeside Edge (Peterborough) Residents Management Company Limited
Lambourn Meadow (Thatcham) Management Company Limited
Laneside (Morley) Residents Management Company Limited
Langford Bridge (Newton Abbot) Residents Management Company Limited
Larkbear Management Company Limited
7
Lauder Mews Crediton Management Company Limited
Launds Field (Galgate) Management Company Limited
Laureate Heights Sidmouth Management Company Limited
Lavender Fields (South Wootton) Residents Management Company Ltd
Liberty Gate (Lakenheath) Residents Management Company Limited
Lime Tree Court Derby Management Company Limited
Limes Place (Upper Harbledown) Residents Management Company Limited
Lindale Park (Alverthorpe) Management Company Limited
Lindley Moor Meadows (Huddersfield) Management Company Limited
Lingfield Meadows (Houghton) Management Company Limited
Llanilid Management Company Limited
Llanilltern Apartments RMC Ltd
13
Llanilltern Village RMC Ltd
13
Llys Ystrad (Bridgend) Management Company Limited
22
Lodmoor Sands (Weymouth) Management Company Limited
7
Longbridge Place (Longbridge) Management Company Limited
Longleaze Management Company Limited
Low Moor Meadows (Morley) Management Company Limited
Low Street (Sherburn in Elmet) Management Company Limited
20
Lowen Bre Truro Management Company Limited
Lucknam Crescent (Swindon) Management Company Limited
Lythalls Lane (Coventry) Management Company Limited
1

Persimmon Plc Annual Report 2024 191
Financial statementsGovernance Other informationStrategic report
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Maes Dyfed Management Company Limited
Maes Y Parc (Cross Hands) Management Company Limited
Maes Y Rhos (Ystradgynlais) Management Company Limited
Maiden Vale (Ryhope) Management Company Limited
Malt House Meadows (West Sompting) Residents Management Company Limited
Malvern Rise (Malvern) Management Company Limited
Malvern Vale (Malvern) Management Company Limited
1
Manor Farm (Doncaster) Management Company Limited
Manor Farm (Micklefield) Management Company Limited
Manor Gardens (Selsey) Management Company Limited
Manor Park Residents Company Ltd
19
Manor Park Sprowston Residents Management Company Limited
9
Manor Place (Maidenhead) Residents Management Company Limited
Maple (129) Limited
23
Maple (221) Limited
7
Mariners Walk (Swansea) Apartment Management Company Limited*
Mariners Walk (Swansea) Management Company Limited*
Marshfoot Lane (Hailsham) Residents Management Company Limited
Martello Park (Pembroke) Management Company Limited
Martineau Gardens Harborne Management Company Limited
1
Mascalls Grange (Paddock Wood) Residents Management Company Limited
Meadow View (Oundle) Management Company Limited
Meadow View (Redditch) Resident Management Company Limited
1
Mendip Chase Management Company Limited
7
Meon Way Gardens Management Company Limited
1
Merchants Walk Cullompton No 2 Management Company Limited
Mercians Place Management Company Limited
1
Meridian Place (Hertford) Residents Management Company Ltd
Merlins Lane (Scarrowscant) Management Company Limited
Mersey View (Bromborough Pool) Management Company Limited
4
Mill Cross (Pevensey) Management Company Limited
Mill Gardens (Cullompton) Management Company Limited
Mill Valley (Pevensey) Residents Management Company Limited
Mill View (Willingdon) Management Company Limited
Millbeck Grange (Bowburn) Management Company Limited
Millennium Farm (New Waltham) Management Company Limited
Monkswood (Sacriston) Management Company Limited
Montfort Place (Odiham) Management Company Limited
9
Montgomery Place (Frome) Management Company Ltd
Moorfield (Easington) Management Company Limited
Moorfield Park Management Company Limited
9
Moorlands Walk (Sherburn) Management Company Limited
Mown Meadows (Crook) Residents Management Company Limited
Mulberry Grange (Castleford) Management Company Limited
Mulberry Grove (St Fagans Cardiff) Management Company Limited
Nelson’s Park (North Walsham) Residents Management Company Limited
NGP Management Company (Cell A) Limited*
24
NGP Management Company (Cell D) Limited*
24
NGP Management Company (Cell E) Limited*
24
NGP Management Company (Cell F) Limited*
24
NGP Management Company (Commercial) Limited*
24
NGP Management Company (Town Centre) Limited*
24
NGP Management Company Residential (Cell G) Limited*
24
Norton Hall Meadow Management Limited
9
Oak Heights (Northiam) Residents Management Company Limited
11
Oak Tree Gardens (Audley) Management Company Limited
15
Oakcroft Chase (Stubbington) Management Company Limited
Oakhurst Village (Shirley) Management Company Limited
Oakland Gardens (Wilthorpe) Management Company Limited
Oakley Grange & Eden Villas (Cheltenham) Management Company Limited
1
Oakwood Meadows Phase 4 (Stanway) Residents Management Company Limited
Oakwood Park (Wymondham) Residents Management Company Limited
Oakwood View (Brackla) Management Company Limited
Oakwood View (Weston-Super-Mare) Management Company Limited
Oast Court Farm Management Company Limited
25
Orchard Croft (Diss) Residents Management Company Limited
Orchard Grove (Coxheath) Residents Management Company Ltd
Orchard Leaze Management Company Limited
19
Orchard Manor (Cheddington) Residents Management Company Limited
Orchard Meadows (Iwade) Residents Management Company Limited
Orchard Mews Pershore Management Company Limited
1
Otterham Park (Rainham) Residents Management Company Limited
Oundle Walk (Oundle) Residents Management Company Limited
6
Oxley Springs (Milton Keynes) Management Company Limited
Oxley Springs 8B (Milton Keynes) Management Company Limited
P6 Wellington Gate (Grove) Managment Company Limited
Paddocks 21 (Andover) Management Company Limited
Palmerston Heights Plymouth Management Company Limited
Paragon Park (Coventry) Management Company Limited
Parc Brynderi (Llanelli) Management Company Limited
Parc Y Fron (Carmarthen) Limited
Parc Yr Onnen (The Limes) Management Company Limited
Park Farm (South East) Management Company Limited
26
Parklands (Hessle) Residents Management Company Limited

Persimmon Plc Annual Report 2024192
Notes to the financial statements continued
For the year ended 31 December 2024
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Parrett Gardens (Langport) Management Company Limited
Pavilion Gardens (Monkton Heathfield) Management Company Limited
Pedlars Meadow (Swaffham) Residents Management Company Limited
Pembridge Court (Clehonger) Residents Management Company Limited
1
Penny Pot Lane (Harrogate) Management Company Limited
14
Perry Park View (Perry Barr) Management Company Limited
1
Persimmon Gardens (Hindley) Management Company Limited
6
Persimmon Gardens (Martham) Residents Management Company Limited
Persimmon Grange Framlingham Residents Management Company Limited
Persimmon Homes The Oaks (Selly Oak) Management Company Limited
1
Phoenix Wharf (West Bromwich) Management Company Limited
1
Picket 20 Management Company Limited
Picket Twenty Two (Andover) Management Company Limited
Pinewood Grange (Castleford) Management Company Limited
Port Marine Management Limited
27
Porth Y Dyffryn (Merthyr Tydfil) Residents Management Company Limited
Portland Park (Ashington) Management Company Limited
Pottery Gardens (Cheadle) Residents Management Company Limited
6
Priory Green (Chilton Polden) Management Company Limited
1
Priory Meadows (Bodmin) Management Company Limited
Quantock View Management Company Limited
Quinta Mews Management Company Limited
28
Rackheath Residents Management Company Limited
Rainton Gardens (Chilton Moor) Management Company Limited
Rainton Meadows (Chilton Moor) Management Company Limited
20
Ramsdell (Ashford Hill) Management Company Limited
Rectory Lane (Standish) Management Company Limited
Redhayes Management Company Limited
29
Redland Grange (Cottenham) Residents Management Company Limited
Regency Grange (Forest Town) Management Company Limited
Regent Park (Calne) Management Company Limited
Regents Place (Chellaston) Management Company Limited
1
Regents Village, Cheltenham Management Company Limited
6
Repton Park 18 (Ashford) Residents Management Company Limited
Repton Park 19-23 (Ashford) Residents Management Company Limited
Repton Park 8 & 10 (Ashford) Residents Management Company Ltd
Ridge Walk, Whiteley Meadows (North Whiteley) Management Company Limited
Rivendell (Gedling) Management Company Limited
Riverbourne Fields Management Company Limited
Rose Manor (Hadleigh) Residents Management Company Limited
Salterns (Terrington) Residents Management Company Limited
Saltram Meadow Plymouth Management Company Limited
Samford Gardens (Capel St Mary) Residents Management Company Limited
Sandfield Walk (Nottingham) Management Company Limited
Sandgate Drive (Kippax) Management Company Limited
Sandpipers (Minster) Residents Management Company Limited
Saxon Fields (Bridgwater) Management Company Limited
Saxon Grange (Shaftesbury) Management Company Limited
Saxon Grove (Purton) Management Company Limited
Saxon Meadow (Sutton on Trent) Residents Management Company Limited
Saxons Chase (Headcorn) Residents Management Company Limited
Scarlett Mews (Tiptree) Residents Management Company Limited
Scholar’s Green (Northampton) Residents Management Company Limited
30
Seaside Lane (Easington) Management Company Limited
Seaton Vale (Ashington) Residents Management Company Limited
Sharpes Meadow (Heybridge) Residents Management Company Limited
Sherborne Fields (Basingstoke) Management Limited
Sherborne Fields Apartments PH6 (Basingstoke) Management Company Limited
Shilton Place (Coventry) Management Company Ltd
31
Shirewood (Beighton Road) Management Company Limited
Silver Hill (Preston) Management Company Limited
Silverwood (Garforth) Management Company Limited
Solway View (Workington) Management Company Limited
Sovereign Quarter (Gillingham) Management Company Limited
Speckled Wood (Carlisle) Management Company Limited
Spring Meadows (Darwen) Management Company Limited
9
St Andrews (Uxbridge) Management Company Limited
1
St Andrews Park (Phase 3C Uxbridge) Management Company Limited
32
St Andrews Park (Vine Lane 1A) Management Company Limited
1
St Andrews Park (Vine Lane 2A) Management Company Limited
1
St Andrews Park 2B/3A (Churchill Road, Uxbridge) Management
Company Limited
1
St Andrews Park 3B (Uxbridge) Management Company Limited
1
St Andrews Ridge (Swindon) Management Company Limited
St Dunstans Place (Burbage) Management Company Limited
St Edeyrns Apartments (Cardiff) RMC Limited
St Edeyrns Village (Cardiff) Residents Management Company Limited
St Edmunds (Frome) Management Company Limited
St George (Lancaster) Management Company Limited
St Georges Keep Management Company Limited
St James Park (Bramley) Residents Management Company Limited
St Johns (Lichfield) Management Company Limited
St Michaels Place (Colchester) Residents Management Company Limited
St Michaels Way (South Ryhope) Residents Management Company Limited

Persimmon Plc Annual Report 2024 193
Financial statementsGovernance Other informationStrategic report
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
St Oswalds Park (Gloucester) Management Company Limited
1
St Peters Place (Salisbury) Management Company Limited
Stanbridge Meadows (Petersfield) Management Company Limited
Stanford Meadows (Stanford-le-Hope) Residents Management Company Limited
Stanton Chase (Swindon) Management Company Limited
Staynor Hall 4 (Selby) Residents Management Company Limited
Staynor Hall K (Selby) Management Company Limited
Stephenson Park (Wallsend) Residents Management Company Limited
Stortford Fields (Bishops Stortford) (Persimmon) Resident Management
Company Limited
Strawberry Fields Penryn Management Company Limited
Stream View Management Limited
28
Swan Park (Dawlish) Management Company Limited
Sycamore Gardens (Oakdale) RMC Ltd
33
Sycamore Rise (Thame) Residents Management Company Limited
Tanners Meadow (Strood Green) Management Company Limited
2
Tarraby View (Carlisle) Management Company Limited
Teasdale Place (Carlisle) Management Company Limited
Temple Gate (Burgess Hill) Resident Management Co Ltd
The Acorns (Shirley) Management Company Limited
1
The Alders (Gilwern) Residents Management Company Limited
The Blossoms (Blackburn) Management Company Limited
9
The Boulevards (East Tilbury) Residents Management Company Limited
The Boulevards (Newport) Residents Management Company Limited
The Bridge (Dartford) 29 and 31A Residents Management Company Limited
The Bridles (Ffos Las) Management Company Limited
13
The Carriages (Burscough) Management Company Limited
The Copse (Bridgwater) Management Company Limited
19
The Cottons (Holmes Chapel) Management Company Limited
The Croft (Burgess Hill) Residents Management Company Limited
The Edge (Hempstead) Management Limited
The Fell (Lyde Green) Management Company Limited
7
The Goldings Newquay Management Company Limited
The Grange (Chalfont St Peter) Management Company Ltd
The Grange (Chepstow) Limited
The Grange (Wellesbourne) Management Company Limited
1
The Hamptons (Newcastle) Resident Management Company Limited
6
The Haven (Swansea) Management Company Limited
The Hawthorns (Market Harborough) Management Company Limited
The Heath (Sandbach) Management Company Ltd
9
The Hedgerows (Alsager) Management Company Ltd
6
The Heights (Newark) Residents Management Company Limited
The Lancasters (Cambridge) Residents Management Company Limited
The Landings (Waddington) Residents Management Company Limited
The Links (Machynys East) Management Company Limited
7
The Maples (Cressing) Residents Management Company Limited
The Maples (NGP) Management Company Limited
The Maples (Weston) Residents Management Company Limited
The Mile (Pocklington) Management Company Limited
The Oaklands (NGP) Residents Management Company Limited
The Paddocks (Aintree) Management Company Limited
6
The Paddocks (Farcet) Residents Management Company Limited
The Paddocks (Highworth) Management Company Limited
6
The Pastures (Lowton) Management Company Limited
6
The Pavilion (Mansfield) Residents Management Company Limited
The Pinnacles Management Company (Thamesmead) Limited
The Poppies (Harleston) Management Company Limited
The Poppies Management Company Limited
The Quadrant (Whitney Crescent) Management Limited
19
The Reeds Lower Halstow Management Ltd
28
The Rosary (Emersons Green) Management Company Limited
The Rydons Exeter Number Two Management Company Limited
The Sands (Durham) Management Company Limited
The Shires (Oswaldtwistle) Management Company Ltd
9
The Swallows Management Company Limited
19
The View (Redditch) Management Company Limited
1
The Weald (Easingwold) Management Company Limited
The Wickets (Penenden Heath) Residents Management Company Limited
The Willows (Downham Market) Residents Management Company Limited
The Willows Earlestown (Newton le Willows) Management Company Limited
4
The Windmills (Kirton) Residents Management Company Limited
Thonock Green (Gainsborough) Management Company Limited
Thornley Woods (Gateshead) Management Company Limited
Tilbury Fields (Oxford) Management Company Limited
9
Tir Y Bont (Bridgend) Management Company Limited
Towcester Grange (Apartments) Residents Management Company Limited
Towcester Grange (Towcester) Residents Management Company Limited
18
Trehenlis Gardens (Helston) Management Company Limited
Trelawny Place (Felixstowe) Residents Management Company Limited
Trevelyan Grange (Morpeth) Residents Management Company Limited
Trevethan Meadows Liskeard Management Company Limited
Trevithick Manor Park (Newquay) Management Company Limited
Trinity Fields (Clacton) Residents Management Company Limited
Trinity Pastures (Calvert Lane Hull) Residents Management Company Limited

Persimmon Plc Annual Report 2024194
Notes to the financial statements continued
For the year ended 31 December 2024
33 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Tundra Point (Emersons Green) Management Company Limited
Valley Heights (Frome) Management Company Limited
1
Valley Park (Didcot) Management Company Ltd
6
Village Mews (Southowram) Management Company Limited
Walmsley Park (Leigh) Management Company Ltd
6
Watercress Way Management Company Limited
28
Waterfield Place (Market Harborough) Residential Management Company Limited
Waters Edge (Buckshaw) Management Company Limited
Waterside at the Bridge Management Company Limited
Watling Place (Newington) Residents Management Company Ltd
Weavers Meadow Estates Management Company Limited
Weavers Meadow Phase 2 (Hadleigh) Residents Management Company Limited
Weavers Place (Skelmanthorpe) Management Company Limited
Weavers View (Pleasley Hill) Residents Management Company Limited
Weavers Wharf Apartments (Coventry) Management Company Limited
Wellington Gate (Grove) Management Company Limited
Wellington Gate (Maresfield) Management Company Limited
Wellington Mount (North Quadrant) Management Company Limited
Wentworth Green Management Company Limited
West Gate House (Machynys East) Management Company Limited
7
Westhaven Apartments (Barry) Residents Management Company Limited
Westhoughton (Lee Hall) Residents Management Company Limited
6
Weston Park Limited
Westvale Park (Horley) Management Company Limited
2
Westwood Park (Churwell) Management Company Limited
White House Farm (Emersons Green) Management Company Limited
7
White Rose Park (Norwich) Residents Management Company Ltd
Whiteford Mews Management Company Limited
7
Whitewood Park (Bristol) Management Company Limited
Whittington Walk (Worcester) Management Company Limited
1
Whitworth Dale Management Company Limited
Willow Court (Abergavenny) RMC Limited
Willow Park (Aylsham) Management Company Limited
Windmill View (Stanground) Residents Management Company Limited
Windrush Place Witney Management Company Limited
Wombwell (Barnsley) Management Company Limited
Woodhorn Meadows (Ashington) Residents Management Company Limited
Woodland Gardens (Pyle) Management Company Limited
Woodland Rise (Great Cornard) Residents Management Company Limited
Woodlark Place (Newbury) Residents Management Company Limited
Worcester Gate (Worcester) Management Company Limited
1
Wykham Park (Banbury) Management Company Ltd
6
Yew Tree Farm (Droitwich) Management Company Limited
1
Yew Tree Gardens (Tuffley) Management Company Limited
1. Queensway House, 11 Queensway, New Milton, Hampshire, BH25 5NR
2. Homer House, 8 Homer Road, Solihull, B91 3QQ
3. Fountain House, Southwell Road West, Mansfield, Nottinghamshire, NG18 4LE
4. Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE
5. Persimmon House, Birmingham Road, Studley, Warwickshire, B80 7BG
6. Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL
7. Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
8. 20 Station Road, Hinckley, Leicestershire, LE10 1AW
9. RMG House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR
10. Unit A5, Optimum Road, Swadlincote, Derbyshire, DE11 0WT
11. 94 Park Lane, Croydon, CR0 1JB
12. 3 Waterside Way, Northampton, NN4 7XD
13. 46 Whitchurch Road, Cardiff, CF14 3LX
14. Cheviot House, Beaminster Way East, Newcastle upon Tyne, NE3 2ER
15. North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY1 3BF
16. Burlington House, Botleigh Grange Business Park, Hedge End, Southampton, SO30 2AF
17. Unit 8, The Forum Minerva Business Park, Peterborough, PE2 6FT
18. 2 Hills Road, Cambridge, CB2 1JP
19. Units 1,2 & 3 Beech Court, Wokingham Road, Hurst, Reading, RG10 0RU
20. 1175 Century Way, Thorpe Park, Leeds, LS15 8ZB
21. Suite 7, Aspect House, Pattenden Lane, Marden, Kent, TN12 9QJ
22. Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, HP2 7DN
23. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
24. 2nd Floor Citygate, St James’ Boulevard, Newcastle upon Tyne, United Kingdom, NE1 4JE
25. Acorn Estate Management, 9 St Marks Road, Bromley, BR2 9HG
26. Foundation House, Coach & Horses Passage, Tunbridge Wells, TN2 5NP
27. Castlewood Business Park, Tickenham Road, Clevedon, BS21 6FW
28. Scholars House, 60 College Road, Maidstone, Kent, ME15 6SJ
29. Woodwater House, Pynes Hill, Exeter, Devon, EX2 5WR
30. A5 Optimum Business Park, Optimum Road, Swadlincote, DE11 0WT
31. 1st Floor, Lancaster House, 67 Newhall Street, Birmingham, B3 1NQ
32. The Charter Building, Charter Place, Uxbridge, UB8 1JG
33. 46 Whitchurch Road, Cardiff, CF14 3LX
* Private limited company

Persimmon Plc Annual Report 2024 195
Financial statementsGovernance Other informationStrategic report
Shareholder information
Band analysis as at 31 December 2024
Size of shareholding
Number of
shareholders
%
of shareholders
Number of
shares
%
of shares
1–5,000 6,089 87.06 3,673,804 1.60
5,001–50,000 520 7.43 8,949,884 4.11
50,001–250,000 227 3.25 26,391,368 10.89
250,001–999,999,999 158 2.26 280,899,812 83.40
Total 6,994 100.00 319,914,868 100.00
Share price – year ended 31 December 2024
Price at 31 December 2024 1,198p
Lowest for year 1,177.5p
Highest for year 1,720p
The above share prices are the closing share prices as derived from the London Stock Exchange Daily Official List.
Financial calendar 2025
Annual General Meeting 1 May 2025
Trading Update 1 May 2025
Ex-Dividend Date of 40p final dividend 19 June 2025
Record Date of 40p final dividend 20 June 2025
Payment of final dividend of 40p 11 July 2025
Announcement of Half-Year Results 13 August 2025
Trading Update 5 November 2025
Five-Year Record
2024 2023 2022 2 0 21 2020
Unit sales 10,664 9,922 14,868 14,551 13,575
Housing revenue £2,863.6m £2,537.6m £3,696.4m £3,449.7m £3,129.5m
Average selling price £268,499 £255,752 £248,616 £237,078 £230,534
Profit from operations £405.2m £354.5m £1,006.5m £966.7m £862.8m
Profit before tax £395.1m £359.4m £1,012.3m £973.0m £863.1m
Basic earnings per share 92.1p 82.4p 247.3p 248.7p 220.7p
Diluted earnings per share 91.1p 81.9p 245.3p 247.6p 219.9p
Cash return/dividend per share 60.0p 80.0p 235.0p 235.0p 110.0p
Net assets per share 1,096.1p l,070.2p 1,077.0p 1,135.7p 1,102.7p
Total shareholders’ equity £3,506.6m £3,418.5m £3,439.3m £3,625.2m £3,518.4m
Return on capital employed 11.1% 10.5% 30.4% 35.8% 29.4%
All figures stated before exceptional items, goodwill amortisation/impairment, legacy buildings provision and includes
land creditors where applicable.
Other information

Persimmon Plc Annual Report 2024196
Directors
Roger Devlin
Chairman
Dean Finch
Group Chief Executive
Andrew Duxbury
Chief Financial Officer
Nigel Mills
Senior Independent Director
Annemarie Durbin
Non-Executive Director
Andrew Wyllie CBE
Non-Executive Director
Alexandra Depledge
Non-Executive Director
Colette O’Shea
Non-Executive Director
Paula Bell
Non-Executive Director
Anand Aithal
Non-Executive Director
Life President
Duncan Davidson founded Persimmon in 1972. The Company floated on the
London Stock Exchange in 1985 and became the first pure housebuilder to
enter the FTSE 100 in December 2005. Mr Davidson retired as Chairman in
April 2006 and assumed the role of Life President.
Company information
Company Secretary
Tracy Davison
Registered office
Persimmon House
Fulford, York YO19 4FE
Telephone: 01904 642199
Company number
1818486
Incorporated in England
Auditor
Ernst & Young LLP
Bankers
The Royal Bank of Scotland plc
Lloyds Banking Group plc
Barclays Bank PLC
HSBC plc
Handelsbanken plc
Santander BANCO S.A.
Investec Bank Plc
Financial PR Consultants
Teneo
The Carter Building, 11 Pilgrim Street
London EC4V 6RN
Telephone: 020 7353 4200
Email: persimmon@teneo.com
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone 0370 7030178
www.investorcentre.co.uk
Other information continued

CBP029837
Persimmon Plc’s commitment to environmental issues is reflected in this Annual Report,
whichhas been printed on Amadeus Silk. This product is made of FSC
®
-certified and
othercontrolled material. This document was printed by L&S using its environmental print
technology, which minimises the impact of printing on the environment. Vegetable-based
inks have been used and 99% of dry waste is diverted from landfill. The printer is a
CarbonNeutral
®
company. Both the printer and the paper mill are registered to ISO 14001.

Persimmon House
Fulford
York YO19 4FE
Telephone: (01904) 642199
Persimmon Plc Annual Report 2024