British homebuilders are anticipating a rebound in 2024. One of the country’s largest players, $6 billion Persimmon (PSN.L), said on Wednesday that it would open 30 property outlets after beating its annual sales target in 2023 and witnessing a 5% gain in private home average selling prices last year. Shares rose 4% on the back of the trading announcement.
Expectations of interest rate cuts have already sent Persimmon’s stock 50% higher from an October trough. But even with the improved outlook, its revenue is expected to be down some 30% in 2023 from 2022 and remain subdued for at least three more years, LSEG data show. With the economy still wobbly, betting on a much stronger rally looks like a stretch. (By Yawen Chen)
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