Final Results

Persimmon PLC
1 March 2001


1 March 2001

           PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000


Highlights
*   Record year with pre-tax profits up 28% to £104.0 million (1999: £81.6
    million)
*   Dividend increased by 12% to 12.4p per share (1999: 11.1p)
*   Return on average capital employed rose to 21.7% (1999: 19.6%)
*   Legal completions at similar levels at 7,035* (1999: 7,101*)
*   Pre-tax profit per unit increased by 29% to £14,785 (1999: £11,486)
*   Operating margins in the second half of 2000 were 16.2%, and 15.6% for the
    full year (1999: 13.2%)
*   Average selling price increased by 10% to £105,307* (1999: £96,055*)
*   Current year sales to 26 February are over 20% higher than at the same date
    in 2000
*   Acquisition of Beazer Group plc is unconditional as to acceptances

*excluding BES resales

Duncan Davidson, Group Chairman said: 'New sales of Persimmon homes have gone
very well since the New Year, and we are confident of another good result in
2001. Prior to the Beazer acquisition, the value of Persimmon's current year
sales up to 26 February was over 20% higher than at the same date in 2000.'

John White, Group Chief Executive said: 'This has been an excellent year for
Persimmon. I am particularly pleased that our continued commitment to
maximising profit per plot and operating margins has been so effective and has
ensured yet another record result for shareholders. The split of the business
into North and South Divisions has been highly effective and I am confident
that Persimmon has the right structure in place to quickly and profitably
integrate Beazer into our business.'

For further information, please contact:
Duncan Davidson, Chairman              Edward Orlebar/ Faeth Finnemore
John White, Chief Executive            Finsbury
Persimmon plc                          Tel: [phone]
Tel: [phone] on 1 March
Tel: [phone] thereafter

Print resolution images are available for media download at www.newscast.co.uk





PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000

In the 12 months to 31 December 2000 Persimmon achieved another record year
with earnings per share increased by 26% to 40.6p (1999: 32.1p). In the same
period net pre-tax profits rose by 28% to £104.0 million (1999: £81.6
million).

Persimmon legally completed marginally fewer homes than in the previous year,
at 7,035 against 7,101 in 1999. However, profit per unit increased by 29% to £
14,785 (1999: £11,486). Operating margins in the second half of 2000 were
16.2%, and 15.6% for the full year (1999: 13.2%). Average selling price per
unit was £105,307 (1999: £96,055).

Return on average capital employed rose to 21.7% (1999: 19.6%). Net debt at
the year end was £116.2 million, giving a gearing level of 28% on
shareholders' funds of £418.4 million (1999: borrowings £94.8 million, gearing
26% on shareholders' funds of £363.7 million). Interest cover was ten times.

At 1st January 2001 Persimmon had a total of 30,888 consented plots owned and
under control at an average cost of £23,181 per plot, a cost to revenue
percentage of 19.9%. (2000: £21,325 - 20%).

The Board is proposing to increase the dividend by 12% to 12.4p per share
(1999: 11.1p per share), which is covered 3.3 times. Persimmon paid an interim
dividend of 3.9p per share in October 2000 and, as already forecast, will
recommend a final dividend of 8.5p, which will be payable on 27 April 2001 to
shareholders on the register as at 9 March 2001.

Acquisition of Beazer

Since 1 January 2001 Persimmon has been working hard to achieve the
acquisition of Beazer. The offer is now unconditional as to acceptances and
therefore the only material outstanding condition to the offer for Beazer is
the approval by the Office of Fair Trading which Persimmon is confident of
securing. Persimmon believes that the acquisition is a tremendous opportunity
for the Group and is looking forward to a successful integration of Beazer
into Persimmon. The Board is confident that Persimmon can make rapid
improvements to Beazer's operations. Persimmon will motivate Beazer's strong
middle management to adopt its well-proven methods.

The Board expects the acquisition to be earnings enhancing in 2001, and the
longer term prospects are very exciting.

The cash paid for Beazer, plus debt, will take Persimmon's gearing to about
100% initially. Interest cover will be comfortable at circa six times. The
Board is confident of reducing gearing to about 70% within 12 months. As
described in the offer documents, this will be achieved partly by managing the
reduction of the combined land bank of about 58,000 plots to some 50,000
plots, by replacing less plots over the next 12 months. The enlarged Persimmon
will also have over 20,000 acres of strategic land throughout the UK, which it
will be taking through the planning system over the next few years.

The enlarged Persimmon group will be reshaped to maximise margins and
profitability from between 13,000 and 14,000 units throughout the UK. By
operating its North and South Divisions with flexibility and a high degree of
autonomy the increased volumes will be smoothly integrated into the business.

Each Division is more than capable of successfully managing a business of
6,000 to 7,000 homes per annum broadly within the existing management
structure. Persimmon is, therefore, confident that it can realise synergies in
excess of £20 million per annum.

The core Persimmon housing division will provide the bulk of the volumes
across all markets with an emphasis on good value homes. In addition,
Persimmon believes that the Charles Church brand has yet to realise its full
potential and will increase activity under this upmarket brand without
compromising on its premium value, thereby improving margins.

Current Trading and Outlook

This has been an excellent year for the Group. The Directors are particularly
pleased that their continued commitment to maximising profit per plot and
operating margins has been so effective and has ensured yet another record
result for shareholders. The split of the business into North and South
Divisions has been highly effective and Persimmon is confident that it has the
right structure in place to quickly and profitably integrate Beazer into our
business.

New sales of Persimmon homes have gone very well since the New Year, and the
Board is confident of another good result in 2001. Prior to the Beazer
acquisition, the value of Persimmon's current year sales up to 26 February was
over 20% higher than at the same date in 2000.

Persimmon expects market conditions to remain positive for the remainder of
the year with trading characterised by modest house price inflation and
continued strong demand for its homes.

Board Changes

At the end of 2000 Mike Allen, Brian Taylor and Harry Littlefair all retired
from our Main Board. Between them they have given 52 years of service to our
Group. Persimmon thanks them most sincerely for the great contribution each of
them has made.

Employees

The Board would like to thank all management and staff for their considerable
efforts which have achieved such success. The Board welcomes many members of
the staff of Beazer to the Persimmon team, a combination which will ensure the
strong and profitable future growth of the enlarged Persimmon.

PERSIMMON PLC

Consolidated profit & loss account
for the year ended 31 December 2000
                                                  Note       2000          1999
                                                            £'000         £'000

Turnover                                                 742,164       695,854

Cost of sales                                           (595,163)     (577,474)
Gross profit                                             147,001       118,380

Net operating expenses                                   (31,289)      (26,216)

Operating profit before goodwill amortisation            116,011        92,164

Goodwill amortisation                                5      (299)            -

Operating profit                                         115,712        92,164

Net interest payable and similar charges                 (11,696)      (10,600)

Profit on ordinary activities before taxation            104,016        81,564

Tax on ordinary activities                               (30,190)      (23,928)

Profit on ordinary activities after taxation              73,826        57,636

Dividends                                                (22,635)      (20,079)

Retained profit                                           51,191        37,557

Basic earnings per share                             6      40.6p         32.1p
Diluted earnings per share                           6      40.4p         31.8p
Dividend per share                                          12.4p         11.1p

The group has no recognised gains or losses other than the profits above and
therefore no separate statement of total recognised gains and losses has been
presented.


PERSIMMON PLC

Consolidated balance sheet
At 31 December 2000
                                               Note          2000          1999
                                                            £'000         £'000
Fixed assets
Tangible assets                                           12,135        11,105
Intangible assets                                 5        3,277             -
                                                          15,412        11,105

Current assets
Stocks and work in progress                              693,932       584,694
Debtors                                                   66,369        46,584
Cash at bank and in hand                          3       11,654        51,762

                                                         771,955       683,040

Creditors due within one year
Borrowings                                        3      (11,699)      (22,605)
Other creditors                                         (206,152)     (164,963)
                                                        (217,851)     (187,568)

Net current assets                                       554,104       495,472

Total assets less current liabilities                    569,516       506,577

Creditors due after more than one year
Borrowings                                        3     (116,105)     (123,998)
Other creditors                                          (35,005)      (18,904)

                                                        (151,110)     (142,902)

Net assets                                               418,406       363,675

Capital and reserves
Called up share capital                                   18,288        18,133
Share premium account                                    201,304       200,801
Merger reserve                                             3,123         3,123
Revaluation reserve                                        1,242         1,242
Profit and loss account                                  194,449       140,376

Equity shareholders' funds                               418,406       363,675

Net assets per share                                       228.8p        200.6p



PERSIMMON PLC

Consolidated cash flow statement
for the year ended 31 December 2000
                                                           Note    2000    1999
                                                                  £'000   £'000

Net cash inflow from operating activities                     2 61,149  56,954

Return on investments and servicing of finance
Interest received                                                   36     161
Interest paid                                                   (11,536) (7,185)
Interest paid on finance leases                                   (334)   (384)

                                                                (11,834) (7,408)

Taxation
UK corporation tax paid                                         (28,189)(16,744)

Capital expenditure
Purchase of tangible fixed assets                               (3,818) (3,010)
Sale of tangible fixed assets                                      693     490

                                                                (3,125) (2,520)

Acquisitions and disposals
Acquisition of businesses and subsidiaries                     (19,078) (12,030)

Equity dividends paid                                          (18,735) (16,621)

Net cash (outflow)/ inflow before management of liquid          (19,812)  1,631
resources and financing

Financing
Bank loans advanced                                             120,000 280,621

Repayment of bank loans                                       (127,893)(236,300)
Exercise of share options                                          658   2,641
Repayment of principal under finance leases                     (2,155) (2,218)
Net cash (outflow)/inflow from financing                        (9,390) 44,744

(Decrease)/increase in cash                                   4 (29,202) 46,375



PERSIMMON PLC

Notes

 1. Accounting policies

    The financial information has been prepared on the basis of the accounting
    policies set out in the financial statements for the year ended 31
    December 1999. In addition, the group has adopted Financial Reporting
    Standard ('FRS') 15 (Tangible Fixed Assets). The adoption of this standard
    has had no material impact upon this statement.


 2. Reconciliation of operating profit to net cash inflow from operating
    activities

                                                              2000         1999
                                                             £'000        £'000

Operating profit                                          115,712       92,164
Depreciation charge                                         3,236        2,720
Amortisation of goodwill                                      299            -
Loss/(profit) on sale of tangible fixed assets                 26           (3)
LTIP charge                                                   765          350
Increase in stocks and work in progress                   (92,141)     (14,996)
Increase in debtors                                       (16,184)      (5,673)
Increase/(decrease) in creditors                           49,436      (17,608)

Net cash inflow from operating activities                  61,149       56,954


3.     Analysis of net debt
                                       2000        Cash flow and lease     1999
                                                             financing
                                      £'000                      £'000    £'000
Net cash:
Cash at bank and in hand            11,654                    (40,108)  51,762
Bank overdrafts                     (3,806)                    10,906  (14,712)

Net cash per cash flow statement     7,848                    (29,202)  37,050

Debt and lease financing:
US Senior loan notes               (123,998)                     7,893 (131,891)
Finance leases                      (3,308)                     1,020   (4,328)

Debt and lease financing           (127,306)                     8,913 (136,219)

Net debt                           (119,458)                   (20,289) (99,169)

Analysed as:
Cash at bank and in hand            11,654                              51,762
Borrowings due within one year     (11,699)                            (22,605)
Borrowings due after more than one (116,105)                          (123,998)
year
Finance leases                      (3,308)                             (4,328)
Net debt                           (119,458)                            (99,169)



4.     Reconciliation of net cash flow to net debt
                                                              2000        1999
                                                             £'000       £'000

(Decrease)/increase in cash                               (29,202)     46,375
Decrease/(increase) in debt and lease finance              10,048     (42,103)

(Increase)/decrease in net debt from cash flows           (19,154)      4,272
New finance leases                                         (1,135)       (731)

(Increase)/decrease in net debt                           (20,289)      3,541
Net debt at beginning of period                           (99,169)   (102,710)

Net debt at end of period                                (119,458)    (99,169)


5.     Acquisition

       On 22 February 2000, the group acquired the entire issued share capital
       of Tilbury Douglas Homes Limited for a cash consideration of £           
       19,503,000, including £16,076,000 in settlement of outstanding balances
       with the former parent company, and acquisition costs. This acquisition
       has been accounted for using the acquisition method of accounting. After
       the alignment of accounting policies, the provisional fair value of
       assets acquired is £15,927,000, giving rise to goodwill of £3,576,000.
       Goodwill has been capitalised in the consolidated balance sheet in
       accordance with FRS10 ('Goodwill and Intangible Assets') and is being
       amortised over a period of 10 years. The amortisation charge in respect
       of the year ended 31 December 2000 is £299,000.

6.    Earnings per share
      The calculation of earnings per share is based on earnings after taxation
      of £73,826,000 (1999: £57,636,000) and 181,732,010 ordinary shares (1999:
      179,796,076) being the weighted average number of ordinary shares in
      issue during the period.

      Diluted earnings per share is calculated by dividing earnings after
      taxation by the weighted average number of ordinary shares in issue for
      the period, adjusted for the dilutive effect of shares held under
      unexercised options. The weighted average number of ordinary shares so
      calculated is 182,819,352 (1999: 181,063,710).

7.    Post balance sheet event
      On 24 January 2001, the Company announced the terms of a final offer for
      the entire issued share capital of Beazer Group Plc, the consideration
      for which comprises £312 million in cash plus approximately 88.4 million
      new Persimmon plc shares. In addition, the holders of the new shares will
      have the right to receive the final dividend of 8.5p per share declared
      by Persimmon plc in respect of the year ended 31 December 2000.

      As at 28 February 2001, the only material outstanding condition to
      completion of the acquisition is the clearance of the acquisition by the
      Office of Fair Trading.

      As part of the offer for Beazer Group Plc, the Group has arranged UK bank
      facilities totalling £800 million, which will replace the existing
      facilities upon completion of the acquisition.

8.  The financial information set out above does not constitute the company's
    statutory accounts for the years ended 31 December 2000 or 1999 but is
    derived from those accounts. Statutory accounts for the year ended 31
    December 1999 have been delivered to the Registrar of Companies, and those
    for the year ended 31 December 2000 will be delivered following the
    company's annual general meeting. The auditors have reported on those
    accounts; their reports were unqualified and did not contain statements
    under section 237(2) or (3) of the Companies Act 1985.

9.  The annual report will be posted to shareholders on 21 March 2001. Copies
    of the annual report will also be available from the Company Secretary,
    Persimmon plc, Persimmon House, Fulford, York, YO19 4FE.



Further information on the Group can be found on the Persimmon website at:

www.persimmonhomes.com