Persimmon, parent company of Fulford-based Persimmon Homes Yorkshire, today announced record-breaking - and accelerating - profits for the financial year to December 31, 2003.

But while figures for the Yorkshire division broadly mirror the same dramatic success, they fall short of the group's overall 32 per cent increase in pre-tax profits generating £352.5 million (2002: £267.6 million).

Turnover in 2003 was £1.88 billion from the legal completion of 12,163 homes

Ian Hessay, managing director of Persimmon Yorkshire, though pleased with his division's results, today put the blame for the shortfall squarely on the shoulders of Deputy Prime Minister John Prescott.

He said North Yorkshire was particularly badly hit by the ruling that local planning authorities had to refer all planning consents involving more than 150 homes to Mr Prescott.

"We have been granted planning consent for 1,200 homes at Staynore Hall, Selby. The plan has been with Mr Prescott's office since late December and there is still no indication that a decision is forthcoming.

"Another 1,200 dwellings agreed by Selby District Council for Moor Lane in Sherburn-in-Elmet has been held up in Mr Prescott's office since January. These are big sites which could really ease pressure on housing, especially as between them the two projects would offer 550 affordable homes."

But, as with the rest of the group, overall figures were up and accelerating.

Duncan Davidson, chairman and founder of Persimmon Plc, said "Our profits for the second half of the year were in excess of £200 million. This is the first occasion on which we have achieved this level of profitability in any six month period. Persimmon's profits have risen in every consecutive half-year period for the last nine years. During the same period our annual profits have increased from £22.8 million in 1995 to £352.5 million in 2003."

Earnings per share rose by 30 per cent to 86.8p, from 67p in 2002.

Updated: 12:15 Monday, March 01, 2004