British housebuilder Persimmon Plc said it saw “good opportunities” ahead after a 12 percent rise in first-half revenue and despite housing shares taking a heavy hit following Britain’s decision to exit the European Union.
About 8 billion pounds ($10.5 billion) was initially wiped off the market value of top British housebuilders Taylor Wimpey , Persimmon, Barratt and Berkeley following the Brexit vote last week.
The stocks have seen some recovery since.
However, Persimmon struck a positive note on Tuesday, pointing to forward orders of 1.36 billion pounds ($1.8 billion) as at June 30, its existing land bank and robust financial position.
“We remain confident in the group’s prospects,” it said.
New volumes grew by 6 percent to 7,238 units in the six months to June 30, Persimmon said, adding it had “good levels” of sales in May and June with private sales up about 1 percent.
The UK’s decision to exit the EU has prompted doubts about housing, a sector buoyed in recent years by low mortgage rates, government schemes to help first-time buyers, and a supply shortage.
The Brexit vote has sparked uncertainty which could slow sales and some economists have warned recession could now be on the cards.
Two real estate-related names have already issued warnings.
Retirement housebuilder McCarthy & Stone Plc raised concerns about its full-year sales volume growth target while London-focused estate agent Foxtons Group Plc warned that Brexit would weigh on property sales and earnings this year.