Newspaper article The Evening Standard (London, England)

Persimmon Chiefs in Line for [Pounds Sterling]10m Shares Bonanza

Newspaper article The Evening Standard (London, England)

Persimmon Chiefs in Line for [Pounds Sterling]10m Shares Bonanza

Article excerpt

Byline: JAMES ROSSITER

THE four directors running Britain's biggest housebuilder, Persimmon, are on course for a [pounds sterling]10 million shares bonus.

Chief executive Mike Farley can celebrate his first nine months in charge after making better-than-expected savings from January's [pounds sterling]643 million purchase of Southern builder Westbury.

Persimmon shareholders gave the thumbs-up to a controversial incentive scheme when they approved the Westbury deal. It pays out if the bosses beat by 20% projected cost savings of [pounds sterling]25 million this year and [pounds sterling]40 million in 2007.

Announcing that the company would post a 38% rise in revenues this year to [pounds sterling]3.15 billion, Farley and finance director Mike Killoran today said: "Synergy savings have been accelerated, and will be higher than the [pounds sterling]40 million per annum originally indicated for 2007 and beyond." They will deliver the final savings figure in February. …

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