Persimmon has returned to profit after rising land values allowed it to write back £28m of its landbank after a hefty write-off last year.

The company reported a £9.8m profit for the first half of 2009, following a £780m loss for 2008. It reported a £36.9m profit in the first half of 2008.

Persimmon narrowed its year-end net debt target from £450m to £400m after six months in which it has focused on conserving cash.

Financial Times, The Times, Daily Telegraph