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Having capitalised on the previous decade-long boom in property prices, Persimmon has seen its profits fall from £281.1 million to £36.9 million over the last year, reports the Daily Telegraph.
In an attempt to drive down costs, the firm has taken a series of measures such as closing down three offices in February, axing 900 on-site jobs and making 1,100 office workers redundant.
John White, Persimmon chairman, commented: "The business has performed well in very difficult conditions. We are confident that our business, having been restructured, is in a strong position to move forward whenever the market improves."
Persimmon was established in 1972 and has become one of the most successful housebuilders in the UK.
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