21st Jul 2022 11:01
(Alliance News) - Countryside Partnerships PLC on Thursday said that revenue in its third quarter was up, as the search for its new chief executive officer continues.
The Brentwood, Essex-based housebuilder and urban regeneration company reported that in the 13 week period from April 1 to June 30, revenue was up 20% to GBP219 million compared to GBP183 million the year before.
Further, it said that its total order book at the end of June was up 60% year-on-year to GBP1.91 billion and that it has forward sold more than 99% of its expected homes for the full-year.
The number of completions was broadly unchanged from the prior year at 817 homes versus 818 homes in the third quarter of 2021, it added.
During its third quarter, Countryside Partnerships noted that it decided to exit its site in Bardon, following a review of its manufacturing facilities. It now expects a reduction in the run-rate of manufacturing losses.
Further, the company said that it has completed a review of cost savings across the business, identifying at least GBP15.0 million of savings on an annualised basis.
Going into the fourth quarter of its financial year, Countryside Partnerships said it has a "strong" forward order book. It added that the final quarter is its "most significant trading quarter of the year", in which around 40% of the company's annual completions are expected.
Whilst mindful of the challenging macroeconomic backdrop, its financial year 2022 guidance of around GBP150 million adjusted operating profit remains unchanged.
It added that its search for a permanent chief executive officer is "continuing". Currently, Mike Woolliscroft and Phil Chapham are jointly leading the business until a new CEO joins.
Shares in Countryside Partnerships were up 0.2% to 252.60 pence each in London on Thursday morning.
By Sophie Rose; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
CSP.L