19th May 2022 11:22
(Alliance News) - Countryside Partnerships PLC said on Thursday it swung to an interim loss but remained firm on its full-year guidance.
The Brentwood, England-based housebuilder and urban regeneration firm swung to a pretax loss of GBP181.5 million in the six months ended March 31, from a profit of GBP85.4 million the previous year.
Revenue also dropped, falling 8.9% to GBP602.2 million from GBP661.0 million. This came as the company registered a 24% drop in completions in the half which fell to 1,958 from 2,591.
Countryside Partnerships explained that the previous year's half had been an "unusually" strong comparative that had benefited from Covid-related deferrals.
It also noted that the first quarter had been impacted by delays to starting on a number of sites and operational challenges including groundworker, timber-frame and roofing contractor issues.
Despite the swing to loss, the stayed firm on its full-year guidance. It anticipates adjusted operating profit of GBP150 million for the year, which would represent a 10% drop from the GBP167.3 million achieved in its most recently financial year.
Chair John Martin said: "We have taken significant steps to improve operational performance, augment controls and manage our cost base to enhance returns and cash generation. We are delighted with the quality and scale of new bids we have won and invested in during the first half, further strengthening our significant pipeline for profitable growth. We expect continued momentum as we move through the rest of this year and into next."
Unchanged from the previous year, the company did not declare a dividend.
Countryside Partnerships also announced that recently appointed interim Chief Executive John Martin will now return to the role of chair. Mike Woolliscroft and Phil Chapham will jointly lead the business until a new CEO joins.
Shares in Countryside Partnerships were down 4.2% at 221.60 pence on Thursday in London.
By Heather Rydings; [email protected]
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