16th May 2019 09:13
LONDON (Alliance News) - Countryside Properties PLC on Thursday reported a slight reduction in its interim profit despite a significant revenue jump on the back of increased completions.
For the six months to March 31, the UK home builder posted pretax profit of GBP57.5 million, down 3.8% from GBP59.8 million a year ago.
Revenue jumped 27% to GBP507.0 million from GBP398.8 million but higher administrative expenses, up to GBP39.8 million from GBP27.9 million, reduced the company's profitability.
During the half, the company completed 2,362 houses, 43% more than the 1,655 a year ago.
Countryside upped its dividend per share 43% to 6.0 pence each from 4.2p paid to shareholders for the first half a year ago.
Looking ahead, the housebuilder said it is on track to deliver volume and margin expectations for the full year.
"We have delivered excellent growth in the first six months of the year and have continued positive momentum into the second half. We see strong demand for our high quality homes and have underpinned margins with operational efficiency and the opening of our modular panel factory. We remain confident of delivering full year and medium-term expectations," Chief Executive Officer Ian Sutcliffe said.
Countryside Properties shares were trading down 1.3% at 314.80 pence each.
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