18th May 2016 06:33
LONDON (Alliance News) - Housebuilder and regeneration company Countryside Properties PLC on Wednesday saw profit and revenue rise in its first half, after it sold more homes at higher prices, and noted it had seen no impact from the upcoming UK referendum on its European Union membership.
Countryside, which listed in February, reported revenue of GBP286.2 million for the six months ended March 31, up from GBP223.0 million for the same period a year earlier, which drove a pretax profit of GBP18.1 million, up from GBP12.1 million a year earlier.
The company's basic earnings per share almost doubled to 3.1 pence from 1.7p a year earlier.
This came as Countryside said its number of completions in the half rose 15% year-on-year to 1,095 units, up from 949 units a year earlier. The average private selling price for the properties came in much higher, up 46% to GBP505,000 from GBP345,000 a year earlier thanks to an improved sales mix.
Countryside said it saw strong demand for its homes, particularly in the outer London area and the wider South East of England, noting that there has been "no adverse impact" from the increase in stamp duty rates on April 1 or from the EU referendum debate.
Countryside said the number of open sales outlets has continued to grow during the period, giving it confidence in delivering its full year targets, whilst its pipeline of work continues to expand its Partnerships division.
The company said it remains on track to deliver medium-term plans of 3,600 completions, 17% adjusted operating margin and 28% on capital employed by 2018.
"We are delighted to be able to report excellent financial results for the first six months of the year, with progress made across the business. We are delivering on what we set out at initial public offering in February and are particularly encouraged by the new wins within the Partnerships division and continued strong demand for our new homes. We are well placed to deliver 2016 full year expectations across all areas of the group," said Chairman David Howell.
By Hannah Boland; [email protected]; @Hannaheboland
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