13th May 2021 11:08
(Alliance News) - Housebuilder Countryside Properties PLC on Thursday said it had seen "solid revenue growth" and rising completions in its first half of trading.
The Brentwood-based firm said for the six months ended March 31, revenue had leapt 37% to GBP661.0 million from GBP481.2 million a year prior.
Despite the improved revenue, pretax profit fell 1.9% year-on-year to GBP38.8 million from GBP43.7 million. This was due to a reduced operating margin after sites were hurt by increased costs due to extended build programmes and Covid-19 safety measures, the company said.
Total completions were up 14% to 2,591 homes from 2,271 a year prior. Its Housebuilding unit delivered 36% more completions year-on-year at 653 homes and the Partnerships division delivered total completions of 1,938 homes, up from 1,791 homes a year prior.
The private average selling price increased 6% year-on-year to GBP389,000.
"We have seen a good recovery from 2020, with trading in line for the full year," said Chief Executive Iain McPherson.
"We remain focused on executing our growth plans in partnerships, with investment into three new operating regions and a strong bid pipeline, in line with our longer term plans.
"Our track record working with partners across local authorities, housing associations and private homeowners, together with our framework agreements and forward order book, position us well to deliver our medium-term growth targets."
Countryside Properties said it was making good progress on its internal reorganisation and would not be changing its expectations for the full year.
Shares were trading 2.7% lower at 492.80 pence each on Thursday morning in London.
By Will Paige; [email protected]
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