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Trading statements

Countryside Properties on track

13 April 2016 09:47

Countryside Properties says its housebuilding division performed well in the six months to the end of March with total completions up 25.3% at 292 units.

Sales have remained robust at all price points, with its premium brand Millgate up 62.5% delivering 52 homes, versus 32 in H1 2015.

Private average selling price was up 18.1% on H1 2015 to GBP782,000. The group says it continues to open new sales outlets within 50 miles of London, and customer demand for its product remains strong, particularly in the price range below GBP600,000.

The group says it has little exposure to the Buy to Let market and has not been significantly impacted by recent tax changes.

The group says its Partnerships division has delivered a strong performance, with total completions up 12.2% at 803 homes versus 716 homes in H1 2015. Sales values have also risen significantly due to the improved sales mix, price growth and a greater proportion of completions in the South. The private ASP in its Partnerships division was up 41.9% to £298,000. Demand for our products at lower price points has remained robust, particularly in London, where the introduction of 40% Equity Share Help to Buy scheme has further increased demand.

Countryside says it is firmly on track to achieve its medium-term targets of over 3,600 completions per year; operating margin of over 17% and improvement in ROCE to over 28%.

It says customer demand remains strong in all markets and this, together with continued political support for the sector, gives it great confidence in the medium term. Group chief executive Ian Sutcliffe said: "Trading has been strong, with excellent growth in the first six months of our current financial year. We are delighted with the progress we have made since listing on the London Stock Exchange in February and the support we have received from investors. We remain confident we are on track to make further progress for the full year and to continue to build on our success now as a public company."

At 9:47am: (LON:CSP) Countryside Properties PLC share price was +7.38p at 238.13p

Story provided by StockMarketWire.com

Related Company: CSP

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