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Interim Results

FLASH: Countryside adjusted operating profits up 44%

18 May 2016 08:16

Countryside Properties reports adjusted operating profits of GBP50.8m for the six months to the end of March - 44% up on last time.

The group saw solid growth across the board in the first half driven by an increase in completions and an improved mix sharply increasing private average selling prices.

Countryside says it has seen strong demand for its homes particularly in outer London and the wider South East. Visitor levels and reservation rates have all been maintained with no adverse impact from the tax changes or the EU Referendum debate.

Completions rose by 15% to 1,095 and adjusted revenue was up 24% at GBP312.8m. Adjusted basic earnings per share rose by 178% to 5.0p and the return on capital employed increased to 23.1% from 16.5% last time.

Chairman David Howell said: "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 IPO in February 2016 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."

At 8:16am: (LON:CSP) Countryside Properties PLC share price was +9.25p at 255p

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