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Trading statements

Countryside Properties sees excellent growth

12 April 2017 07:33

Countryside Properties - a leading home builder and urban regeneration partner - has seen excellent growth in both divisions in the first six months.

It said completions for the period to the end of March were up 31% to 1,437 homes (H1 2016: 1,095 homes) and sales rates increased to 0.89 (H1 2016: 0.79).

Open sales outlets up 30% at 48 (H1 2016: 37)

Other highlights:

- Private average selling price reduced by 13% to £440,000 but with underlying sales price growth of 6%

- Record private forward order book up 69% at £347.1m (H1 2016: £205.3m)

- Partnerships land bank up 1,210 plots to 16,124 plots (H1 2016: 14,914 plots) The group said customer demand, government support and good mortgage availability had underpinned growth in the first half and looked set to continue for the remainder of the year.

It added: "Our financial strength and potential for accelerated delivery from our mixed tenure model provide the basis for further growth in both the short and medium-term.

"We see substantial growth within Partnerships supported by a number of successful bids in the first half and the continuing flow of bid opportunities."

Group chief executive Ian Sutcliffesaid: "We have seen excellent growth in both divisions during the first six months of the year.

"Sales rates, values and outlet openings have exceeded our expectations, leading to the strong growth in completions and a record forward order book.

"We look forward to continuing our sector leading growth trajectory and remain confident of making further progress on our medium-term targets as laid out at our IPO just over a year ago."

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