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Interim Results

Countryside upgrades outlook after strong H1

17 May 2017 07:23

Home builder and regeneration partner, Countryside Properties, has reported a strong first half and said it expected full-year profits to be ahead of market forecasts.

It said trading in the first half was ahead of expectations with good momentum into the second half.

Adjusted revenues for the six months to the end of March rose by 39% to £435.4m and adjusted operating profits were also up 39% at £70.4m.

Completions increased by 31% to 1,437.

Reported revenues were up 23% at £351.1m and reported operating profits rose by 53% to £53.2m.

Group chief executive Ian Sutcliffe said: "Our strong performance across the business in the first half exceeded our expectations.

"In particular, our Partnerships division once again delivered outstanding growth and returns. We continue to be highly successful at winning new business in this division, with three large sites secured in the first half, at Bromley, Maidenhead and Barking.

"We enter the second half of 2017 in an excellent position with 81 operational sites and a record private forward order book.

"With strong operational delivery and an increasing pipeline of future work, we see continued outperformance in the medium?term and are upgrading our outlook for 2017 and 2018."

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