Countryside Reveals Bumper Half-Year Results

Countryside Reveals Bumper Half-Year Results

UK house builder Countryside has revealed its average private selling price has rocketed 46% over the past year.

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In half-year results this morning, it said the average selling price across the group hit £505,000 – up from £345,000 the previous year.

This helped adjusted operating profit grow 44% to £50.8m, from £35.3m a year previously.

Forward sales were also up on 2015, growing to £205.3m from £196.7m last year.

David Howell, chairman, 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.”

He added the group was on track to deliver medium-term plans of 3,600 completions, 17% adjusted operating margin and 28% return on capital employed by 2018.

Countryside Reveals Bumper Half-Year Results

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