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Big jump in completions for Countryside Properties

  • 17/05/2017
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Big jump in completions for Countryside Properties
Homebuilder Countryside Properties has seen its profits jump in the first half of the year, as a result of a sharp rise in completions.

Announcing its results for the six months to the end of March, the firm said that it had seen completions jump by a third to 1,437. As a result, its adjusted operating profits have grown from £50.8m a year ago to £70.4m.

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

Group chief executive Ian Sutcliffe said that the strong performance had “exceeded our expectations”, pointing to the success of the partnerships division in particular. The partnerships division secured three large sites in the first half, in Bromley, Maidenhead and Barking, all in the south east.

Sutcliffe added: “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.”

The news follows Barratt reporting the highest level of completions in nine years back in February, while Bovis has pledged to scale back completions in order to address customer service issues.

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