London demand and price inflation drive Countryside results

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  • 18/05/2016
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London demand and price inflation drive Countryside results
Countryside Properties has reported solid growth in the first half of 2016, driven by increased completions and a rise in average selling prices.

In its half year unaudited results, the house builder reported 1,095 completions in the six months to the end of March, up 15% on the 949 properties completed in the same period a year earlier.

The average price-mark on Countryside properties was £505,000 in the period analysed, an increase of 46% from last year, which it attributed to an “improved mix” in property types and strong demand for homes in London and the South East.

It reported revenue to be up 28% to £286.2m and operating profit stood at £34.8m, an increase of 29% on last year.

Countryside chairman David Howell said the company is delivering on what it set out to do when it floated in February and is “well placed to deliver 2016 full year expectations” across all areas of the Group.

The company said it remains on track to deliver medium-term plans of 3,600 completions, 17% adjusted operating margin and 28% return on capital employed by 2018.

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