Strong demand in outer London buoys Countryside

Aaron Morby 6 years ago
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House builder Countryside Properties said strong demand in outer London and the Home Counties helped lift completions and average selling prices in the first six months.

Sutcliffe says Countryside is on track to deliver medium-term plans of 3,600 completions
Sutcliffe says Countryside is on track to deliver medium-term plans of 3,600 completions

The firm, which floated on the stock market in February, said it had seen no impact from the upcoming UK referendum on its European Union membership as pretax profits jumped 50% to £18m.

The uplift was driven by a 15% rise in completions to over 1,000 and 46% growth in private average selling price, which also lifted turnover from to £312m from £252m last time.

Ian Sutcliffe, Group Chief Executive, said: “We have seen strong demand for our homes particularly in outer London and the wider South East.

“Visitor levels and reservation rates have all been maintained with no adverse impact from the tax changes or the EU Referendum debate.

“The number of open sales outlets has continued to grow giving us confidence in delivering our current year targets,” he said.

“The pipeline of work continues to expand for the Partnerships division and we are maintaining our strategic land bank in the Housebuilding division, giving us clear visibility. ” 

He added that Countryside was 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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