Stock Market News
Countryside Properties revenue and profit up; confident on outlook
Countryside Properties posted a jump in half-year completions, revenue and profit on Thursday, as it expressed confidence in the medium term and bumped up its dividend.
In the half-year ended 31 March, completions rose 15% to 1,655, while adjusted revenue was up 7% to £468m and adjusted operating profit was 14% higher at £80.6m. Meanwhile, pre-tax profit increased to £73.7m from £60.3m the year before, with both the partnerships and housebuilding divisions trading in line with the group's expectations for 2018 and "well positioned" for the medium-term.
Private unit completions rose by 23% to 773 homes, while average selling prices fell 11% to £392,000, driven by an increase in private completions from the partnerships business, particularly the regional businesses outside London where average selling prices are lower.
Net cash stood at £13.7m versus debt of £35m in 2017 and Countryside hiked its dividend by 24% to 4.2p a share from 3.4p.
In the partnerships division, completions were 109% higher at 1,172, while adjusted operating profit rose 22% to £46.8m. In housebuilding, completions increased 7% to 483 homes, while adjusted operating profit was up 8% to £37.3m.
Countryside said current trading was robust, with visitor levels, cancellations and net reservation rates all in line with expectations and the prior year.
Group chief executive Ian Sutcliffe said: "We continue to deliver our strong organic growth trajectory with robust trading in all regions. We enter the second half in great shape and our acquisition of Westleigh will further increase our momentum by expanding our geographic reach and mixed tenure delivery.
"With continued strong growth in partnerships and improved efficiency and returns in the housebuilding division we remain confident of maintaining our sector leading growth over the medium-term."
At 0815 BST, the shares were up 1.4% to 375.60p.
In the half-year ended 31 March, completions rose 15% to 1,655, while adjusted revenue was up 7% to £468m and adjusted operating profit was 14% higher at £80.6m. Meanwhile, pre-tax profit increased to £73.7m from £60.3m the year before, with both the partnerships and housebuilding divisions trading in line with the group's expectations for 2018 and "well positioned" for the medium-term.
Private unit completions rose by 23% to 773 homes, while average selling prices fell 11% to £392,000, driven by an increase in private completions from the partnerships business, particularly the regional businesses outside London where average selling prices are lower.
Net cash stood at £13.7m versus debt of £35m in 2017 and Countryside hiked its dividend by 24% to 4.2p a share from 3.4p.
In the partnerships division, completions were 109% higher at 1,172, while adjusted operating profit rose 22% to £46.8m. In housebuilding, completions increased 7% to 483 homes, while adjusted operating profit was up 8% to £37.3m.
Countryside said current trading was robust, with visitor levels, cancellations and net reservation rates all in line with expectations and the prior year.
Group chief executive Ian Sutcliffe said: "We continue to deliver our strong organic growth trajectory with robust trading in all regions. We enter the second half in great shape and our acquisition of Westleigh will further increase our momentum by expanding our geographic reach and mixed tenure delivery.
"With continued strong growth in partnerships and improved efficiency and returns in the housebuilding division we remain confident of maintaining our sector leading growth over the medium-term."
At 0815 BST, the shares were up 1.4% to 375.60p.
Related share prices |
---|
Countryside Properties (CSP) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price