LONDON (Alliance News) - Countryside Properties PLC said Wednesday its first half completions and revenue were in line with expectations.
Total completions for the period from October 2017 to March 2018 were up 15% to 1,655 units from 1,437 units for the same period last year.
Its average selling price was down 11% to GBP392,000 from GBP441,000 - which was in line with the company's plan due to increased completions from its West Midlands region.
The housebuilder now has a net cash position of GBP13.7 million, up from GBP35.0 million net debt a year ago.
It said visitor levels, cancellations and net reservations were all in line with expectations in the first half of trading.
Countryside has seen a 16% increase in active sites, up to 94, and the acquisition of Westleigh, which completed 1,159 homes in the year ended March, will "underpin continued earnings growth and increased cash generation".
Countryside bought Westleigh Group Ltd for up to GBP135.4 million earlier this month. Of the purchase price, up to GBP23.5 million is deferred for two years, an unspecified portion of which is linked to Westleigh's performance. The purchase is being funded from Countryside's existing cash and borrowing facilities, and Countryside expects to it to deliver high single-digit accretion from its first full year of ownership.
In its year ended March, Westleigh built 1,159 homes, posting operating profit of GBP15.6 million on revenue of GBP150.6 million.
Countryside 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 partnerships momentum by expanding our geographic reach and mixed tenure delivery."
Shares in Countryside were trading up 0.7% at 362.20 pence each.
