(Alliance News) - Countryside Properties PLC said Thursday trading in the first quarter of its financial year was solid, with a larger forward order book, and a slight rise in home completions.
For the quarter to the end of December, the Essex-based housebuilder reported total completions at 1,097 homes, slightly higher from 1,094 in the same quarter a year before.
Although Countryside's Housebuilding segment reported a dip in completions to a 242 homes from 244, the Partnerships division increased to 855 homes from 850 homes.
However, the private average selling price dipped slightly year-on-year to GBP394,000 from GBP395,000.
The net reservation rate for the quarter was up 26% at 0.81 from 0.63, driven by a strong market and the quality of open outlets. This also led to a sharp increase for the forward order book to GBP1.57 billion from GBP946 million the prior year.
The average number of open outlets rose year-on-year to 59 from 58.
Looking ahead, Countryside said there remains strong customer demand across both divisions, and build programme remain on track in the current financial year, with expectations of an increase in open outlets in the second quarter.
"The business is performing well and we enter the second quarter of the year with strong customer demand across all tenures and a record forward order book. We have had another excellent quarter for new business wins across all regions, further strengthening the foundations for future growth," said Chief Executive Ian McPherson.
"We continue to remain focused on quality, safety and high levels of customer satisfaction and look forward to the rest of the year with confidence," McPherson added.
The FTSE 250 stock was up 0.1% early Thursday in London at 507.50 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
