LONDON (Alliance News) - FTSE 250-listed housebuilder Countryside Properties PLC said on Thursday it traded in line with expectations in the first half of its financial year, with a rise in profit and revenue providing good momentum into the second half.
Pretax profit for the six months to the end of March 31 was GBP73.7 million, up from GBP60.3 million for the same period a year before, on revenue of GBP398.8 million, a 14% increase from GBP351.1 million.
Countryside reported that its number of completions in the first half rose by 15% to 1,655 homes from 1,437 homes a year before, as the average selling price fell 11% to GBP392,000 from GBP441,000, as a result of an increase in private completions in the group's Partnerships segments.
Countryside Properties declared an interim dividend of 4.2 pence per share, up 24% from 3.4p the prior year.
The group said that its current trading in the second half of the year remains robust, with visitor levels, cancellations and net reservation rates all in line with expectations.
"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," said Chief Executive Ian Sutcliffe.
Shares in Countryside Properties were up 1.5% at 375.40 pence on Thursday.
