CSP.L Share News (CSP)

LONDON (Alliance News) - Countryside Properties PLC on Wednesday said it is on track to deliver annual results in line with views after a solid first-half performance.

The FTSE 250 home builder achieved a 43% rise in completions in the first half to March 31, up to 2,362 homes from 1,655 a year ago.

Private average selling prices reduced 4% to GBP377,000 from GBP392,000, due to an increased contribution from the company's regional businesses, Countryside explained.

By division, the company's Partnership unit continued to "grow strongly over the period", with a 61% increase in completions to 1,889 homes supported by the acquisition of Westleigh.

However, completions in the Housebuilding division were flat year-on-year at 473 homes.

Looking ahead, the company said its order book is strong, up 49% on the previous year at GBP1.03 billion from GBP696.5 million.

"Following a slower start to the year, customer demand in the second quarter has been good and we have achieved private reservations at the top end of our target range," the company said.

It added: "As expected, completions will be second half weighted but with a strong forward order book and further outlet openings in the second half, we remain on track to deliver expectations for the full year."

Separately, Countryside said Chief Operating Officer Rebecca Worthington is stepping down from her role with immediate effect and resigning as a director. It gave no update on a succession plan.

Countryside Properties shares were trading up 3.9% at 332.80 pence each early Wednesday.