CSP.L Share News (CSP)

(Sharecast News) - Countryside Properties backed its full-year expectations on Thursday as it reported a jump in revenue amid strength in the private for sale market, but said profit was dented by a writedown related to remedial work on high-rise developments.

In its unaudited results for the six months to 31 March, the home builder said adjusted operating profit increased 42% on the same period a year ago to £78.6m, on adjusted revenue of £755m, also up 42%. Completions rose 14% to 2,591, driven by increased private for sale completions as it completed on homes deferred as a result of the Covid-19 pandemic.

Countryside said that overall, private completions were 71% higher than in 2020.

However, pre-tax profit for the period fell to £38.8m from £43.7m. Countryside said it had made a £25m provision for remedial work on historical high-rise developments related to cladding in the wake of the Grenfell Tower tragedy.

Adjusted basic earnings per share rose 22% to 11.1p.

Chief executive Iain McPherson said: "We have seen a good recovery from 2020, with trading in line for the full year. We remain focused on executing our growth plans in Partnerships, with investment into three new operating regions and a strong bid pipeline, in line with our longer term plans.

"Our track record working with partners across Local Authorities, Housing Associations and private homeowners, together with our framework agreements and forward order book, position us well to deliver our medium-term growth targets."