LONDON (Alliance News) - Countryside Properties PLC on Thursday reported a surge in total completions in the third quarter of its financial year, as the housebuilder reaped the benefits from the acquisition of a regional peer.
For the quarter ending June 30, Countryside said total completions rose 29% to 1,060 units compared to 821 units in the third quarter last year. The company's private forward order book came in at GBP409 million, up 16% from GBP354 million last year.
Although the company said the average selling price for a property in the third quarter was down 7%, "as expected", to GBP376,000 while its underlying sales price rose 2%.
The housebuilder also said its Partnerships division continued to generate strong organic growth, buoyed by its acquisition of Leicester-based Westleigh Group Ltd in April.
The Partnership unit saw total completions rise 46% to 823 homes, sales outlets increasing to 30 from 19, and a further 3,722 plots secured in the period - in areas such as North Leigh, Wigan, Bromley and Brent.
Countryside said its Housebuilding division "performed well" with total completions slightly lower at 237 homes compared to 257 homes in the prior year.
"With a strong forward order book and increasing sales outlets, up 20% to 30, our Housebuilding business remains on track to deliver our growth targets," the company said.
Looking ahead, Countryside said it continues to see robust demand for its homes across both divisions, supported by the strong forward order book and remains on track to deliver expectations for financial 2018.
"We are delighted with the continuation of our strong growth in both completions and forward order book. This together with the integration of Westleigh, which is firmly underway, positions us well for the year end and beyond," said Chief Executive Ian Sutcliffe.
Countryside Properties share were up 12% at 333.00 pence Thursday.
