(Alliance News) - Countryside Properties PLC on Thursday said said trading in the first quarter of its financial year was in line with expectations as it boasted a significant rise in home completions.
The FTSE 250-listed housebuilder said for the three months ended December 31, total completions were up 17% to 1,280 homes from 1,097 homes the year prior. Its Housebuilding unit delivered 56% more completions year-on-year at 378 homes and the Partnerships division delivered total completions of 902 homes, up from 855 homes the year prior.
The private average selling price also increased to GBP404,000 from GBP394,000.
The net reservation rate for the quarter was down 35% at 0.53 from 0.81. The average number of open outlets rose year-on-year to 60 from 59.
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.
Looking ahead, Chief Executive Iain McPherson said: "We have entered the new financial year with a strong forward sales position which underpins our guidance for financial 2021. We continue to win new business as we progress our accelerated growth strategy. The plans set out last summer for regional expansion are on track."
The company added: "Whilst some economic uncertainty remains as a result of the Covid pandemic and new UK-EU trading arrangements, the outlook for the group remains positive given sustained levels of strong demand for our homes across all tenures. All our construction sites remain open in line with our health and safety guidelines and our sales teams are operating on an appointment only basis. Build programmes remain on track for the full year and we anticipate further growth in the number of open outlets in the second quarter."
Separately, Countryside said it has commenced the search for a new chair following its announcement in December that David Howell would step down in 2021.
Shares in Countryside Properties were trading 0.2% higher at 429.00 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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