Countryside Properties on track for full year; COO steps down

(Sharecast News) - Housebuilder Countryside Properties said on Wednesday that it was on track to deliver full-year results in line with expectations as it posted a 43% jump in first-half completions and announced the departure of its chief operating officer.In an update for the six months to 31 March 2019, Countryside said completions rose to 2,362 from 1,655 in the first half of 2018, while the private average selling price slipped 4% to £377,000 due to an increased contribution from its regional business.Meanwhile, the net reservation rate was at the top end of its target range and in line with the previous year at 0.86.The company said the total forward order book was "strong", up 49% to £1.04bn and net debt was better than expectations at £42.1m versus net cash of £13.7m the corresponding period a year ago.In its partnerships division, there was continued "strong" growth over the period, with a 61% increase in completions, or 12% excluding the impact of its acquisition of Westleigh. Countryside said its three new regions across the Midlands and in Yorkshire have been established following the acquisition and are now fully integrated and provide an "excellent" platform for future mixed-tenure growth.The division continues to win new business, with an additional 9,893 plots secured during the first half, including 2,170 homes at the Cambridge Road Estate, Kingston upon Thames, as well as about 3,000 homes from the new Midlands and Yorkshire regions.In the housebuilding segment, completions were broadly flat as expected, at 473, but with a higher proportion of private for sale homes. Countryside said the division also had a good first six months in securing future work. It was selected by Homes England to deliver 769 homes across two new developments at Burgess Hill, West Sussex and Tattenhoe, Milton Keynes, and secured an option over 1,000 units in Tangmere, West Sussex.Countryside said customer demand in the second quarter has been good following a slower start to the year.Chief executive Ian Sutcliffe said: "Despite the wider political and macroeconomic uncertainty, demand for mixed-tenure homes remains strong and we have enjoyed a robust spring selling season."With our modular timber frame factory now operational, we continue to be well positioned to deliver on our geographic expansion. With excellent visibility of future work, we remain confident of delivering our medium-term growth plans."The company also announced that COO Becky Worthington is stepping down.Chairman David Howell said: "Becky has made an outstanding contribution to the business over the past four years. She has been an excellent colleague and Board member during that time. On behalf of the board, I would like to thank her for everything she has done and wish her well for the future."