FTSE-250 housebuilder Countryside's shares rise as home completions increase by a third

Shruti Tripathi Chopra
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Completions were up by a third at 1,437 compared to 1,095 in the same period last year (Source: Getty)

Countryside shares rose over two per cent today after the FTSE-250 housebuilder revealed trading in the six months to the end of March was ahead of expectations "with good momentum into the second half".

The figures

Countryside's adjusted operating profits rose 39 per cent to £70.4m from £50.8m a year ago.

Adjusted revenues during the half-year period were up nearly 40 per cent to £435.4m from £312.8m last year

Completions were up by a third at 1,437 compared to 1,095 in the same period last year.

Adjusted basic earnings per share increased by 128 per cent, from 5.0p to 11.4p.

At the time of writing, Countryside's shares were up 1.44 per cent at 291.90p.

Read more: Foxtons revenues just fell off a cliff

Why it's interesting

The housing firm builds homes in the south-east, north-west and West Midlands under its Countryside and Millgate brands.

Countryside said it expects profits to be ahead of market expectations in the second half, thanks to "growth in active sites, increased sales rates and an increase in completions.

The group has also upgraded its completion targets for 2018 by 10 per cent in its housebuilding division.

Read more: London house price growth among slowest in the UK

What Countryside said

Ian Sutcliffe, group chief executive, said: “Our strong performance across the business in the first half exceeded our expectations. In particular, our Partnerships division once again delivered outstanding growth and returns.

"We continue to be highly successful at winning new business in this division, with three large sites secured in the first half, at Bromley, Maidenhead and Barking. We enter the second half of 2017 in an excellent position with 81 operational sites and a record private forward order book. With strong operational delivery and an increasing pipeline of future work, we see continued out-performance in the medium‑term and are upgrading our outlook for 2017 and 2018.”

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