Countryside Properties makes progress with separation of housebuilding division
Countryside Properties is making progress with the separation of its two divisions after a strong performance in the first quarter.
The FTSE 250 firm said trading in the three months to 31 December was in line with expectations and is 80 per cent forward sold for the year.
Total completions are up 17 per cent year-on-year to 1,280 homes, which helped drive its total forward order book to £1.3bn. The average selling price climbed from £394,000 to £404,000.
Countryside Properties said it expects to have completed a full internal reorganisation of its Partnerships and Housebuild divisions by the end of March.
Its Partnerships division which mainly works on public sector owned land, delivered completions of 902 homes in the quarter, up from 855 a year earlier.
Its housebuilding division had an equally positive year after delivering 56 per cent more completions at 378.
“We have entered the new financial year with a strong forward sales position which underpins our guidance for FY21,” group chief executive Iain McPherson said. “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 and we are progressing the separation of our two divisions.”
Outlook for the second quarter remains positive given construction sites remain open during this lockdown and building programmes remain on track for the full year.
It has been somewhat of a turbulent year for the firm after its chairman was forced to step down following an investor campaign.
Pressure from Countryside’s third largest investor, hedge fund Browning West, led to David Howell’s departure at the beginning of December.
Shares in the firm edged 0.51 per cent higher by mid-morning.