Housebuilder Countryside Properties's share price rose this morning after reporting double-digit rises in profits and revenues.
Adjusted revenues were up 24 per cent to £312.8m in the six months to 31 March, while adjusted proft soared 44 per cent to £50.8m. Adjusted operating margin also rose, up 220 basis points to 16.2 per cent.
Adjusted basic earnings per share leapt 178 per cent for the firm which floated in February, to 5p. Basic earnings per share jumped 82 per cent to 3.1p.
Countryside's growth came as it reported a 15 per cent rise in completions to 1.095 in the half year. It said it was "firmly on track" to deliver expectations for the full year as well as medium term targets.
Countryside's share price was up 1.2 per cent in early trading.
Why it's interesting
There are no signs of the slowdown affecting this newly public company, which said much of its growth came from "an improved mix sharply increasing private average selling prices" – primarily in London and the South East.
The group also said it had seen "no adverse impact from tax changes or the EU referendum debate" – one of very few to claim that.
Over the medium-term, it is expecting to report 3,600 completions, 17 per cent adjusted operating margin and 28 per cent return on capital employed by 2018.
What Countryside said
David Howell, chairman, said: "We are delighted to be able to report excellent financial results for the first six months of the year, with progress made across the business.
"We are delivering on what we set out at IPO in February 2016 and are particularly encouraged by the new wins within the partnerships division and continued strong demand for our new homes. We are well placed to deliver 2016 full year expectations across all areas of the group."
Property remains buoyant in Countryside's world.