Trouble in paradise: Countryside Properties shares collapse as trade slips and CEO steps down
Countryside Properties had its share price collapse more than 20 per cent today after trading slipped below the board’s expectations and its boss confirmed his exit.
The London-listed housebuilder’s adjusted revenue came in at £249.8m, around £114m less than in the first quarter last year.
While adjusted operating profit more than halved, falling from £36.6m to £16.5m.
It comes as CEO Iain McPherson announced he would be stepping down with immediate effect – which seemingly spooked investors.
Shares spiralled down 21.2 per cent to 324.4p per share by close of play.
A replacement has not yet been found, which has prompted the board to appoint chair John Martin as interim CEO.
“Iain McPherson has led Countryside through a challenging period, including the Covid pandemic… I would like to thank Iain for his unwavering commitment and dedication to Countryside as leader of our business in the South and subsequently as Group CEO and to wish him every success in the future,” Martin said in a statement.
The housebuilder noted that its share buy-back has been going ahead in line with the board’s plan, and net debt stood at some £72m as of December 31.