Thursday 13 May 2021 7:49 am

UK housebuilder Countryside's sales soar as property market booms

UK housebuilder Countryside reported soaring sales and profit in the first half of the year as the housing market boomed following the lifting of Covid restrictions.

The property developer said adjusted revenue was up 42 per cent in the six months ended 31 March, reaching £755m compared to £530.9m in the previous year.

Adjusted operating profit also jumped 42 per cent from £55.3m to £78.6m. Basic earnings per share were up 22 per cent to 11.1p against 9.1p. 

The increase in revenue was driven by a surge in private sale completions, Countryside said, with total group completions up 14 per cent.

It made £109m net investment in its partnerships business in the first half and is set to pump an additional £100m into the division over the next six months as part of its growth strategy.

Countryside said it had also made a £25m provision for remedial work on historical high-rise developments following the cladding scandal that emerged following the Grenfell Fire tragedy. 

Iain McPherson, group chief executive, said: “We have seen a good recovery from 2020, with trading in line for the full year. 

“We remain focused on executing our growth plans in partnerships, with investment into three new operating regions and a strong bid pipeline, in line with our longer term plans. 

“Our track record working with partners across Local Authorities, Housing Associations and private homeowners, together with our framework agreements and forward order book, position us well to deliver our medium-term growth targets.”