In a trading update for the six month period from 1st October 2015 to 31st March 2016, Countryside Properties said that completions were up 15% to 1,095 units (H1 2015: 949 units). Forward sales were up 4.3% at 拢205.3m (H1 2015: 拢196.7m).
Most of the units are from the company鈥檚 Partnerships division, which completed 803 homes versus 716 homes in H1 2015, at an average selling price up 42% to 拢298,000.
The private housebuilding division completed 292 new homes, up 25% on the 233 in H1 2015, at an average selling price of 拢782,000, up 18%.
The land bank of owned and controlled plots has been maintained at 26,000 as at 31st March 2016, roughly the same as six months ago.
Thanks to the 拢114m net primary proceeds from the IPO, net debt has been slashed from 拢131.9m to 拢15m.
Group chief executive Ian Sutcliffe said that the company was firmly on track to achieve the medium-term targets of more than 3,600 completions a year, an operating margin of more than 17% and an improvement in return on capital employed (ROCE) to more than 28%.聽
"Trading has been strong, with excellent growth in the first six months of our current financial year,鈥� he said. 鈥淲e are delighted with the progress we have made since listing on the London Stock Exchange in February and the support we have received from investors. We remain confident we are on track to make further progress for the full year and to continue to build on our success now as a public company."
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