Countryside Properties PLC Q3 2016 Trading Statement (4482F)
July 28 2016 - 1:00AM
UK Regulatory
TIDMCSP
RNS Number : 4482F
Countryside Properties PLC
28 July 2016
28 July 2016
Countryside Properties plc
Q3 2016 Trading Statement
Strong performance, on track for Full Year results
Countryside Properties plc (the "Group"), a leading UK home
builder and urban regeneration partner, is today issuing a trading
update for the 13 week period from 1 April 2016 to 30 June
2016.
Q3 Operational Highlights
-- Completions up 29% to 583 units (Q3 2015: 453 units)
-- Private average selling price ("ASP") up 7% to GBP348,000 (Q3 2015: GBP325,000)
-- Sales rates(1) remained healthy at 0.76 (Q3 2015: 0.72)
-- Open sales outlets up 37% to 37 (Q3 2015: 27)
-- Total land bank up 4% at 27,115 plots (H1 2016: 26,000)
(1) Net sales per active outlet per week
Land and Planning
The Group's land bank of owned and controlled plots has
increased to 27,115 as at 30 June 2016 (H1 2016: 26,000), ensuring
long term visibility of future work in both divisions. The planning
environment remains positive for the Group and we had a total of
14,703 plots with planning within the land bank at the end of the
period (H1 2016: 14,652).
The Housebuilding land bank has increased to 19,600 units (H1
2016: 18,273) as we acquired new sites and replanned existing sites
to increase density.
The Partnerships existing pipeline remained stable in the
period, while future bid opportunities continue to grow. At 30 June
2016, we had 7,515 plots in the land bank (H1 2016: 7,726)
including our first site in the West Midlands for 186 homes in
Rowley Regis. We have a further 6,825 plots at preferred bidder
stage (H1 2016: 7,188). The bid pipeline continues to expand and
now stands at over 34,000 plots.
Outlook
Demand for our product remains good, with visitor levels and
gross reservation rates consistent with those reported at our half
year results and the prior year. While we saw an immediate increase
in cancellation rates as a result of the EU Referendum, these have
now returned to more normal levels and cancelled product has been
reselling well since, often at higher prices. While it remains too
early to tell what the longer term impact of the EU Referendum on
consumers may be, demand for housing remains strong with good
mortgage availability, affordability and continued political
support for the sector. We remain on track to deliver expectations
for the current year and believe the Group is well positioned for
growth over the medium term.
Ian Sutcliffe, Group Chief Executive, commented:
"We are pleased with the progress made year to date. Despite
some fluctuations in the market as a result of the EU Referendum,
we continue to see robust visitor levels and sales reservations.
Our strong product offering in good locations, together with a
Partnerships business with added flexibility and resilience,
positions us well to deal with any change in market dynamics. We
remain on track to deliver expectations for the current year and
our strategy remains unchanged."
- Ends -
There will be a conference call for analysts and investors today
at 0800hrs (BST):
Dial in: +44 (0) 20 7192 8338
Conference ID: 43493374
Passcode: 10276276
Enquiries:
Countryside Properties - 01277 260 000
Ian Sutcliffe - Group Chief Executive
Rebecca Worthington - Group Chief Financial Officer
Victoria Prior - Investor Relations & Strategy Director
Brunswick Group LLP - 020 7404 5959
Nina Coad
Will Rowberry
Oliver Sherwood
About Countryside
Countryside is a leading UK home builder specialising in place
making and urban regeneration. For the year ended 30 September
2015, we completed 2,364 homes with revenues of GBP615.8m.
Our business is focused on place making, which we deliver
through our two divisions, Housebuilding and Partnerships. The
Housebuilding division, operating under Countryside and Millgate
brands, develops sites that provide private and affordable housing,
on land owned or controlled by the Group. Our Partnerships division
specialises in urban regeneration of public sector land, delivering
private and affordable homes by partnering with local authorities
and housing associations.
Countryside was founded in 1958. It operates in locations across
London, the South East and the North West of England.
For further information, visit
www.countryside-properties.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTAKODPABKDFOB
(END) Dow Jones Newswires
July 28, 2016 02:00 ET (06:00 GMT)
Countryside Partnerships (LSE:CSP)
Historical Stock Chart
From Apr 2024 to May 2024
Countryside Partnerships (LSE:CSP)
Historical Stock Chart
From May 2023 to May 2024