Countryside Properties PLC Q3 2017 Trading Statement (2098M)
July 27 2017 - 1:00AM
UK Regulatory
TIDMCSP
RNS Number : 2098M
Countryside Properties PLC
27 July 2017
27 July 2017
Countryside Properties PLC
Q3 2017 Trading Statement
Continued strong performance, delivering on growth
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 2017 to 30 June
2017.
Q3 Operational Highlights
-- Total completions up 41% to 821 units (Q3 2016: 583 units)
-- Private average selling price ("ASP") up 16% at GBP404,000
with underlying sales price growth of 5% (Q3 2016: GBP348,000)
-- Net reservation rates(1) up 16% at 0.88 (Q3 2016: 0.76)
-- Open sales outlets up 19% to 44 (Q3 2016: 37)
-- Record private forward order book up 28% to GBP354.0m (Q3 2016: GBP277.0m)
(1) Net reservations per active outlet per week
Divisional Performance
Our Partnerships division has continued its strong growth with
total completions up 17% to 564 homes in the quarter. We secured a
further 1,225 plots in the period taking our plots under control to
18,146. Additionally, post the quarter end we were awarded
preferred bidder status to deliver 412 homes at Bilston Urban
Village in Wolverhampton. We continue to see increased opportunity
across all regions, with a growing bid pipeline.
Our Housebuilding division saw exceptional growth in completions
during the quarter, up 158% to 257 homes, largely as a result of an
increase in private delivery generated from a greater number of
sales outlets. We have maintained our strategic led land bank,
which now stands at 20,498 plots.
Outlook
We continue to see robust demand for our homes across both
divisions and remain on track to deliver the growth trajectory we
set out earlier this year. In Partnerships, sales price growth
remains strong and a steady flow of new opportunities support our
medium term growth plans.
While sales price growth within Housebuilding has been more
modest due to the ongoing weakness in higher value homes, across
the business we will continue to promote our mixed tenure approach
and manage our product mix to ensure we maintain affordability and
serve the areas of strongest demand.
Ian Sutcliffe, Group Chief Executive, commented:
"We are pleased with the continued progress made by both our
Housebuilding and Partnerships divisions and the strong performance
in the third quarter positions us well to deliver on market
expectations. Our balanced and differentiated business model, with
our focus on mixed tenure developments, positions us well to
deliver growth, capital efficiency and long term resilience."
- Ends -
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
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
2016, we completed 2,657 homes with revenues of GBP777.0m.
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, the North West of England and the West
Midlands.
For further information, visit
www.countryside-properties.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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