HALF YEAR FINANCIAL RESULTS UP TO 31ST MARCH 2015
Countryside delivers strong growth, well positioned for the full year. Countryside (the “Company”) announces its unaudited results for the six months ended 31st March 2015. The Company delivered strong financial performance across its business, and is firmly on track to deliver its strategic growth plan.
- Completions up 18% to 949 (2014: 806)
- Average selling prices up 25% to £345,000 (2014: £276,000)
- Revenue up 58% to £252.2 million (2014: £159.2 million)
- Operating profit up 85% to £32.7 million (2014: £17.7 million)
- Operating margin up 190bps to 13.0% (2014: 11.1%)
- Return on capital employed (“ROCE”)* up 530bps to 18.8% (2014: 13.5%)
- Strong balance sheet with net debt of £131.9 million (2014: £70.3 million)
- Record forward sales up 86% at £196.7 million (2014: £105.8 million)
Strategic and operational highlights
- Acquired 18 sites totalling 3,291 plots, strengthening the land bank to 25,899 plots (30.9.14: 23,990)
- Construction under way on 58 sites, with 27 sites open for sale (30.9.14: 19 sites)
- Millgate fully integrated and performing ahead of expectations
- Very strong performance of our Partnerships business in urban regeneration
- Governance strengthened with the appointment of David Howell as Non-Executive Chairman and Richard Adam as Non-Executive Director and Audit Committee Chair
- On track to deliver medium term growth objectives of 3,500 to 4,000 completions per year; operating margin between 16% and 18%; improvement in ROCE to 24% - 28%
Commenting on the results, David Howell, Non-Executive Chairman, said: “Countryside has had a tremendous start to the year. We have focused on volume and margin to deliver growth while maintaining our industry-leading land bank. With all-party political support for the expansion of the sector we are well positioned to deliver our growth strategy. We have the resources to achieve our objectives and a strong forward order book for the remainder of the year.”
For further information please see our financial section.
Notes to Editors
Countryside is the trading name of the Copthorn Holdings Limited Group.
Countryside is a private house builder which completed 2,034 new homes in 2014. The Group’s principal areas of operation are in London, the South East and North West of England. It focuses on creating communities from both strategic land and public sector partnerships, delivering private and affordable housing.