Countryside, a leading UK home builder and regeneration partner, reports strong growth in the year to the end of September with total completions up 12% to 2,657 (2015: 2,364) on the back of construction site starts and open sales outlets.
This, combined with a 21% increase in group private average selling price ("ASP") to £465,000 (2015: £385,000), resulted in a 26% increase in adjusted revenue to £777.0m (2015: £615.8m).
On a reported basis, revenue increased 23% to £671.3m (2015: £547.5m). The group said the reservation rate per open sales outlet remained steady at 0.78 (2015: 0.76) despite the increased number of sales outlets at 43 (2015: 29) and a short period of more cautious consumer behaviour around the EU referendum. At 30 September 2016 it had a further 29 sites under construction.
Group operational highlights
- Private net sales rate maintained at 0.78 (2015: 0.76)
- Open sales outlets of 43, up 48% (2015: 29)
- Private Average Selling Price of £465,000, up 21% (2015: £385,000)
- Group private forward order book of £225.4m, up 64% (2015: £137.5m)
- Completions: 783 homes (2015: 653) up 20%
- Adjusted operating profit: £66.8m (2015: £51.6m) up 30%
- ROCE: 17.7% (2015: 16.6%) up 110bps
- Land bank: 19,322 plots (2015: 18,410) of which 89% has been strategically sourced
- Completions: 1,874 units (2015: 1,711) up 10%
- Adjusted operating profit: £55.6m (2015: £39.6m) up 40%
- ROCE: 70.7% (2015: 69.4%) up 130bps
- Land bank plus preferred bidder: 14,504 plots, up 35% (2015: 10,760)
Group chief executive Ian Sutcliffe said: "We have made tremendous progress in 2016, delivering solid growth, a strengthened balance sheet and marking our return to the London Stock Exchange. We enter the 2017 financial year in a strong position with an industry leading land bank and record private forward order book.
"Our strategy remains to deliver growth, increasing returns and capital efficiency from our balanced business models of Housebuilding and Partnerships. We see significant growth opportunities in Partnerships with increased estate regeneration in London and our geographic expansion into the West Midlands, while our increased scale and operational efficiency in Housebuilding will continue to improve returns."