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20 May 1998
Countryside Properties PLC ("Countryside"), one of the largest housebuilders in the South East and a commercial property developer, announces Interim Results for the half year ended 31st March 1998.
Key points from the Results and Chairman’s Statement:
(All current figures compare with the half year ended 31st March 1997).
- Pre-tax profits up 71% to £6.3m (£3.67m)
- Turnover £91.7m (£91.4m)
- Operating margins
- Group margins up 50% to 9%
- Speculative housebuilding margins up 58% to 11.9%
- Earnings per share up 51% to 6.3p (4.1p)
- Interim dividend up 25% to 1.25p
- Return on capital employed, annualised 15% (9.1%)
- Strong forward sales position
- Substantial South East land bank of 4,500 (with planning permission) of 5,100 (subject to planning permission)
- Among industry leaders in community and strategic land development
- Further expansion of urban regeneration programme
- Joint venture to develop Greenwich Millennium Village for 1,400 new homes reflects Group’s mixed tenure and mixed use skills
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Commenting on the Results and Future Prospects, Alan Cherry, MBE, Chairman, said:
"I am very pleased to report the Group has made further progress towards re-establishing itself as a top performer in the industry."
"We expect to continue to make further excellent progress during the remainder of this year. With our strong land position we remain confident about our prospects for the future."
Further information:
- Alan Cherry, Chairman, Countryside Properties PLC
- Graham Cherry, Chief Executive, Countryside Properties PLC
on 0171 867 2091 until 1:00 pm, thereafter on 01277 260 000
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Information correct as at 20/05/1998