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30 November 2000
Countryside Properties PLC, one of the largest housebuilders in the South-East, and with growing activities in the South West and North West of England, announces Preliminary Results for the year ended 30 September 2000.
| Full Year Full Year Change | 2000 | 1999 | % |
| Turnover | £299.5m | £256.9m | +17 |
| Operating profit | £29.6m | £24.3m | +22 |
| Profit before tax | £24.2m | £19.2m | +26 |
| Earnings per share | 22.4p | 17.8p | +26 |
| Dividend per share - final | 3.6p | 3.0p | +20 |
| Dividend per share - total | 5.4p | 4.5p | +20 |
| Return on shareholders' funds | 26.4% | 23.9% | |
| Return on capital employed | 22.2% | 20.4% | |
| Figures include Group and share of JVs where relevant | | | |
- Profit before tax from Residential operations increased by 15% to £20.1m (1999: £17.5m)
- As anticipated, fewer private housing sales (641 units) were completed than last year (924 units), reflecting the Group's focus on a premium product range with a higher average selling price
- Average selling price for the period was £236,000 (1999: £165,000)
- The Group entered the current year with forward sales 26% ahead of last year by value and during the last three months has received 41% more enquiries than in the same period last year, with reservations running 22% ahead
- The Group has an exceptionally strong land position, with the potential for over 20,000 new homes, owning or controlling 4,100 (1999: 4,500) plots with planning permission, 12,900 (1999: 10,200) plots subject to planning permission, and with an additional 4,000 (1999: 2,700) plots recently agreed to be purchased subject to contract
- Profit before tax from Design and Build Contracting increased to £1.5m (1999: £0.4m) with social housing completions totalling 1,430 (1999: 1,062); the forward order book is worth £258m (1999: £153m)
- Profit before tax from Commercial operations was £4.1m (1999: £1.6m)
- The Board believes the housing markets have stabilised following the summer slowdown and are set for a period of steady growth
Alan Cherry, Chairman, commented:
"I am very pleased to report that the Group has achieved record results for the year, our achievements reflecting the strength, quality and broad range of our skills and operations.
"The Group's overall forward sales position is at record levels. Our private housebuilding programme is benefiting from the ever improving Countryside and Copthorn brands. The Group's urban regeneration activity is set to benefit from the increasing emphasis which Government is placing on an urban renaissance. Our growing design and build contracting order book and the Group's varied commercial property development programme are also expected to make useful contributions to Group results. In an increasingly challenging planning and development environment our range of skills and activities are proving to be a major asset to the business.
"Most importantly, the Group's valuable land holdings, ever improving reputation for being a responsible developer, and the exceptional ability of our Directors, management and staff, will carry the Group forward to a very exciting and successful future.
"The Board is ever focused on further improving shareholder returns and is confident that another record year is in prospect for the Group."
For further information, please contact:
Countryside Properties PLC on 30/11/2000: 020 7601 1000
Graham Cherry, Chief Executive thereafter on: 01277 260000
Mike Pearce, Finance Director
Square Mile | BSMG 020 7601 1000
Nick Oborne/ Louise Robson/ Stephanie Smart
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Information correct as at 30/11/2000