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5 February 1998
Countryside Properties PLC, one of the largest housebuilders in the South East, announces Preliminary Results for the year ended 30th September 1997.
Commenting, Alan Cherry, MBE, Chairman said:
"These results exceed the objectives set by the Board last year. They reflect the improvements made to our business and to our products as well as the better housing markets experienced in the South East. The results for the year just ended are another important further step towards achieving our objective of re-establishing the Group as a top performer in the industry."
Key Points from the Results and Chairman's Statement:
(all current figures compare with the year ended 30th September 1996)
- Pre-tax profits
trebled to £9.3m (£3.1m) - Turnover
up 22% to a record £195.7m (£160.3m) - Unit sales
up from 625 to 843 new homes - Social housing
775 new homes completed - now among
industry leaders in urban regeneration
- Earnings per share
trebled to 10.6p (3.4p) - Dividend
up 33% to 3.0p per share (2.25p) - Positive cash flow
of £19m (after land purchases) reduces debt to £35.7m - Gearing
falls to 53% (91%) - Strong forward sales position
- Substantial South East land bank
of 4,800 (with planning permission);
of 4,400 (subject to planning permission)
- Housing Industry top Environmental Award for Great Notley Garden
Village, Gold Award for Best Partnership Development in South East London
Regarding Prospects, Alan Cherry, said:
"Despite recent rises in interest rates, there remains a good level of demand for our new homes, and given our strong forward sales position, excellent land bank, strengthened balance sheet and competent management team committed to sustainable growth, I am confident that further progress will be made during the current financial year."
Further information:
Alan Cherry, Chairman, Countryside Properties PLC
Graham Cherry, Chief Executive, Countryside Properties PLC
on 0171 772 1000 until 2pm; thereafter on 01277 260 000
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Information correct as at 05/02/1998