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15 October 2003
This trading update is published following the end of Countryside Properties' financial year to 30 September 2003 and ahead of its preliminary results, which will be announced on 26 November 2003.
The Board is pleased to confirm a good performance for the second half with results for the year in line with current market expectations. This performance reflects the benefits the Group enjoys from its broad range of skills and expertise in residential and commercial property development and urban regeneration and its excellent landbank.
As widely reported, housing markets in parts of London and the South East, where selling prices for more expensive homes have fallen, experienced a slow down during the year. This, coupled with building delays on a small number of projects, has resulted in fewer sales completions than anticipated. Trading in the North West region however, which has experienced much better market conditions, has been good.
The Group owns or controls even more land with the benefit of planning permission today than it did a year ago. The land market continues to be strong and land sales during the year have again made a good contribution to results.
The housing markets in our areas of operation have shown some improvement in recent weeks and we enter the new financial year with forward sales of new homes some 5% ahead by value of this time last year. Our prospects are good and we expect the current year to show further improved results and progress for the Group.
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Information correct as at 15/10/2003