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18 May 2004
Countryside Properties PLC, the specialist developer of sustainable communities, announces Interim Results for the six months ended 31st March 2004.
- As highlighted in the trading update in April, first half results have been affected by the weaker market for higher priced homes, particularly in the South-East, and the timing of completions from the increasingly large and complex regeneration projects now undertaken by the Group, which this year would be significantly weighted towards the 2nd half
Pre-tax profit for the first half was therefore significantly below last year at £4.5m (2003 - £12.6m) on turnover of £155.7m (2003 - £165.9m). Earnings per share were 4.1p (2003 - 11.9p)
- The Board still expects results for the year as a whole to show an improvement over last year. 70% of this year's expected housing output has been completed or forward sold
- The Group's land interests remain strong; period end landholdings with planning permission for 5,800 new homes (2003 - 5,700) and subject to planning for 17,000 new homes (2003 - 17,200)
- The Group's design and build contracting order book, including contracts awarded subject to contract, has a value of over £500m, representing over four years' of output at anticipated production levels
- Reflecting its confidence in the Group's longer term prospects, the Board is declaring a 10% increase in the interim dividend to 2.88p (2003 - 2.62p)
Alan Cherry, Chairman, commented:
"The Board looks to the future with considerable confidence.
"So far 70% of this year's expected housing output has been completed or forward sold, and the Board remains confident that the results for the full year will show further progress for the Group.
"The Board believes that the Group's sizeable and valuable land holdings and its unique skills base mean that it is very well positioned to make significant progress over the coming years."
Click here for full details of the results.
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Information correct as at 18/05/2004