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Interim Results Press Release


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21 May 2001

Countryside Properties PLC, the developer of sustainable mixed-use and mixed-tenure projects, announces Interim Results for the six months ended 31 March 2001. These record results reflect the strength and complementary range of the Group's skills and abilities in residential and commercial property development and in urban regeneration.

 

Half Year
2001
Half Year
2000
Change
%
Turnover £160.4m £134.3m +19
Operating Profit £16.0m £12.7 +26
Profit before tax £12.2 £10.3 +19
Earnings per share 11.4p 9.6p +19
Interim dividend per share 2.16p 1.8p +20
Return on shareholder's funds* 26.4% 25.6%  
Return on capital employed* 20.7% 19.1%  

Figures include share of JV's where relevant
* on a rolling 12 month basis

  • Profit before tax from Residential operations increased by 29% to a record £11.5m (2000: £8.9m).
  • The Group completed the sale of 355 (2000: 312) new homes and expects to sell significantly more homes in the second half of this year.
  • Average selling price for the period increased to £233,000 (2000: £231,000).
  • The value of forward sales is currently 59% ahead of this time last year, with the number of reservations taken during the last 3 months 41% ahead.
  • The Group has an exceptionally strong land position with the potential for over 20,000 new homes; owning or controlling 4,800 (2000: 4,100) plots with planning permission and 15,500 (2000: 12,900) plots with a realistic prospect of obtaining planning permission. The Group has recently been successful in securing major sites in London, Manchester, Bristol and Cambridge where demand for housing is particularly strong.
  • Profit before tax from Design and Build Contracting mainly for housing associations doubled to £2.2m (2000: £1.1m) with a forward order book up 26% at £253.0m (2000: £201.0m). The opportunities for our design and build business remain very good.
  • Profit before tax from Commercial operations was £0.7m (2000: £1.4m). This is in line with expectations and reflects the early letting and sale last year of a number of significant projects. The Group expects an increasing contribution from this activity in the future.
  • Our Urban Regeneration projects are making excellent progress. The Group has more than 20 years' experience designing and building mixed-use and mixed-tenure schemes. The greater emphasis by Government on urban regeneration therefore represents an excellent opportunity.

Alan Cherry, Chairman, commented:

"The Directors believe that our valuable land holdings, ever improving reputation for being a responsible, innovative developer and our proven and highly capable management team, will enable the Group to achieve further success.

"The Board is continually focused on improving shareholder returns. It looks forward to record results this year and has great confidence in the Group's prospects for the foreseeable future."

For further information, please contact:
Countryside Properties PLC on 01277 260000
Mike Pearce, Finance Director
Square Mile BSMG Worldwide 020 7601 1000
Nick Oborne/ Louise Robson/ Stephanie Smart



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Information correct as at 21/05/2001