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27 November 2001
Countryside Properties PLC, the developer of sustainable mixed-use and mixed-tenure projects, announces Preliminary Results for the year ended 30 September 2001.
These record results once again reflect the strength and depth of the Group's range of skills and abilities in private and affordable housebuilding, commercial property and strategic land development.
| | Full Year
2001 | Full Year
2000 | Change
% |
| Turnover | £404.1m | £299.5m | +35 |
| Operating Profit | £39.5m | £30.9m | +28 |
| Profit before tax | £30.4m | £24.8m | +23 |
| Earnings per share | 27.2p | 23.3p | +17 |
| Dividend per share - Final | 4.14p | 3.6p | |
| Dividend per share - Total | 6.3p | 5.4p | +17 |
| Return on shareholder's funds | 29.0% | 27.8% | |
| Return on capital employed | 23.4% | 22.6% | |
The results and all comparatives are stated after taking account of a change in accounting policy in respect of interest incurred on commercial property development. Interest is now written off as incurred on all development projects.
- Profit before tax from Residential operations increased by 49% to £30.0m (2000: £20.1m).
- The Group completed the sale of 1,014 new homes, an increase of 47% (2000: 692).
- Average selling price for the period was £249,000 (2000: £227,000).
- The Group entered the current year with a forward sales position 5% ahead of last year by value, and reservations in the last 3 months are up by 7% against the comparable period.
- The Group maintains an exceptionally strong land position, with the potential for over 22,000 new homes, owning or controlling 5,300 (2000: 4,100) plots with planning permission and 14,700 (2000: 12,900) plots with a realistic prospect of obtaining planning permission, and with an additional 2,000 plots recently agreed to be purchased subject to contract.
- Profit before tax from Design and Build Contracting increased to £2.4m (2000: £1.5m); the forward order book is worth £281m (2000: £258m).
- Profit before tax from Commercial operations was £0.4m (2000: £4.7m). As anticipated this is a reflection of the early letting and sale of a number of significant projects in the previous financial year that had been expected to contribute to the year just ended.
Alan Cherry, Chairman, commented:
"The Board is very pleased with the results for the past year and is confident, having regard to current trading and our strong forward sales position, that the current year will show further progress for the Group.
"While current conditions are less certain than in recent years, market fundamentals remain strong. Our experience and skills in mixed-tenure and mixed-use development position us extremely well to meet the challenges of the planning environment and its emphasis on urban regeneration. We believe that the Group's valuable land holdings and ever improving reputation for being a responsible, innovative developer will enable the Group to achieve further success."
For further information, please contact:
Countryside Properties PLC on: 01277 260000
Mike Pearce, Finance Director
Weber Shandwick Square Mile 020 7601 1000
Nick Oborne/ Louise Robson/ Sally Lewis
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Information correct as at 27/11/2001