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26 November 2002
The Directors believe that the future direction of the Group is now well established, enabling it to play a leading role as a specialist developer in the urban renaissance so urgently required in the UK.
Alan Cherry, Chairman of Countryside Properties PLC
Countryside Properties PLC, a leading developer of sustainable communities, announces record Preliminary Results for the year ended 30 September 2002.
- Turnover increased 13% to £456.1 million (2001 - £404.1 million)
- Profit before tax increased 13% to £34.3 million (2001 - £30.4 million)
- Earnings per share increased 16% to 31.6p (2001 - 27.2p)
- Total dividend for the year increased by 11% to 7.0p per share
- Gearing was reduced to 56% (2001 - 67%)
- The Group maintains a very strong land position with potential for some 22,700 homes (2001 - 20,000) and up to one million sq ft of commercial and community uses
- Forward sales by value of private housing are 14% ahead of this time last year
Alan Cherry, Chairman, commented:
"The Directors believe that the future direction of the Group is now well established, enabling it to play a leading role as a specialist developer in the urban renaissance so urgently required in the UK.
"The future holds greater opportunities than we have ever seen before. We have demonstrated that we have the skills and experience to successfully meet the challenges that lie ahead. The Group's development programme is substantial and greater than at any time in its history. The potential for profit growth is therefore significant.
"Following the further progress achieved during the past year the Directors are expecting the Group to continue improving its results during the current financial year."
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Information correct as at 26/11/2002