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26 November 2003
Preliminary Results for the year ended 30th September 2003
Countryside Properties PLC, the specialist developer of sustainable communities, announces Preliminary Results for the year ended 30th September 2003.
- Pre-tax profit in line with expectations, 5% up at a record £36.1m (2002 – £34.3m), on turnover 8% lower at £418.6m (2002 - £456.1m).
- Operating margins from the Group's development activities improved to 13.4% (2002 – 11.0%).
- Earnings per share increased by 6% to 33.6p per share (2002 – 31.6p).
- Total dividend increased by 11% to 7.75p per share (2002 – 7.0p).
- These results were achieved in generally quieter conditions in the Group's principal markets than in recent years.
- As widely reported, housing markets in parts of London and the South East, particularly for higher priced homes, experienced a slow down during the year.
- Trading in the North West, which enjoyed much better market conditions, was good.
- The land market continues to be strong and land sales during the year of £69.0m (2002 - £59.8m) again made a good contribution to results. Land sales play an integral role in optimising Group returns and balancing its risk profile.
- The Group maintains one of the strongest landholdings in the housebuilding sector; year end landholdings with planning permission, at 5,400 plots (2002 – 4,900 plots) were the highest they have ever been. In addition the Group has an extensive strategic landbank.
Much of the land in the Group's control is located in the Thames Gateway area and the M11 corridor, which are both areas identified by Government for significant growth and in which Countryside Properties is one of the largest developers. - The Group's prospects remain excellent.
Alan Cherry, Chairman, commented:
"Countryside Properties is an established developer specialising in the creation of sustainable communities and in urban and rural regeneration. Our primary objective is to optimise returns from our substantial land portfolio and skills base, enabling us to consistently deliver growth in earnings per share in varying market conditions.
"The Board is confident that the current year will show improved results and further progress for the Group, with results as last year particularly weighted towards the second half. Current trading across the Group is in line with the Board's expectations.
"Countryside Properties' longer term prospects remain excellent. Our skills base and experience as a specialist developer, coupled with our outstanding land bank in the areas identified by the Government for significant growth, securely positions the Group to take advantage of the exciting opportunities that lie ahead."
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Information correct as at 26/11/2003