TIDMCSP
RNS Number : 6419A
Countryside Properties PLC
23 January 2020
23 January 2020
Countryside Properties PLC
Q1 2020 Trading Statement
Countryside Properties plc (the "Group"), the UK's leading
mixed-tenure developer, is today issuing a trading update for the
13-week period from 1 October 2019 to 31 December 2019.
Q1 Operational Highlights
-- Total completions of 1,097 homes (Q1 2019: 1,094 homes)
-- Private average selling price ("ASP") of GBP394,000 (Q1 2019: GBP395,000)
-- Net reservation rate(1) up 29% to 0.81 (Q1 2019: 0.63)
-- Average open sales outlets at 59 (Q1 2019: 58)
-- Total forward order book up 65% at GBP1,565m (Q1 2019: GBP946m)
-- Net debt of GBP62m (Q1 2019: GBP12m)
(1) Net reservations per open outlet per week
Group Performance
Trading was strong throughout the quarter, with the net
reservation rate up 29% at 0.81 (Q1 2019: 0.63) driven by a strong
market along with the quality of open outlets. This resulted in a
46% increase in the private forward order book on the prior year to
GBP314m (Q1 2019: GBP215m). Demand for affordable and PRS homes has
also remained robust and overall, our total forward order book is
up 65% to GBP1,565m, a record level for the quarter. We are active
on a total of 142 sites (Q1 2019: 129 sites) of which 60 are open
selling outlets (Q1 2019: 54).
Divisional Performance
Our Partnerships division delivered total completions of 855
homes (Q1 2019: 850 homes), in line with the prior year despite
some delayed site starts. We had a very strong quarter for new
business, securing 4,165 plots including a scheme to build 581
homes in Waltham Forest, London, 700 homes in Salford, Greater
Manchester and a total of 1,673 homes for our newly established
regions. Our modular panel factory is now operating two shifts and
we have identified a site for our second factory which we expect to
become operational during 2021.
Our Housebuilding division delivered completions in line with
the prior year at 242 homes (Q1 2019: 244 homes). During the period
we secured new options for 350 homes in Bedfordshire and 400 homes
in Knebworth, Hertfordshire as well as securing outline planning
for 1,138 homes in Maldon, Essex and 750 homes in Bishops
Stortford, Hertfordshire. Overall our land bank stood at 24,957
plots (Q1 2019: 20,118).
Outlook
We continue to see strong customer demand across both divisions
for all tenures of homes. We enter the second quarter with a record
forward order book which positions us well for the remainder of the
current year. Build programmes remain on track for the full year
and we anticipate further growth in the number of open outlets in
the second quarter. We remain focused on exceptional customer
satisfaction and continue to track at HBF 5-star builder status.
With some of the political uncertainty now having eased and sales
levels in line with expectations for this point in the year, we
remain on track to deliver our full year plans.
Iain McPherson, Group Chief Executive, commented:
"The business is performing well and we enter the second quarter
of FY 2020 with strong customer demand across all tenures and a
record forward order book. We have had another excellent quarter
for new business wins across all regions, further strengthening the
foundations for future growth. Our modular panel factory is
performing well and we are pleased to be progressing plans for a
second modular panel factory. We continue to remain focused on
quality, safety and high levels of customer satisfaction and look
forward to the rest of the year with confidence."
- Ends -
Enquiries:
Countryside Properties - 01277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Investor Relations & Strategy Director
Brunswick Group LLP - 020 7404 5959
Nina Coad
Oliver Sherwood
Note to editors:
Countryside is the UK's leading mixed-tenure developer through
its two divisions, Partnerships and Housebuilding.
Countryside's Partnerships division was established over 30
years ago, specialising in estate regeneration, with operations in
London, the South East, the North West, the Midlands and Yorkshire.
It works mainly on public sector owned and brownfield land, in
partnership with local authorities and housing associations to
develop private, affordable and PRS homes. It recently established
a modular panel manufacturing facility in Warrington to improve
quality and reduce build times on site. Its developments include
large scale urban regeneration projects at Beam Park, Rainham,
Acton Gardens, Ealing and Rochester Riverside, Medway.
Countryside's Housebuilding division benefits from an industry
leading strategic land bank which is focused around outer London
and the Home Counties. It builds family homes, with a focus on
placemaking and selling to local owner occupiers. Its developments
include a number of large-scale projects including Beaulieu Park,
Essex, Springhead Park, Ebbsfleet and Tattenhoe Park, Milton
Keynes.
Following six years of continuous growth in volumes, Countryside
delivered 5,733 homes in the twelve months to September 2019 -
4,425 through its Partnerships division and 1,308 through its
Housebuilding division, with a mix of private for sale, PRS and
affordable homes. Revenues were GBP1,422.8m with 92.5% customer
satisfaction equivalent to HBF 5-star rating. It retains a strong
balance sheet and is focused on delivering quality homes with
sector leading growth. It was listed on the London Stock Exchange
in February 2016 as a constituent of the FTSE 250.
For more information see www.countrysideproperties.com or follow
@CountrysideProp on Twitter.
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