Housebuilder builds nearly twice as many affordable homes in first six months of the year
A rise in the number of affordable and private rented sector homes completed in the first six months of the year helped Countryside Properties boost turnover by 20%.
The housebuilder said last year鈥檚 acquisition of Westleigh and the framework agreement signed with Sigma Capital had helped ramp up total completions rose 43% to 2,362 homes 鈥� 8% excluding the impact of last year鈥檚 Westleigh acquisition.
鈥淭he main drivers of growth in the first half were affordable completions, up 80% to 938 homes, following the acquisition of Westleigh, and PRS homes up 68% to 608 homes, driven by the framework agreement with Sigma,鈥� it said in a statement.
Turnover for the six months to 31 March 2019 rose by one-fifth to 拢563.7m. Operating profit was up 11% to 拢89.4m, although pre-tax profit edged downwards by 3% to 拢70m.
The group鈥檚 total forward order book rose 49% to 拢1.04bn.
Countryside said its private sales average selling price (ASP) dipped by 4% to 拢377,000, after an increase in activity in the North of England and the Midlands, where ASPs were lower, while the affordable ASP fell 12% to 拢148,000, reflecting growth in the proportion of homes delivered by the firm鈥檚 regional businesses.
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