Countryside鈥檚 results show impact of pandemic after just one week of lockdown
Housebuilder Countryside has released half-year results to the end of March showing the scale of impact of the coronavirus pandemic in just the first week of the lockdown.
Reporting interim pre-tax profit down one third to 拢43.7m, the business said its figures had been hit by the failure to complete around 90 sales and a number of land deals by the end of March at its private housebuilding arm due to lockdown restrictions which came into effect on 23 March.
In addition, its partnerships business, which sells homes to local authorities and housing associations, saw a reduction in total completions 鈥渄riven by lost business in the second half of March due to the UK lockdown and cessation of site activity鈥�.
It said this resulted in a hit to operating profit of around 拢25m, with the housebuilding business鈥檚 operating profit falling by 57% to 拢20.6m, and its partnerships business鈥檚 profit down 21%.
The firm reported turnover overall of 拢481m, down 5% on the 拢507m reported in the same period last year.
Countryside this week recommenced operations on four out of five of its sites and had re-opened its modular housing factory with which it supplies its partnerships business. It also said that it is next year as it was 鈥渋mportant that we continue to plan for the future鈥�.
Iain McPherson, group chief executive, welcomed the government鈥檚 , but said that 鈥渢he outlook remains highly uncertain鈥�.
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