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Countryside profit falls as higher costs offset jump in revenue
StockMarketWire.com
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Home builder Countryside reported a fall in profit as rising costs offset a jump in the revenue amid an ongoing increase in house prices.
For the six months ended 31 March 2021, pre-tax profit fell to £38.8 million from £43.7 million year-on-year, while adjusted revenue increased to £661.0 million from £481.2 million.
Completions were up 14%, driven by a 'strong increase in private delivery as we completed on homes deferred as a result of Covid-19 from the prior year,' the company said.
Private average selling price increased 6% to £389,000.
Looking ahead, the company said the net reservation rate for the last six weeks had been strong at 0.82, with over 90% forward sold across all tenures for the year.
'At the end of March the total forward order book stood at £1,203m supporting delivery in the second half, despite delays in the planning system as a result of the pandemic,' the company said.
At 8:00am: (LON:CSP) Countryside Properties PLC share price was 0p at 412.4p
Story provided by StockMarketWire.com
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