Countryside Properties PLC Countryside Q3 2021 trading update (0450G)
July 22 2021 - 2:00AM
UK Regulatory
TIDMCSP
RNS Number : 0450G
Countryside Properties PLC
22 July 2021
22 July 2021
Countryside Properties PLC
Q3 2021 Trading Statement
Countryside Properties PLC (the "Grou p"), the UK's leading
mixed-tenure developer , is today issuing a trading update for the
13-week period from 1 April 2021 to 30 June 2021.
Q3 Operation al Highlights
-- Total completions up 144% to 1,096 homes (Q3 2020: 449 homes)
-- Adjusted revenue up 184% to GBP287m (Q3 2020: GBP101m)
-- Net reservation rate(1) up 53% to 0.81 (Q3 2020: 0.53)
-- Net debt of GBP33.2m (Q3 2020: GBP232.1m)
(1) Net reservations per open outlet per week
Group Performance
During the period we completed a total of 1,096 homes (Q3 2020:
449 homes), a significant increase on Q3 2020 which was impacted by
the first national lockdown .
Year to date we have completed a total of 3,686 homes (2020:
2,720 homes), up 36% on the comparable period in the prior
year.
At the end of the quarter we were active on a total of 114 sites
(Q3 2020: 131 sites), lower than the prior year due to some delays
to site starts. This has largely been driven by planning taking
longer than usual, as reported at the half year.
Outlook
The net reservation rate remained strong at 0.81 in the third
quarter and we were 99% forward sold for the year across all
tenures at the end of June. At the end of June, the total forward
order book stood at GBP1.2bn, in line with the position reported at
the half year. There is no change to expectations for the full
year.
Iain McPherson, Group Chief Executive, commented:
"Trading in the third quarter leaves us on track for the full
year. We are making good progress with our plans to grow
Partnerships where our differentiated mixed-tenure model positions
us well for the future."
- Ends -
We will hold a Capital Markets Event focusing on our
Partnerships strategy on 8 September 2021.
Enquiries:
Countryside Properties PLC - 01277 260 000
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP - 020 7404 5959
Nina Coad
Robin Wrench
Note to editors:
Countryside is the market leader in the delivery of high quality
mixed-tenure communities in partnership with housing associations,
public bodies and institutional private rental operators, with a
strong focus on placemaking and regeneration.
Countryside's differentiated Partnerships business model:
-- Mixed tenure developments, including affordable homes, homes
for institutional private rental and homes for private sale.
-- Over 40 years track record of collaborative working with
partners in public and private sectors.
-- Over 60% of developments on regeneration or brownfield sites.
-- Increasing use of Modern Methods of Construction, with a
target of 50% of all homes to be built using our in-house
manufacturing facilities by 2025.
-- Place-making at the heart of everything we do - designing
places people love, helping to build successful communities.
Committed to high quality design, construction and management,
creating a positive legacy for future generations.
For more information see www.countrysideproperties.com or follow
@CountrysideProp on Twitter
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END
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