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Countryside Properties expects completions will be second half weighted

Wednesday, 17th April 2019
Countryside Properties said completions would be second half weighted as housebuilding volumes were flat during the first half. The company also announced that Rebecca Worthington, Group Chief Operating Officer, would be leaving today.

Housebuilding completions were broadly flat in the period, as expected, slipping to 473 from 483 homes, but with a higher proportion of private for sale homes, the company said.

For the half year total completions were up 43% to 2,362 and private average selling price fell by 4% to £377,000.

The total forward order book was strong, up 49% to £1,037m for the half from a year earlier.

Net reservation rate was at the top end of the company's target range, but just below the prior year at 0.86 compared with 0.87.

'Following a slower start to the year, customer demand in the second quarter has been good and we have achieved private reservations at the top end of our target range, the company said.

'As expected, completions will be second half weighted but with a strong forward order book and further outlet openings in the second half, we remain on track to deliver expectations for the full year. We continue to see attractive new business opportunities in both divisions to support our medium-term growth strategy,' it added.

At 8:00am: (LON:CSP) Countryside Properties PLC share price was +2.5p at 322.7p

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