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Countryside Properties' profits defy initial Brexit uncertainty

Published 29/11/2016

Countryside Properties saw a 12% increase in completions to 2,657 homes
Countryside Properties saw a 12% increase in completions to 2,657 homes

Housebuilding group Countryside Properties said the market has recovered from an initial bout of post-Brexit vote uncertainty as it reported a sharp rise in profits.

The group, which has its headquarters in Essex and floated on the stock market in February, said full-year pre-tax profits rose from £28 million to £78.6 million.

Countryside said current trading remains "robust", adding that "the markets in which we operate have recovered post the EU referendum and we continue to trade well".

The group said: "The immediate impact of the EU referendum in June 2016 was relatively short-lived, with cancellation rates running higher directly before and after the vote.

"Visitor levels remained solid throughout and net reservations returned to their previously strong performance within a month of the referendum."

The firm saw a 12% increase in completions to 2,657 homes and a 21% rise in average selling price to £465,000, which helped revenue rise 23% to £671.3 million.

Boss Ian Sutcliffe said: "We have made tremendous progress in 2016, delivering solid growth, a strengthened balance sheet and marking our return to the London Stock Exchange.

"We see significant growth opportunities in Partnerships with increased estate regeneration in London and our geographic expansion into the West Midlands, while our increased scale and operational efficiency in Housebuilding will continue to improve returns."

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