Countryside sees 10-15% growth in completions over medium term

Countryside Properties said it expected annual property sales to increase by 10-15% or more over the medium term as the housebuilder and developer said it was trading in line with expectations.

In the first 38 weeks of Countryside’s financial year average weekly visitors to its sites rose 3% and the number of reservations per outlet was steady at 0.88 a week. House price inflation was 3% and the cost of building houses rose 3-4%.

Before a presentation to investors the FTSE 250 company said it expected medium-term total completions to rise by 10-15% or more a year and for its adjusted operating margin to rise by at least 17%. Return on capital employed is forecast to increase 35% or more.

Countryside said the guidance was based on “our confidence in the operational performance of the group and the visibility of future work”.

At 08:57 BST Countryside shares were up 1.5% to 349.8p.