Countryside's completions boosted by Westleigh acquisition

Housebuilder Countryside Properties increased house completions 27% in the three months to 30 June, boosted by the acquisition of Leicestershire-based Westleigh earlier in the year.

The FTSE 250 group's £135m purchase of Westleigh helped grow total home completions in the quarter grew to 1,060, though the private average selling price fell 7% to £376,000 from £404,000 a year ago due partly to a change of selling mix.

Westleigh boosted Countryside's partnerships division, with sales outlets increasing from 19 to 30 and secured plots being boosted by 3,722 in the quarter, with volumes increased by 46% to 823.

The housebuilding division put up 237 homes during the third quarter, which was 20 fewer than it had in the previous quarter but the private forward order book improved 16% to £409.0m.

Net debt rose 57% to £91.9m.

Chief executive Ian Sutcliffe said, "We are delighted with the continuation of our strong growth in both completions and forward order book. This together with the integration of Westleigh, which is firmly underway, positions us well for the year-end and beyond."

As of 1120 BST, Countryside shares had moved ahead 1.28% to 333.80p.

The shares have fallen around 7% in the year to date compared to a sector average fall of 14%. Broker Peel Hunt said its sum of the parts target price is 470p.