Results round-up

Countryside Properties reported a rise in full-year pre-tax profit and revenue as it said 2016 was “another positive year” for the housebuilding sector.

In the 12 months to the end of September, pre-tax profit jumped to £78.6m from £28m the year before as revenue grew to £671.3m from £547.5m.

Adjusted operating profit rose 34% to £122.5m, with adjusted revenue up 26% to £777m and completions 12% higher than last year at 2,657. Meanwhile, the private average selling price was up 21% to £465,000.

The company said strong customer demand was underpinned by a structural shortage in housing, supportive government policy and favourable lending conditions.

Demand for all tenures of housing, particularly in London and the South East, continues to be strong, with the Help-to-Buy and planning policy reform both stimulating demand for homes.

Chief executive 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 enter the 2017 financial year in a strong position with an industry leading land bank and record private forward order book.

“Our strategy remains to deliver growth, increasing returns and capital efficiency from our balanced business models of Housebuilding and Partnerships. 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."

The company said current trading remains robust, with sales rates and values above year-end numbers, adding that the markets in which it operates have recovered following the EU referendum.

Starbucks and Burger King travel food operator SSP Group reported a rise in full year revenue as it focuses on delivering shareholder value.

The FTSE 250 company said its strategy is to optimise like-for-like sales growth, expand globally, optimise gross margins and generate operating efficiencies.

For the year ended 30 September, the operator of food and beverage brands in over 152 airports and 270 train stations, said that revenue rose 5% to £1.9bn at a constant currency basis and 8.6% at actual exchange rates, compared to last year.

Like-for-like sales edged up 3% due to growth in air passenger travel and new retail initiatives, with net gains of 1.7% driven by “strong” performances in North America and the rest of the world.

This resulted in a 31.1% surge in underlying pre-tax profit of £107.5m and a reported pre-tax profit of £105.6m.

Underlying operating profit increased by 18.2% to £121.4m at constant currency and 24.6% at actual exchange rates, driven by like-for-like sales growth, operational improvements and new contract openings.

While the underlying operating margin was up 70 basis points at constant currency to 6.1%.

Earnings per share gained 26% to 15.50p underlying and 15.20p reported.

Underlying operating cash inflow was £78.3m, after increased investment in the business.

Chief executive Kate Swann said: "SSP has delivered another good performance in 2016 and we continue to make progress on our strategic initiatives.

“The new financial year has started in line with our expectations and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to be well placed to benefit from the structural growth opportunities in our markets and our programme of operational improvements."