Countryside sees 10-15% growth in completions over medium term
Countryside Partnerships
229.80p
16:40 11/11/22
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.
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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.