Countryside completions jump in third quarter, on track for FY

Countryside Properties backed its full-year expectations on Thursday as it reported a jump in third-quarter revenues and completions.

In the period from 1 April to 30 June, total completions were up 144% from the third quarter of last year - which was hit hard by the first national lockdown - to 1,096 homes.

Adjusted revenue rose 184% to £287m and the reservation rate was 53% higher at 0.81. Countryside said it was 99% forward sold for the year across all tenures at the end of June.

Meanwhile, net debt stood at £33.2m, down from £232.1m in the same period a year ago.

Year to date, Countryside has completed a total of 3,686 homes, up 36% on the same period a year ago.

At the end of the quarter, it was active on a total of 114 sites, down from 131 sites last year due to some delays to site starts. "This has largely been driven by planning taking longer than usual, as reported at the half year," it said.

Chief executive Iain McPherson said: "Trading in the third quarter leaves us on track for the full year. We are making good progress with our plans to grow Partnerships where our differentiated mixed-tenure model positions us well for the future."