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Wed November 20 2019

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Countryside books nine years of work

17 Apr House-builder Countryside Properties has seen strong growth in activity over the past six months, boosted by its April 2018 acquisition of Westleigh and its new timber frame factory coming on stream.

Countryside’s New Broughton Village development in Salford
Countryside’s New Broughton Village development in Salford

In the six-month period ending 31st March 2019, Countryside’s total completions were up 43% to 2,362 1 homes (H1 2018: 1,655). Excluding the impact of the Westleigh acquisition, completions were up 8% to 1,788.

Countryside’s modular timber frame factory in Warrington started full production in March and is on track to deliver around 500 homes this financial year. It has production capacity of up to 1,500 homes a year.

Over the past six months, the growth has come in the company’s Partnerships division, with a 61% increase in completions to 1,889 homes or 12% excluding the impact of the acquisition of Westleigh. An additional 9,893 plots were secured during the half-year, including 2,170 homes at the Cambridge Road Estate in Kingston-upon-Thames, as well as approximately 3,000 homes from the new Midlands and Yorkshire regions.

Countryside now has 36,132 Partnerships plots secured (H1 2018: 21,698), including those with preferred bidder status, representing more than nine years of future work at current volumes.

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Chief executive Ian Sutcliffe said: "Despite the wider political and macroeconomic uncertainty, demand for mixed-tenure homes remains strong and we have enjoyed a robust spring selling season. With our modular timber frame factory now operational, we continue to be well positioned to deliver on our geographic expansion. With excellent visibility of future work, we remain confident of delivering our medium-term growth plans."

However, group chief operating officer Rebecca Worthington has resigned from the company. She joined in 2015 and chief financial officer and saw the company through its initial public offering and stock market listing in 2016.

Chairman David Howell said: "Becky has made an outstanding contribution to the business over the past four years.  She has been an excellent colleague and board member during that time.  On behalf of the board, I would like to thank her for everything she has done and wish her well for the future."

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