Countryside Properties profits rise 5%

Countryside Properties posted a 5% hike in full year profits today (Wednesday) but saw sales dip 8%, as it predicted improved results in the current year.

Pre-tax was £36.1m against £34.3m, on turnover 8% lower at £418.6m against £456.1m.

The group said operating margins from its development activities improved to 13.4% against 11%, while earnings per share increased by 6% to 33.6 pence per share.

Referring to the period it said the the results were achieved in generally quieter conditions in the group's principal markets than in recent years.

As widely reported, housing markets in parts of London and the South East, particularly for higher priced homes, experienced a slow down during the year.

Trading in the North West, which enjoyed much better market conditions, was good, but it said the land market continues to be strong and land sales during the year of £69m again made a good contribution to results.

Chairman Alan Cherry said "The Board is confident that the current year will show improved results and further progress for the Group, with results as last year particularly weighted towards the second half. Current trading across the Group is in line with the Board's expectations."