Countryside Properties half-year profits down to £4.5m

Pre-tax profits at Countryside Properties at the half-way stage, published today (Tuesday) have been hit by a weaker market for higher priced homes.

But the housebuilder said it still expects results for 2004 to show an improvement on last year.

Pre-tax profit for the first half to 31 March was £4.5m, compared to £12.6m a year earlier on sales of £155.7m against £165.9m.

"The board looks to the future with considerable confidence," said a statement.

"So far almost 70% of this year's expected housing output has been completed or forward sold, and the board remains confident that the results for the full year will show further progress."

It added that its design and build contracting order book, including contracts awarded subject to contract, has a value of over £500m, representing over four years of output at anticipated production levels.