Countryside's profit tumbles

Housebuilder Countryside Prop-erties has unveiled a woeful set of financial results, with pre-tax profit crashing to £16m (£36m).
Chairman Alan Cherry blamed the result on weaker housing markets. Turnover in the 12 months to 30 September fell to £370m (£420m).
The average selling price fell to £260,000 (£290,000) as Countryside targeted the affordable end of the market.
Cherry launched a £218m attempted management buy-out two weeks ago at 275p a share, offering shareholders a 41% premium to existing values.
Shares have subsequently sprung to life and now trade at 280p, fuelled by hopes of a higher counter-offer.