Country & Metropolitan group achieves £11m pre-tax profit

Country & Metropolitan, a housebuilder that builds more than 95% of its homes on brownfield sites, has made a record pre-tax profit of £11m.
Turnover in the 12 months to 30 June was a third higher at £81m, while profit doubled from the previous figure of £5.2m.
"UK house price inflation in the past few years has been excessive and is not sustainable," chairman David Laing said. "The group completed its withdrawal from the premium homes market in the south of England and our production is focused on studio, one- and two-bedroom apartments with prices starting at £87,500."
The sale of homes increased by 27% to 760 and the average price was £121,000. Trading from 38 outlets, 92% of the group's completions were in the North.