Countryside profits dive by 77%

Countryside has seen its profits dive by 77% to £54m for the year ended 30 September at the hands of the coronavirus pandemic. The adjusted operating profit was in line with the board’s expectations and compares with £234.4m in 2019 and £211.4m in 2018. The developer attributed the decline to a delay in completions and increased operating costs in the second half of the year as a result of Covid-19. Countryside completed 4,053 homes during the year, down by 29% from the previous year. It completed 1,691 affordable home sales (down 22%), 1,454 private home sales (down 33%) and 908 PRS sales (down 34%). The partnerships division contributed 79% of the completed sales, compared with 77% a year earlier. Iain McPherson, group chief executive, said: “We have been pleased by robust customer demand throughout the second half, and our mixed-tenure model continues to prove resilient, positioning us well in the current market. “We are focused on delivering our enhanced growth plan, building on our strong pipeline of work and our relationships to further expand our geographical footprint.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette