Countryside Partnerships says ‘solid’ Q3 has kept it on track
Countryside Partnerships has said it is on track to make £150m profit this year after a “solid” Q3 performance.
The group, which is readying itself for a formal sale process, is still searching for a chief executive after Iain McPherson quit in January. The company was further thrown when chair John Martin stood down earlier this month.
Countryside had rebuffed a £1.5bn takeover approach from Inclusive Capital Partners, and was urged to find a buyer by one of its largest shareholders, Browning West. It claimed actions by the board had led to a “significant destruction of shareholder value”.
Countryside Partnerships has said it is on track to make £150m profit this year after a “solid” Q3 performance.
The group, which is readying itself for a formal sale process, is still searching for a chief executive after Iain McPherson quit in January. The company was further thrown when chair John Martin stood down earlier this month.
Countryside had rebuffed a £1.5bn takeover approach from Inclusive Capital Partners, and was urged to find a buyer by one of its largest shareholders, Browning West. It claimed actions by the board had led to a “significant destruction of shareholder value”.
The group said the quarter had seen good progress towards an exclusively partnerships business, with 817 partnership homes completed over the quarter, just one fewer than in Q3 2021. However, revenue from partnerships rose by 20% to £219m.
It repeated its earlier guidance saying : “The board expects adjusted operating profit for the full year of approximately £150m, including a significant profit growth in the second half.”
Even if it hits this target, profit will still be down on last year’s £167.3m.
Countryside said that, following a review, it will shut down one of its three MMC manufacturing sites. The closure of the Bardon plant is part of a £15m cost-saving exercise.
The group also said it was on track to realise £450m from the exit of the legacy business. As of the end of June, £174m had been realised.
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Image from Countryside
