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BRIEF-Countryside says FY total completions up 12 pct
October 12, 2016 / 6:36 AM / a year ago

BRIEF-Countryside says FY total completions up 12 pct

Oct 12 (Reuters) - Countryside Properties Plc

* Countryside FY 2016 trading statement

* Fy total completions up 12% to 2,657 units (2015: 2,364 units)

* Fy private average selling price up 21% to £466,000 (2015: £385,000)

* Record private forward order book up 64% at £225.4m (2015: £137.5m)

* Total land bank increased to 27,205 plots (2015: 26,213)

* Fy private sales rates 1 remained robust at 0.78 (2015: 0.76)

* Our partnerships division has delivered a strong performance, with total completions up 10% at 1,874 homes versus 1,711 homes in 2015

* Trading over summer months and into autumn selling season has been robust

* During 3 month period following eu referendum we saw an initial increase in cancellation rates but this has been more than offset by trading since

* We enter 2017 with strong outlet growth and a record order book which leaves us well positioned to meet market expectations

* While we are mindful of medium-term uncertainty over brexit, our targets, as outlined at ipo, remain unchanged

* Continue to be firmly on track to deliver over 3,600 completions/year, operating margin of over 17%, improvement in roce to over 28% by 2018 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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