At a Glance

Our Business

We are a leading UK home builder and urban regeneration partner, operating in London and the South East of England, with a presence in the North West of England through our Partnerships division. We believe we are one of the most effective Strategic Land developers and urban regeneration partners in the UK, with a total land bank of 26,213 plots as of 30 September 2015, 55.9 per cent. of which had planning permissions. We operate through two business divisions, Housebuilding and Partnerships.

Our Housebuilding division develops medium to larger-scale sites, providing private and affordable housing on land owned or controlled by the Group, primarily around London and in the South East of England. It operates under both the Countryside and Millgate, our premium housebuilding business, brands. In the year ended 30 September 2015, the Housebuilding division completed 653 homes and generated revenue of £330.7m (including the proportional consolidation of joint ventures). Its operations are supported by a land bank of 18,410 plots as of 30 September 2015.

Our Partnerships division specialises in medium to larger-scale urban regeneration of public sector land delivering private and affordable homes. It operates primarily in and around London and in the North West of England. Regeneration projects are developed in partnerships predominantly with public sector landowners, such as local authorities and housing associations. We believe that our nearly 30-year track record of delivering more than 45 regeneration projects makes us one of the most experienced deliverers of regeneration in the UK. In the year ended 30 September 2015, the Partnerships division completed 1,711 new homes and generated revenue (including the proportional contribution of associate and joint ventures) of £285.1 million. As of 30 September 2015, the Partnerships division owned or had development agreements in place on 7,803 plots and had been named the preferred bidder on a further 1,542 plots.

At a glance - legends

Revenue Operating profit
Tnav Land bank

1. Plots which the Group owns, has entered into a development agreement, or controls (via conditional contracts or option agreements).

Investment Highlights

  • Operates through two complementary divisions employing differentiated models: Housebuilding and Partnerships
  • Strategic land-led Housebuilding model largely focused on the economically resilient areas of Outer London and the Home Counties
  • Excellent visibility of future earnings due to significant land bank, long-term contracts and a strong bid pipeline
  • Low-risk, low-capital Partnerships model delivers strong, stable returns through priority profit and phased viability
  • Political support for the UK housebuilding sector, in particular urban regeneration
  • Strong and committed senior management team with operational experience across numerous cycles

Countryside at a Glance 2015


Homes Completed
(Up 16%1, FY 2014: 2,044)


Tangible Net Asset Value (TNAV2)
(up 25%, FY 2014: £262.9 million)


Group Revenue3
(up 31%, FY 2014: £468.7 million)


Underlying Group Operating Profit4
(up 94%, FY 2014: £47.1 million)


(FY 2014: 15.6%)

18,410 plots

in Housebuilding land bank

7,803 plots

in Partnerships land bank6

1. All growth numbers are based on the FY 2014 to FY 2015 period.
2. TNAV is defined as “Tangible Net Asset Value” and is calculated as net assets excluding intangible assets, shareholder loans and shareholder loan interest.
3. Revenue includes the Group’s share of revenue of associates and joint ventures.
4. Underlying operating profit is defined as Group operating profit plus share of operating profit from joint ventures and associates before non-underlying items.
5. ROCE is defined as “Return on Capital Employed” and is calculated as underlying operating profit divided by average tangible net operating asset value. Tangible net operating asset value is calculated as net assets plus shareholder loans and accrued shareholder loan interest plus net bank debt minus intangible assets.
6. Partnerships land bank includes an additional 1,542 plots with ‘preferred bidder’ status.

Areas of Operation

Well positioned in areas of strong demand

Areas of operation