Results Centre

2016 Full year results

Key Financials
  FY 2016 FY 2015 Change
Completions 2,657 2,364 +12%
Adjusted revenue £777.0m £615.8m +26%
Adjusted operating profit £122.5m £91.2m +34%
Adjusted operating margin 15.8% 14.8% +100bps
Adjusted basic earnings per share 16.3p 5.5p +196%
Return on capital employed 26.8% 24.7% +210bps
Net cash/(debt) £12.0m £(59.5)m  
 
Reported revenue £671.3m £547.5m +23%
Reported operating profit £87.3m £67.9m +29%
Basic earnings per share 13.6p 4.4p +209%
Dividend per share 3.4p -  

Highlights

Group operational highlights

  • Private net sales rate maintained at 0.78 (2015: 0.76)
  • Open sales outlets of 43, up 48% (2015: 29)
  • Private Average Selling Price of £465,000, up 21% (2015: £385,000)
  • Group private forward order book of £225.4m, up 64% (2015: £137.5m)

Housebuilding highlights

  • Completions: 783 homes (2015: 653) up 20%
  • Adjusted operating profit: £66.8m (2015: £51.6m) up 30%
  • ROCE: 17.7% (2015: 16.6%) up 110bps
  • Land bank: 19,322 plots (2015: 18,410) of which 89% has been strategically sourced

Partnerships highlights

  • Completions: 1,874 units (2015: 1,711) up 10%
  • Adjusted operating profit: £55.6m (2015: £39.6m) up 40%
  • ROCE: 70.7% (2015: 69.4%) up 130bps
  • Land bank plus preferred bidder: 14,504 plots, up 35% (2015: 10,760)

Outlook and Current Trading

Current trading remains robust with sales rates and values above year end numbers. The markets in which we operate have recovered post the EU Referendum and we continue to trade well. We remain successful at winning new Partnerships work and we had 6,623 plots with preferred bidder status compared with 2,957 plots a year earlier. Additionally we are working on a potential bid pipeline of a further 33,515 plots. Reservations remain robust and any softness in higher price points has been more than compensated for by our lower priced homes and our Partnerships division, which performed strongly during the year. Across the Group we continue to open new sites, with 43 open sales outlets at year end and a further 29 sites under construction, giving us great visibility over delivery in 2017. We have started the year with a record private forward order book up 64% and continued strong demand which gives us great confidence in delivering both our growth plans for 2017 and our medium term targets.

Commenting on the results, Ian Sutcliffe, Group Chief Executive, said:

"We have made tremendous progress in 2016, delivering solid growth, a strengthened balance sheet and marking our return to the London Stock Exchange. We enter the 2017 financial year in a strong position with an industry leading land bank and record private forward order book. Our strategy remains to deliver growth, increasing returns and capital efficiency from our balanced business models of Housebuilding and Partnerships. We see significant growth opportunities in Partnerships with increased estate regeneration in London and our geographic expansion into the West Midlands, while our increased scale and operational efficiency in Housebuilding will continue to improve returns."

Notes

“Countryside” or the “Group” refers to Countryside Properties PLC and its subsidiary companies. 

  1. Adjusted revenue includes the Group’s share of revenue of joint ventures and associate.
  2. Adjusted operating profit is defined as Group operating profit plus share of operating profit from joint ventures and associate excluding non-underlying items.
  3. Adjusted operating margin is defined as adjusted operating profit divided by adjusted revenue.
  4. Adjusted basic earnings per share is defined as adjusted profit attributable to ordinary shareholders, net of attributable taxation, divided by the weighted average number of shares in issue from the date of the IPO to 31 March 2016.
  5. Return on capital employed is defined as adjusted operating profit divided by average tangible net operating asset value. Tangible net operating asset value is calculated as net assets plus net debt less intangible assets. In prior periods, loans from the Group’s principal shareholder and accrued loan interest were added back to tangible net operating asset value.
  6. Net debt is defined as bank borrowings less unrestricted cash. Unamortised debt arrangement fees are not included in net debt.

Results archive

Date Title Presentation Report Webcast
18 May 2016 H1 2016 Results PDF, 1.6MB, opens in a new window pdf, 690KB, opens in a new window
Date Title Presentation Report Webcast
19 Nov 2015 Results for Year Ended 30 September 2015 pdf, 605KB, opens in a new window