Housebuilder Countryside Properties had a record year in the 12 months to September, with turnover rising 22% to an unprecedented £ Pre tax profits trebled to £9.3m.
The number of new homes sold jumped from 625 to 843, while a further 775 social housing units were also completed.
Demand remains strong, despite interest rate rises, according to chairman Alan Cherry. But, he said, the group is not taking improvements in the South East housing markets for granted arguing that in some areas prices have been rising at unsustainable rates.
“With the size of the current land bank the group is able to avoid having to purchase land for immediate development at over-inflated prices,” explained Cherry.
The company has sites with permission for 4,800 new homes, along with a further 4,400 homes where planning has still to be gained.
“Finding development land of the right quality in suitable locations and at a viable price is becoming a growing challenge,” he added.
Countryside has been spreading its activities to the south west with an office and Bristol, and more recently to Manchester. These divisions are expected to increase their contributions to profits over the next few years.
EGi News 12/12/97
