Countryside lost 17% of its value today after half-year results revealed a plunge in profit for the housebuilder.
The company reported a 38% drop in adjusted operating profit to £55.3m, with its margin shrinking to 10.4% for the six months ended 31 March. This compared to a margin of 15.9% a year earlier.
Countryside said lost completions and land sales in March have cost the company £29m in profits. Its shares fell 17.33% during the day, closing at 305.4p.
Other housebuilders saw noticeable drops in a downbeat session, despite moves to unlock the housing market, with sales offices to reopen and viewings given the green light.
FTSE 100 housebuilder Berkeley fell almost 6%, closing at 3,915p, and Persimmon dropped almost 5% to 2,049p.
Overall the FTSE 100 dropped 2.75% to 5,741. The FTSE 250 closed down 2.98% at 15,404.
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