StockMarketWire.com - Mixed tenure developer, Countryside Properties, has seen its adjusted revenue increase 184% to £287million for Q3 2021, compared with £101 million for the same period in 2020.

Net debt has been reduced from £232.1 million in Q3 2020 to £33.2 million for the 13-week period from 1 April 2021 to 30 June 2021.

During Q3, the company completed a total of 1,096 homes, a significant increase on the 449 in Q3 2020 which was impacted by the first national lockdown.

Year to date it has completed a total of 3,686 homes, up 36% on the comparable period in the prior year.

At the end of the quarter Countryside Properties was active on a total of 114 sites, lower than the prior year due to some delays to site starts. This has largely been driven by planning taking longer than usual, as reported at the half year.

The net reservation rate remained strong at 0.81 in the third quarter and the company said it was 99% forward sold for the year across all tenures at the end of June.

The total forward order book stood at £1.2bn at the end of June, in line with the position reported at the half year. There is no change to expectations for the full year.

Iain McPherson, the group's chief executive, said: 'Trading in the third quarter leaves us on track for the full year. We are making good progress with our plans to grow Partnerships where our differentiated mixed-tenure model positions us well for the future.'




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